7 June 2012drilling progress report● Neutral
ADX has run the test string to about 1,180m and is positioning perforating guns. The first attempt will be to flow the well without acid or artificial lift. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2012drilling progress report● Neutral
XState confirms testing began on 31 May, with perforation across the interpreted 30m oil column and up to four test phases including acid clean-up. The managing director warns timing cannot be reliably predicted. Updates only when meaningful results arrive.
1 June 2012drilling progress report● Neutral
ADX accepted the Sedlar rig and testing began on 31 May 2012 with drilling out the safety plug in Sidi Dhaher-1. The multi-stage test is expected to take about three weeks.
22 May 2012drilling progress report● Neutral
ADX reports the drilling rig is now on location at Sidi Dhaher-1 and final test preparations are underway. This follows the mobilisation delays; no results yet.
12 Apr 2012drilling progress report▼ Bad
ADX says Sidi Dhaher test operations should start within two weeks, a small delay from its 26 March guidance, due to shipment of replacement critical valves. Equipment is being function tested.
29 Feb 2012drilling scheduled▲ Good
ADX says test preparations are complete and the Dietswell rig contract should be signed within days. Testing is expected to start in about three weeks, with initial results by end of March 2012.
15 Nov 2011resource reserve update▲ Good
XState repeats the operator's Sidi Dhaher estimate: mean 51 million barrels oil in place (P90 13, P50 37, P10 110). Recoverable volumes depend on fluid studies and a flow test; XST pays 10% of testing costs.
10 Nov 2011resource reserve update▲ GoodMajor
ADX estimates mean contingent oil in place at Sidi Dhaher at 51 million barrels. This is oil in place, not recoverable oil, and depends on a successful flow test proving commercial rates. Test rig selection is being finalised.
3 Nov 2011drilling progress report▲ Good
ADX says lab analysis confirmed the Sidi Dhaher recovered fluid as typical live crude oil with mud filtrate and minor water. Test-rig tenders have gone to 5 providers; a resource range is imminent. Flow test still needed.
26 Oct 2011drilling progress report● Neutral
ADX says the rig has left Sidi Dhaher-1 and the site is cleared. Test rig selection is nearly done, oil samples are at a UK lab, and a resource range is expected early November. No flow result yet.
19 Oct 2011drilling result● Neutral
Verus Investments, a 10% Sidi Dhaher partner, re-lodges XState's 19 October update on the potential 30m oil column and planned flow testing. No new information.
19 Oct 2011drilling result▲ GoodMajor
XState says Sidi Dhaher-1 is complete and the rig released on 5 October, with a potential 30m light oil column at about 1,150m depth. It has now earned its 10% of Chorbane. A flow test is the next step; timing not set.
3 Oct 2011drilling result▲ GoodMajor
Sidi Dhaher-1, drilled to 2,011m, found an interpreted oil column of about 30m in Upper Cretaceous rock, with oil recovered in sampling. A flow test is needed to confirm commercial rates. Well to be cased and suspended.
26 Sept 2011drilling progress report● Neutral
ADX says the well was deepened to 2,011m and logged, with pressure tests run. It is being prepared for formation testing of zones of interest. Originally mislabelled update 7; no result yet.
22 Sept 2011drilling progress report● Neutral
ADX says the well reached 1,785m, then a pump failure and a logging obstruction interrupted work. Several potential reservoirs were found higher than prognosed. Logs are being interpreted; no hydrocarbon result stated.
16 Sept 2011drilling progress report▲ Good
ADX reports drilling at about 1,700m, with two potential reservoir zones in the Tertiary and Cretaceous both found higher than predicted. Next casing point is about 2,000m, followed by wireline logging. No hydrocarbon result yet.
12 Sept 2011drilling progress report● Neutral
ADX says 13 3/8-inch casing is cemented and the well is drilling at about 1,300m. Two potential reservoir zones have been hit so far, to be evaluated by logging. No results given.
6 Sept 2011drilling progress report● Neutral
ADX says the 16-inch hole reached 1,001m and 13 3/8-inch casing is being run. The first potential hydrocarbon target, the Eocene reservoir, is expected to be reached later this week.
30 Aug 2011drilling progress report● Neutral
ADX reports the 16-inch hole drilled to 652m. It corrects the earlier spud time to 6pm GMT on 26 August. Next steps are to reach about 812m and run casing.
29 Aug 2011drilling spud▲ GoodMajor
ADX reported that Sidi Dhaher-1 spudded at 07:00 GMT on 27 August 2011 and was drilling 16-inch hole. The planned depth was 2,168m, with about 33 days expected to drill. XState holds 10%.
29 Aug 2011drilling spud▲ Good
XState confirms Sidi Dhaher spudded, earning a 10% interest, with the well planned to 2,168m in about 33 days. It restates the 300+ million barrel prospective case and roughly 1-in-3 chance of success, cost about $6m. Weekly updates promised.
25 Aug 2011drilling scheduled▲ Good
ADX says the choke line has arrived and passed testing, with a pre-spud meeting planned for 26 August. Spud is described as imminent, after weeks of slippage from early July.
22 Aug 2011drilling progress report▼ Bad
ADX says the diverter and circulation system pass testing, but it will not let drilling start until all critical spares are on site. A choke line must be sourced from Egypt, causing another incremental spud delay.
15 Aug 2011drilling progress report● Neutral
ADX says the blowout preventer, after initial test failures and repairs, now passes pressure tests. The diverter is installed but still to be tested. No spud date given.
8 Aug 2011drilling progress report▲ Good
ADX reports the delayed critical equipment, including the valve set sourced from Libya, has arrived on site. Final testing of the blowout preventer and diverters should start soon. No spud date given.
3 Aug 2011drilling progress report▼ Bad
ADX says the Sidi Dhaher rig is essentially rigged up, but safety-critical well control items held up in Libya and Tunisian customs delay acceptance. No spud date can be given. This extends the slip from early August.
25 July 2011drilling progress report▼ Bad
ADX says rig-up is 95% complete, with minor camp infrastructure delays holding up 24/7 operations. Spud has slipped further past early July.
14 July 2011drilling progress report● Neutral
ADX says rig-up is nearly complete and rig inspection has begun. Drilling starts once the operator accepts the rig. No spud date given.
5 July 2011drilling progress report● Neutral
ADX says the rig mast is up and rig-up continues as planned, with local conditions having no material impact. Drilling has not yet started.
28 June 2011drilling progress report▲ Good
ADX says rig mobilisation went without incident and all rig components are on location, with some camp loads still to move. Drilling could start early July.