Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2018drilling scheduled● Neutral
A five-well program is outlined: one Ellenburger lateral at White Hat 39#1 from end May, plus four recompletions (three Fry/Strawn, one Ellenburger). The Chairman calls the 38#3ML horizontal result only partly successful, blames the share price on it, and says current net production is 177 bopd.
9 Mar 2018drilling scheduled● NeutralMajor
Winchester abandons the deeper laterals at 38#3ML (best rate 40 bopd, now under 10) and plans to re-enter in early April 2018 to fracture-stimulate the Fry/Strawn (25 ft net pay). A 600 ft lateral in White Hat 39#1 is planned for mid-April, subject to partners.
29 Jan 2018drilling result▼ BadMajor
White Hat 245#1 reached 7,000 ft; a drill stem test in the Ellenburger recovered oil (40% cut) but showed low permeability. CEGX declined to complete it and handed its 50% to Winchester, which now holds 100% WI and operates. Net drilling cost was US$200,000.
15 Jan 2018drilling progress report▼ Bad
Production testing of White Hat 38#3ML over three weeks was hampered by repeated electric pump failures and overheating. The pump has been removed and a conventional rod pump is being installed. No production figures yet, so the three-lateral result remains unproven.
15 Dec 2017farm in farm out agreement● NeutralMajor
Winchester takes a 50% WI in a new vertical well, White Hat 245#1, drilled by CEGX in an untested southern part of the White Hat lease. Net drilling cost is about US$200,000, with a further US$270,000 net if it is completed. Target depth 7,100 ft.
23 Nov 2017drilling result▲ GoodMajor
Third lateral (Leg 3) at White Hat 38#3ML (60% WI) drilled 470 ft with about 80 ft of oil and gas shows. All three legs total 430 ft of shows. A fourth leg is dropped; a three-week production test with acid treatment follows. No flow rates yet.
2 Nov 2017drilling result▲ Good
Second lateral (Leg 2) at White Hat 38#3ML drilled 470 ft with about 200 ft of good oil and gas shows, at about US$200,000. Leg 3 has started, targeting a different Ellenburger interval. Still no production rates; acid treatment follows all legs.
20 Oct 2017drilling progress report● Neutral
Drilling of the second lateral (Leg 2) at White Hat 38#3ML has started, in the same upper Ellenburger zone but the opposite direction. The Managing Director expects it to build on Leg 1. No new results.
25 Sept 2017drilling progress report● Neutral
Drilling of the first of four short-radius laterals at White Hat 38#3ML (60% WI) has started, after the Harvey delay flagged earlier. Each leg will be tested, and the whole operation is estimated to take six weeks.
20 Sept 2017drilling result▲ GoodMajor
White Hat 39#1 (100% WI) reached 7,000 ft; logs show a potential 21 ft of net Ellenburger oil pay in a 150 ft gross interval, plus 55 ft in shallower zones. Completion awaits 38#3ML lateral results, with a decision in about 6 weeks. Laterals start after a Hurricane Harvey delay.
23 Aug 2017drilling scheduled● Neutral
Short-radius lateral drilling at White Hat 38#3ML will start 28 August 2017, targeting four zones of about 500 feet each in the Ellenburger. The well budget is now stated as US$1.6m. White Hat 39#1 is still drilling toward 7,100 feet.
16 Aug 2017drilling spud● NeutralMajor
Winchester spudded White Hat 39#1, a vertical Ellenburger test about one mile west of 38#3ML, with 100% WI and a US$750,000 budget. It is the 10th White Hat well and Winchester's second as operator; planned depth is 7,100 feet.
7 Aug 2017drilling progress report● Neutral
White Hat 38#3ML reached 7,000 feet with oil and gas shows, and is now being logged before the laterals. The rig will first drill White Hat 39#1, a Winchester-operated vertical Ellenburger test to the west, then return for the laterals.
25 July 2017drilling spud▲ GoodMajor
Winchester spudded White Hat 38#3ML, its first operated well, a multi-lateral test of four 500-foot Ellenburger laterals. It holds 70% WI but pays 80% of the US$1.7m cost. Costs about double a vertical well (US$890,000), aiming at 20 times more rock exposure.
29 May 2017drilling progress report● Neutral
CEGX will abandon the Ellenburger in White Hat 38#1, which only made water, and re-complete it in June with a two-stage frack of two Strawn intervals. Oden A#2 is starting a three-stage Ellenburger completion this week. No new flow results.
