Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2019drilling scheduled● Neutral
Plans set out: staged perforation above the producing zone at Arledge 16#2 starting with Interval 3, a Lightning step-out well in December, and White Hat 39#2 in December and 20#6 in January. CEGX did not join 20#4 completion, so Winchester goes to 100% WI there.
31 Oct 2019drilling result● Neutral
White Hat 20#4 reached 6,206 ft; logs show 25 ft gross Fry Sand with no water, thinner than the 50 ft seen at 20#5. It will be cased and fracked when a crew is available. Mustang wells have produced 85,000 gross barrels.
21 Oct 2019drilling spud▲ Good
Drilling has started at White Hat 20#4, the fourth Mustang well (WEL 75%, CEGX 25%), to 6,200 ft in about 10 days. Gross Mustang production is over 80,000 barrels. Three more locations are being permitted.
17 Oct 2019drilling progress report● Neutral
Winchester has re-entered the Thomas Ranch #2 well (100% WI) on a new lease, drilling out plugs to test possible Cisco Sands near 4,900 ft, like those at Arledge 16#2. Fallback is a shallow sand near 1,500 ft. Early-stage; no results.
1 Oct 2019drilling progress report▲ Good
Arledge 16#2 (Lightning, 100% WEL) is intermittently free flowing 200-300 bopd on a 32/64 choke at 90% oil cut; about 1,700 barrels recovered, 540 sold. White Hat 20#5 finished testing with 80% oil cut; White Hat 20#4 to spud mid-October; Arledge 16#1 re-entry planned (US$60,000).
30 Aug 2019drilling scheduled● Neutral
A frac crew is scheduled for 4 September for the Lower Cisco at Arledge 16#2, and completion of White Hat 20#5 is due to start 12 September. Just scheduling; no new results.
27 Aug 2019drilling result▲ GoodMajor
White Hat 20#5 reached 6,300 ft; logs show 50 ft gross Fry Sand with 20 ft net oil pay and no water, similar to the 20#3 discovery well. Casing is being run, with a frac planned within two weeks. Several shallower zones show extra upside.
15 Aug 2019drilling spud▲ GoodMajor
Winchester has begun drilling White Hat 20#5, the first Mustang Field development well, targeting Strawn Fry Sand at about 5,960 ft, 400 m northwest of the 20#3 discovery. Total depth is 6,200 ft in ~10 days; success could lead to 9 central-lobe wells over 12 months.
12 Aug 2019drilling progress report▲ Good
Completion has begun on Arledge 16#2 at the Lightning Prospect. Using the FMI log, Lower Cisco net pay is recalculated from 20 ft to 50 ft; four intervals totalling 91 ft will be perforated and tested, with fracking if needed. Upper Cisco is held behind pipe.
17 July 2019drilling result▲ GoodMajor
Logs on Arledge 16#2 show 45 ft of calculated net oil pay in the Cisco sands (25 ft Upper, 20 ft Lower), close to prediction, and the well came in under budget. Casing is being run and a workover rig will test it; flow rates are unknown.
16 July 2019drilling progress report▲ Good
Arledge 16#2 reached its 5,500 ft total depth with further oil shows in the Lower Cisco (5,020-5,050 ft and 5,080-5,120 ft). Wireline logging comes next; casing will be run if logs confirm commercial oil pay. Shows are not yet a result.
15 July 2019drilling progress report▲ Good
Arledge 16#2 found good to strong oil and gas shows over 61 ft of Upper Cisco sand (4,750-4,811 ft), 20 ft high to prognosis. Significance awaits wireline logs at 5,500 ft; the well is drilling on to the lower Cisco target.
11 July 2019drilling spud● NeutralMajor
Drilling of Arledge 16#2 began on 9 July 2019, targeting shallow Cisco Sands in the Lightning Prospect (1.95 mmbo P50, Winchester 100%) to 5,500 ft. This meets the spud deadline to extend the Arledge lease, though the well is an exploration test.
8 July 2019drilling scheduled● Neutral
Arledge 16#2 at the Lightning Prospect is to spud on 8 July 2019, to 5,500 ft, targeting Cisco Sands with 1.95 mmbo P50 prospective resource. It must spud before 17 July to extend the 3,342-acre Arledge lease a year. White Hat 20#4 now follows it.
25 June 2019drilling scheduled● NeutralMajor
Winchester will spud Arledge 16#2 in July 2019 at the new Lightning Prospect, targeting shallow Cisco Sands with 1.95 mmbo P50 gross prospective resource and a 22.5% chance of success. The well satisfies drilling commitments and extends the 3,342-acre Arledge lease a year.
