Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2006drilling progress report● Neutral
Victoria Petroleum reports the Eagle North-1 blowout preventer being tested at 913 metres. Drilling is due to resume within 12 hours, heading to a target near 4,145 metres and total depth of 4,206 metres. No new result.
16 Jan 2006drilling progress report● Neutral
Victoria Petroleum, as operator, reports 10¾-inch casing run at 913 metres and the wellhead being welded on 15 January. Drilling is expected to resume within 48 hours toward 4,206 metres. No new result.
16 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 reached its first casing point at 913 metres on 15 January. Casing is being run, with drilling to resume in about 48 hours toward 4,200 metres. Routine progress, with no oil result yet.
13 Jan 2006drilling progress report● Neutral
Partner FAR (15% in Eagle) confirms Eagle North-1 is drilling at 828 feet and repeats the plan to reach 4,206 metres. It also reports its Louisiana Schwing A-1 well. Nothing new for Victoria Petroleum.
13 Jan 2006drilling spud● Neutral
Partner Sun Resources confirms Eagle North-1 spudded 11 January California time and was drilling at 252 metres on 12 January. Target depth is 4,200 metres. This duplicates Victoria Petroleum's own spud announcement, with no new result.
13 Jan 2006drilling spud▲ GoodMajor
Victoria Petroleum, as operator, confirms Eagle North-1 has spudded and was at 252 metres on 12 January. It targets 4,206 metres within 14 days. This starts the first appraisal of the Eagle Oil Pool since the 2001 well, where Victoria holds 20% with a near-free carry.
10 Jan 2006drilling progress report● Neutral
Lakes Oil (15% Eagle partner) repeats that the rig is rigging up at Eagle North-1, with drilling due 11 January. It also reports its own Banjo 1A core hole in Victoria resuming. No new Eagle result and nothing material for Victoria Petroleum.
10 Jan 2006joint venture update▲ GoodMajor
Victoria Petroleum and Sun Resources each hold 37.5% of a new Texas Gulf Coast joint venture with Wandoo Energy (25%). The two partners fund a US$360,000 six-month seismic evaluation. In return they have first right to earn 75% of any prospects, which Sun says are mainly gas.
9 Jan 2006drilling scheduled● Neutral
Partner Sun Resources says the rig is now rigging up at Eagle North-1, with drilling due about 11 January. The vertical well targets 4,200 metres in roughly 14 days, followed by a 300-metre horizontal side-track. This updates the delay reported on 5 January.
9 Jan 2006drilling scheduled▲ Good
Victoria Petroleum, as operator, says the drilling rig has arrived at Eagle North-1 and drilling should start 11 January. It holds 20% with a near-free carry through testing of the horizontal well. Management says up to 1,000 barrels a day are anticipated if the horizontal well succeeds.
4 Jan 2006drilling scheduled● Neutral
Sun Resources, a 10% partner, says the rig for Eagle North-1 (San Joaquin Basin, California) is being serviced and should start rigging up within a week. The Eagle Oil Pool is estimated at a mean 13.5 million barrels, up to 34 million barrels at P10. Victoria Petroleum operates.
