Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2011farm in farm out agreement▲ GoodMajor
Kilgore agrees to earn a 15% interest in the Lyons Point prospect in Louisiana, operated by Clayton Williams Energy, by paying 20% of costs. Target is 60 BCF gas and 3 MMBC; initial dry-hole share about US$1.14m. Spud expected late August 2011.
31 Mar 2009drilling result▲ GoodMajor
Sandpiper will be completed as a discovery, finishing the prospectus drilling programme plus Egret. Of 11 wells, six are discoveries (Stary, UpMach, Alford, Snipe, Egret, Sandpiper). An updated reserve statement is promised.
16 Mar 2009drilling result▲ GoodMajor
Egret will be completed as a discovery well, and the rig has moved forward to Sandpiper. Snipe has been cased. Production from the three wells is expected early Q3 2009 from a common platform, with Odin earning 50% of Kilgore's 11.25% interest.
10 Mar 2009farm in farm out agreement▲ GoodMajor
Odin Energy has signed a memorandum of understanding to farm into Kilgore's Texas state waters projects (Snipe, Egret, Sandpiper). Odin advanced A$2.0m secured; A$1.2m can convert to 50% of Kilgore's interest, and A$0.8m accrues 12% interest, repayable from UpMach income. This is Kilgore's first debt.
6 Mar 2009drilling result▲ GoodMajor
Snipe will be completed as a discovery with gross proven reserves of about 4 BCF (11.25% post-completion interest). Egret is now drilling. Kilgore has begun talks with parties to farm into its Texas state waters projects. Production is expected early in Q3 2009.
13 Feb 2009drilling result▼ BadMajor
Skimmer is a dry hole, plugged and abandoned. Vacek #1 on Boettcher reached 16,000 ft with gas shows but structurally low, and is temporarily abandoned. Snipe began drilling on 7 February. UpMack, in completion, tested 1.0 MMCF/d; Stary awaits a pipeline, with production now late March.
21 Jan 2009drilling spud● NeutralMajor
Skimmer well (16.67% interest, operator Black Pool Energy, 8,220 ft, Texas state waters) began drilling on 20 January, with total depth in about 15 days. Prospective reserves are 13.5 BCF gross (1.35 BCF net). Snipe and Sandpiper follow with the same rig.
9 Jan 2009resource reserve update▲ GoodMajor
Proven gross reserves are now about 4.5 Bcfe, passing the 4 Bcfe trigger for conversion of Class C performance shares into 7 million ordinary shares. Further increases are expected when Stary and UpMach start producing.
3 Dec 2008drilling spud● Neutral
Drilling has started at Vacek #1 on the Boettcher project (15% interest, 16,000 ft target, about six weeks). Kilgore says its drilling costs are paid. Alford production is due this month, with Stary and UpMach in January 2009; Skimmer is now expected to spud in early Q1 2009.
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.
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.
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.
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.
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.
