21 June 2011drilling scheduled▲ Good
ADX reports rig and camp mobilisation for Sidi Dhaher began on 20 June, with Tunisian authorities providing road safety measures. Drilling could start early July.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 June 2011drilling scheduled▲ Good
XState confirms rig mobilisation to Sidi Dhaher began 20 June, with drilling possible in early July. Repeats the operator's release.
9 June 2011drilling scheduled▲ Good
XState confirms the government supervision deal for Sidi Dhaher-1, with rig move from 20 June and drilling possibly early July. The 300+ million barrel prospect costs about $6m gross and has a 1-in-3 chance of success. Repeats the operator's news.
9 June 2011drilling scheduled▲ GoodMajor
Operator ADX says Tunisian authorities agreed a supervision schedule for Sidi Dhaher-1. Rig mobilisation is expected from 20 June and drilling could start early July. This resolves the safety hold-up; XState keeps 10%.
11 Apr 2011drilling scheduled▼ Bad
ADX says the Sidi Dhaher-1 rig move remains suspended because local authorities have not given reliable commitments on road and trespass safety. Cost impact is described as minimal. Spud slips again, now with no date given.
14 Mar 2011drilling scheduled▼ Bad
ADX has delayed moving the rig to spud Sidi Dhaher-1, citing safety of local residents rather than security concerns, while it works with authorities. It says well cost impact is not significant. Another slip after the early March target.
2 Mar 2011resource reserve update▲ GoodMajor
ADX says the independent TRACS-AGR report puts Dougga mean recoverable contingent resources at 41 million barrels of liquids and 199 bcf sales gas. This firms up November 2010 estimates; an appraisal well is targeted early 2012. XState holds 10%, with option to 20%.
24 Feb 2011drilling scheduled● Neutral
ADX says Sidi Dhaher preparations are slightly slower than expected but with no significant extra cost. Surface casing is set and all approvals obtained. Camp then rig move take about 5 days each before spud. Libya unrest is said not to affect operations.
11 Feb 2011drilling scheduled● Neutral
ADX reports Sidi Dhaher site preparation is complete and key contracts are in place, but rig components need repairs. A mobilisation decision is expected the following week, still aiming for a February spud.
28 Jan 2011drilling scheduled● Neutral
ADX says Tunisian security has kept improving and civil works at Sidi Dhaher are going well. Spud is now expected in the second half of February, subject to contractor availability, with the rig contractor confirmed. Timing slips slightly again.
18 Jan 2011drilling scheduled▼ Bad
ADX says Sidi Dhaher preparations continue despite Tunisian unrest, but contractors' extra security precautions and customs delays mean a potential spud in late February. This pushes back the early February target given on 12 January.
12 Jan 2011drilling scheduled▲ Good
Operator ADX signed a letter of intent for Challenger's Rig 37 to drill Sidi Dhaher, with spud targeted for the first week of February 2011, subject to Tunisian approvals. XState's 10% is unchanged. This firms up the rig question left open in December.
12 Jan 2011drilling scheduled▲ Good
XState confirms a rig is contracted and Sidi Dhaher is expected to spud in the first week of February 2011, pending government approvals. Well costs about $6m over ~30 days, with 300+ million barrels potential at ~30% chance. Repeats ADX's rig news.
21 Dec 2010drilling scheduled● NeutralMajor
XState expects the Sidi Dhaher well to spud around 28 January 2011, with rig choice narrowed to two. Cost is about US$6m over roughly 30 days, with a ~30% chance of success. This slips the earlier December 2010 target.
25 Nov 2010farm in farm out agreement● Neutral
ADX farms out 10% of Chorbane to Verus Investments, which earns it by drilling Sidi Daher, now expected to spud January 2011. Interests become ADX 40%, Gulfsands 40%, XState 10%, Verus 10%. XState's 10% is unchanged.
4 Nov 2010resource reserve update▲ GoodMajor
ADX remapping with 3D seismic lifts Dougga's inferred mean contingent resource to 234 bcf gas and 50 mmbbls condensate/LPG (89 mmboe), from 196 bcf and 42 mmbbls. XState holds 10% with an option to 20%. An appraisal well is planned for 2011.