21 June 2019resource reserve update▲ GoodMajor
After the 20#3 success, a plan was set for 9 central Mustang wells and up to 25 more at Mustang North and South (34 total). Mustang's gross prospective resource is now 2.03 mmboe (P50), with 10.8m barrels of oil in place; 20#4 spuds in July.
5 June 2019drilling scheduled▲ GoodMajor
Winchester will spud White Hat 20#4 in July 2019, a step-out 420 metres from White Hat 20#3, which is averaging 296 bopd after six days. About 15 development wells are planned. Mustang's Strawn Sand P50 resource is restated at 1.43m barrels.
8 Apr 2019drilling result▲ Good
White Hat 20#3 reached 6,796 ft with oil shows over 50 ft of the Ellenburger; swabbing began to test flow. A frack crew is secured to test and stimulate the Strawn sand within weeks, as was done at White Hat 20#2 (200 bopd after frack).
1 Apr 2019drilling result▲ GoodMajor
Wireline logs at White Hat 20#3 show 28 ft of net oil pay in the Strawn sand (52 ft gross), above the 20 ft at White Hat 20#2, plus 71 ft of possible pay in other zones. Casing is set; Ellenburger and Strawn testing follow. Production rates are still unknown.
29 Mar 2019drilling progress report▲ Good
Further oil and gas shows were seen in the Caddo Formation (6,565-6,650 ft), a non-target zone, as wireline logging began at White Hat 20#3. Logs are due early next week; the well will then be cased and deepened to the Ellenburger. No new result yet.
26 Mar 2019drilling progress report▲ Good
White Hat 20#3 hit the primary Strawn sand at 5,920 ft, 20 ft high to prediction, with good to excellent oil shows and 10-18% visual porosity, above White Hat 20#2. Net sand is estimated at 35-45 ft. Shows only; logs and tests are still needed.
25 Mar 2019drilling progress report▲ Good
White Hat 20#3, the first Mustang prospect well, is drilling at 5,645 ft with oil shows and elevated gas in the Wolfcamp 'D' shale (5,550-5,610 ft), similar to neighbouring White Hat 20#2. Primary Strawn sand target not yet reached; total depth of 6,870 ft expected in about 4 days.
19 Mar 2019drilling spud▲ GoodMajor
White Hat 20#3 has been spudded at the Mustang prospect, targeting 6,870 feet in about 10 days, starting the exploration campaign funded by the rights issue. The company estimates a 58% chance of success; CEGX holds 25%. Fracks on 39#1L and 38#3ML are also planned.
18 Feb 2019drilling scheduled▲ Good
White Hat 20#3, the first Mustang prospect well, was set to spud on 11 March 2019. Winchester put its chance of finding oil at 58% and the prospect's target at 2 million barrels (P50). CEGX took 25% and Winchester held 75%. A White Hat 39#1 frack was scheduled for March.
15 Oct 2018resource reserve update▲ GoodMajor
Independent consultants Mire & Associates estimate gross prospective resources of 7.796 million barrels (best estimate) across El Dorado, Mustang and Spitfire, unrisked and undiscovered. Net to Winchester is 4.870 million barrels. This replaces the retracted larger targets.
24 Sept 2018drilling progress report● Neutral
A workover rig has arrived at White Hat 39#1L ahead of a Strawn frack scheduled for the following week. Winchester holds 31.5% before payout and 40.6% after, with CEGX at 50% under its farm-in.
4 Sept 2018farm in farm out agreement● NeutralMajor
Ellenburger lateral at White Hat 39#1L could not sustain commercial flow; Strawn testing follows, with a frac planned late September. CEGX has farmed into the Strawn program (50% WI), leaving Winchester 40.6% and operator.
13 June 2018drilling result▲ GoodMajor
The 39#1L lateral drilled 294 ft northwest, cutting fracture zones with elevated gas and oil shows over up to 115 ft, versus 20 ft of pay in the vertical. Drilling was curtailed; completion and testing are under way, with results due the following week.
8 June 2018drilling spud▲ GoodMajor
Lateral drilling began at White Hat 39#1L, kicking off at 6,708 ft and heading up to 700 ft northwest to cut seismic-identified fractures. Winchester holds 70% WI. The well is over 1.5 miles from producers, and the MD calls success a potential game-changer.
25 May 2018drilling progress report● Neutral
A workover rig has arrived at White Hat 38#3ML to complete the shallow Strawn/Fry sands, targeting a 166 ft zone. Winchester's interest is now stated as 78.5% (earlier 60%). Initial pump results are expected in two weeks, with fracking later.
