13 Nov 2008investor presentation● Neutral
Cover letter and Resource Stocks magazine feature on Kilgore. It repeats known facts: three discoveries from five drilled prospects, all ten prospects to be finished by end of Q1 2009. No new data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2008resource reserve update▲ GoodMajor
An independent engineer's report on the Stary discovery (operator 7L's) puts proven reserves above 2 Bcfe, triggering conversion of Class B performance shares into 7 million ordinary shares. This follows the Class A conversion of 7m shares at listing.
3 Nov 2008annual report● Neutral
Re-release of the annual report to 30 June 2008, already summarised on 1 October. Chairman's letter repeats the $1.493m seed raise, $10m listing raise, ten Gulf Coast targets and the Alford discovery, with production expected before end of 2008.
3 Nov 2008quarterly activities report▲ Good
Quarterly report to 30 September 2008 recaps the $10m raise at $0.20 and listing on 10 July, plus three discoveries (Alford, Stary, UpMach) and the Joshua, Vermilion and Cedar Creek failures. First Alford production is expected in November 2008. Largely repeats earlier announcements.
24 Oct 2008drilling result▲ GoodMajor
The DM Rush #1 well at UpMack (25% interest) is declared the third discovery, after Alford and Stary, with pay confirmed in two upper horizons. Both appear to meet or exceed base-case reserves. An independent review is due within 45 days of total depth, and production is likely in Q1 2009.
21 Oct 2008drilling result▲ GoodMajor
Stary #1 will be completed as a producer after wireline tests confirmed 118 ft of net pay. Initial 1P reserves are 4.5 BCF gas and 203,000 barrels of oil and condensate (1.27 BCF and 57,000 barrels net). Production is likely around 1 January 2009.
15 Oct 2008drilling result▼ BadMajor
The Cedar Creek Smith et al #1 well (50% interest) reached 6,800 ft and was plugged and abandoned: the targets had good porosity but held no hydrocarbons. A follow-up well is planned for 2009. UpMack and Stary report major shows.
7 Oct 2008admin correction● Neutral
Kilgore clarifies that the 125 to over 400 BCF equivalent figures for UpMack (17 to 55 BCF net) are 'prospective resources', not reserves. No new drilling results.
6 Oct 2008drilling progress report● Neutral
Drilling status update: six of ten prospects are drilling, assessed or being completed. UpMack is running casing at 9,950 ft with shows, Stary is at 7,500 ft, Vermilion was plugged, and Alford awaits production confirmation. Vacek #1 is expected to spud 24 October.
3 Oct 2008drilling result▼ BadMajor
The Vermilion 141 offshore Louisiana well (15% interest) reached total depth with gas shows that were judged uneconomic. It was plugged and abandoned, the company's first dry hole after Joshua.
2 Oct 2008drilling progress report● Neutral
The DM Rush #1 well at UpMack began drilling on 17 September (25% interest, 14,200 ft), with total depth expected in late October. Combined prospective resources are 125 to over 400 BCF equivalent (17 to 55 BCF net), up from the earlier 125 BCF figure.
1 Oct 2008drilling spud● Neutral
Drilling began on 29 September at Stary #1 in Lavaca County, Texas (10,500 ft). Kilgore holds 50% and Hibernia operates. Potential reserves are 4 to 6 BCF equivalent (1.5 to 2 BCF net), with total depth expected in late October.
1 Oct 2008annual report▲ Good
Annual report for the year to 30 June 2008. The company was incorporated in September 2007, raised $1.493m of seed capital and $10m at listing, and reports a commercial discovery at Alford. Five of ten prospects have spudded; the rest are scheduled for the December 2008 and March 2009 quarters.
10 Sept 2008drilling result▲ GoodMajor
Alford #1 reached 5,250 ft and will be completed as a producer after a positive formation test at 4,735-4,740 ft. Testing is due about 17 September. Joshua #1 was plugged and abandoned after only thin pay on top of moveable water.
8 Sept 2008admin correction● Neutral
Kilgore clarifies that the reserve figures in its 4 September Cedar Creek announcement are 3P reserves under the Petroleum Resources Management System. No new data is provided.
4 Sept 2008drilling scheduled● Neutral
A rig is due around 6 September for the Smith Et Al #1 well at Cedar Creek, Henderson County, Texas (7,200 ft). Kilgore holds 50% before production and 37.5% after completion; net potential is 2.58 to 3.23 BCF equivalent.
1 Sept 2008drilling progress report● Neutral
Drilling has started at Alford #1. Joshua #1 reached 5,250 ft but its main target appeared shaled out; some log shows were found and a formation test is being run. Alford is the fourth of ten prospects to begin drilling.
21 Aug 2008drilling scheduled● Neutral
The Vacek #1 well on the Boettcher prospect (Texas, 16,000 ft) is expected to start around 1 October, with Kilgore holding 15%. Potential reserves are 137 to 195 BCF equivalent (11 to 16 BCF net), making it one of the largest prospects.
20 Aug 2008drilling scheduled● Neutral
A rig is contracted to drill the Alford #1 and then Joshua #1 shallow wells in Victoria County, Texas, with Kilgore at 100% through drilling and 75% after. Combined potential is 5.3 to 6.5 BCF equivalent (2.6 to 3.2 BCF net).
8 Aug 2008drilling scheduled● Neutral
Permits are issued and a rig is contracted for the Vermilion 141 offshore Louisiana well, starting about 1 September. Kilgore holds 15% with Apache as operator (85%). The 3,200 ft well targets 21 to 41 BCF gas (2 to 4 BCF net to Kilgore).
24 July 2008drilling scheduled▲ Good
The DM Rush #1 well on the UpMack prospect in Goliad County, Texas (25% interest, 14,500 ft) is set to start around 10 August. The prospect is Kilgore's largest, with resource potential above 125 BCF equivalent (17.5 BCF net), and is the first of ten Gulf Coast wells planned for 2008.
5 June 2008capital raising announcement● NeutralMajor
Kilgore Oil and Gas (ASX: KOG) lodged its prospectus on 26 May 2008 seeking to raise up to $10 million by issuing 50 million shares at $0.20 each, ahead of an ASX listing. The offer is described as speculative; the opening text is partly unreadable.
What it means for a shareholder
50.0m new shares at A$0.200 to raise about A$10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.