23 Sept 2010resource reserve update● NeutralMajor
ADX's preliminary estimate for Lambouka is a mean recoverable 309 bcf of sales gas (P50 277 bcf), plus roughly 24 mmbbls condensate if Dougga's ratio applies. This is below the pre-drill 370 bcf success case. Reserves need a successful flow test; re-entry is planned alongside a possible 2011 Dougga appraisal well.
20 Sept 2010drilling result● Neutral
XState calls Lambouka-1 a gas and condensate discovery with about 23m net pay in the Abiod, but the flow test failed due to well bore problems. The rig left on 15 September. Sidi Daher (10%, over 300 mmboe) is to spud in late Q4 2010.
14 Sept 2010drilling progress report● Neutral
ADX update #10: Tunisian authorities approved suspension, and the well was sealed with 5 cement plugs, a retrievable bridge plug and a corrosion cap. The rig was preparing to leave. Confirms the discovery well is suspended, not abandoned.
8 Sept 2010drilling result● Neutral
The Lambouka-1 partners, including XState (10%), agreed to suspend the discovery well for future re-entry rather than abandon it. The aim is a proper test of the Abiod, and possibly a redrill of the lower section up-dip.
7 Sept 2010drilling result▲ GoodMajor
Lambouka-1 reached 2,786m and ADX reports at least two hydrocarbon zones in the Abiod, likely gas and possibly condensate, with about 23m net pay. Fluid samples and pressure data could not be safely taken. The JV is weighing suspension or abandonment.
7 Sept 2010drilling result● Neutral
Cover note: XState says ADX has made an announcement on the Lambouka well. It carries no content of its own; the substance is in ADX's separate results release.
31 Aug 2010drilling progress report● Neutral
ADX update #8: the 8½-inch hole was drilled through the Abiod to 2,785m, with more drilling fluid losses throughout. Together with the oil shows, this led to a decision to run full wireline logs and a fluid-sampling tool (MDT) after final depth.
30 Aug 2010drilling progress report▲ Good
Drilling through the Abiod found pinpoint yellow fluorescence and oil stains in the mud, which ADX calls encouraging but not proof of producible hydrocarbons. This supports a full wireline and fluid-sampling programme. Depth 2,691m.
27 Aug 2010drilling progress report● Neutral
ADX says Lambouka-1 reached the Abiod target, with circulation fluid losses, higher gas readings and unusually high resistivity. The data is preliminary and cannot yet show whether movable hydrocarbons exist. Wireline logs are due at final depth; hole depth was 2,511m.
24 Aug 2010drilling progress report● Neutral
ADX update #7: 9 5/8-inch casing run and cemented at 2,216m, and the blowout preventer pressure tested. Next is drilling the 8½-inch hole into the primary Abiod target. Abiod success case unchanged at 370 bcf gas plus 30 mmbbls liquids.
19 Aug 2010drilling result▼ Bad
ADX reports the secondary Ain Grab sandstone has good porosity but is interpreted as water bearing; hole depth is 2,216m. Second water-bearing zone after the Birsa. Casing is next, then the primary Abiod target.
19 Aug 2010drilling progress report● Neutral
XState says Lambouka-1 is setting casing before drilling the primary Abiod target over the next 4 to 7 days. Sidi Daher (over 300 mmboe, 10% interest) is planned for late 2010, and final offshore 3D seismic is now in hand.
17 Aug 2010drilling progress report● Neutral
ADX update #6: 13 3/8-inch casing set at 1,469m and the 12¼-inch section drilled to 2,024m, with the Ain Grab marker close to prediction. The Abiod success case is put at 370 bcf gas plus liquids; the liquids figure is corrected in the next release.
16 Aug 2010drilling result▼ BadMajor
Lambouka-1 hit the first target, the Birsa sandstone, at 1,635m, but logs show it is water bearing, which ADX calls disappointing. The deeper primary Abiod target is still to be drilled. XState holds 10%.