16 May 2017drilling result▲ GoodMajor
Winchester took a 25% interest in Oden A#2, operated by Clear Fork, about 2 miles from White Hat 21#5. It reached 6,730 feet on 13 May with oil and gas shows in Strawn and Ellenburger. Winchester also earned 25% of 400 surrounding acres. Not yet tested.
30 Dec 2016drilling spud● Neutral
White Hat 21#5 spudded on 27 December, the eighth vertical well on the lease. Winchester holds 50% of the US$893,000 budget. It is 1,669 feet east of 21#4, now making 230 barrels a day, with depth of about 7,100 feet expected within 14 days.
29 Sept 2016farm in farm out agreement▲ GoodMajor
Winchester agreed to join CEGX in seven further vertical wells at 50%, all within the high-graded 5,000 acres, to be done by 1 March 2017 when operatorship reverts to Winchester. The seismic model still needs more wells to confirm it. Gross output is 445 barrels a day.
26 Sept 2016drilling spud● Neutral
White Hat 38#2 spudded, becoming the seventh vertical well on the White Hat lease. Winchester holds 50%, with a US$893,000 budget shared equally. It is 1,470 feet east of 38#1, with proposed depth of about 7,100 feet targeting the Ellenburger.
23 Sept 2016drilling progress report● Neutral
White Hat 38#1 reached 7,070 feet on 19 September. After logs and cuttings, the partners cased it to test the Ellenburger, with perforation and acid testing due in a few days. No flow results yet.
13 Sept 2016drilling result▼ BadMajor
Patterson 1R, the 25% interest well from the Clear Fork seismic deal, is to be plugged and abandoned. Two tests flowed 3 barrels a day and logs showed a depleted Ellenburger. Winchester's share of cost is about US$87,500, below the US$150,000 budget.
6 Sept 2016drilling spud▲ GoodMajor
CEGX is spudding a sixth White Hat vertical well, 38#1, with Winchester taking a 50% interest. It sits 1,200 feet north-east of the successful 21#4 well, targets the Ellenburger at about 7,000 feet, and is budgeted at US$893,000, shared equally.
26 Aug 2016drilling spud● Neutral
The Patterson 1R well, in which Winchester holds 25%, spudded on 22 August 2016 and was drilling at 2,800 feet on 24 August. The Ellenburger target is expected at about 6,600 feet.
16 Aug 2016farm in farm out agreement▲ GoodMajor
Winchester will take a 25% interest in the Clear Fork Patterson 1R well on its White Hat lease, operated by Clear Fork with 75%. Winchester's share of the US$600,000 cost is US$150,000. The arrangement arose from Winchester buying seismic data from Clear Fork.
4 July 2016drilling result▲ Good
White Hat 21#4 reached 7,042 feet with two oil zones similar to the best well, 21#1, and fluid losses suggesting good permeability. Casing is run and completion testing was due to start 5 July; results to follow.
15 June 2016drilling progress report● Neutral
White Hat 21#4 spudded on 9 June 2016 and was drilling at 3,407 feet, heading for a proposed 7,300 feet. Winchester's 50% share of the US$975,000 cost is US$487,500.
24 May 2016drilling scheduled● Neutral
Operator CEGX will spud a fifth White Hat well, 21#4, within 7 days, 1,200 feet east of 21#1. Budget is US$975,000 with Winchester paying 50%. Proposed depth is 7,300 feet. This is the offset well flagged since late 2015.
9 May 2016resource reserve update▲ GoodMajor
Winchester mapped an Ellenburger oil trap of at least 10,000 acres, mostly within its leases, from seismic and well data. It compares the area with the nearby Suggs field (about 10 million barrels). No reserve figure is booked; acreage is 17,736 net.
6 Nov 2015drilling result▲ Good
White Hat 21#2 reached 7,414 feet; logs and oil and gas shows led to production casing being run, with testing planned within two weeks. The rig moved to spud White Hat 20#2, 1,200 feet west of White Hat 21#1. Winchester holds 50% in each.
4 Nov 2015resource reserve update▲ GoodMajor
First reserve booking for White Hat 21#1: gross 2P reserves 162,000 barrels (1P 84,000; 3P 515,000), so 81,000 barrels 2P net to Winchester's 50%. The 106% return is stated on the 2P figure. This follows the earlier recovery estimate of 160,000 barrels.
