24 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 618m in the Grant Formation with modest background gas (0.02 units, 160ppm methane).
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24 Jan 2013drilling progress report● Neutral
Yulleroo 4 reached its 888m intermediate casing point, preparing to run casing.
23 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 442m, drilling through the Wallal Sandstone.
22 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 346m, intersecting the Top Wallal Sandstone at 295m.
21 Jan 2013drilling progress report● Neutral
Yulleroo 4 (spudded 19 January, first well of the 2013 Mitsubishi program) reached 30m, targeting the wet gas accumulation first found by Yulleroo-1 in 1967 and appraised by Yulleroo-2 in 2008.
7 Jan 2013drilling progress report▲ GoodMajor
Ungani's EPT performance kept improving as Yulleroo 4 neared spud (testing for a Yulleroo Basin Centred Gas System) and Cyrene 1 prepared to resume drilling toward both a conventional oil target and the Goldwyer Shale play, with new MD Keiran Wulff starting 14 January.
17 Dec 2012resource reserve update▲ GoodMajor
Independent estimates by RISC lifted Ungani Field's 2C contingent resources to 9.9 million barrels (Buru's 50% share) - up 1.9 million barrels on production data alone - and put Ungani North's Ungani Dolomite section at about 6 million barrels 2C, with further upside pending 2013 seismic, appraisal drilling, and flow testing.
14 Dec 2012drilling progress report● NeutralMajor
Ungani North-1's evaluation/testing program was under review pending approvals; the well showed a thicker sealing shale and an interpreted ~40m oil column atop a much thicker dolomite reservoir than at Ungani, though the reservoir itself didn't match Ungani's porosity development.
13 Dec 2012drilling progress report● Neutral
Ungani North-1's logging finished and 7-inch casing was run to total depth - the last drilling report for the deepening operation, pending future testing.
13 Dec 2012drilling progress report● Neutral
Key Petroleum reported DCA Rig 7 arrived at the Cyrene-1 site, planning a 175m surface hole and casing ahead of drilling to the primary target in January.
11 Dec 2012drilling progress report▲ GoodMajor
Logging over Ungani North-1's Nullara section (previously only seen in Ungani-1) found fractured, potentially vugular limestones with strong gas and some oil shows, though a flow test will be needed to determine any commercial potential; casing to total depth is underway.
6 Dec 2012drilling progress report▲ GoodMajor
Ungani North-1 was deepened to a revised 3,701m total depth after oil shows in the Nullara Formation and strong gas shows (up to 2,800 units) in the lower Nullara section.
29 Nov 2012drilling progress report▲ Good
Ungani North-1 reached 2,963m; the Ungani Dolomite's base (2,847m) showed the unit is 294m thick here - about 130m thicker than at the Ungani Field itself.
26 Nov 2012drilling progress report▲ GoodMajor
Preliminary evaluation of Ungani North-1 suggested up to a 44m oil column atop the Ungani Dolomite with vugular porosity over 280m+, though apparently less well-developed than at Ungani itself - further testing needed to confirm flow potential.
22 Nov 2012drilling progress report● Neutral
Ungani North-1 reached 2,836m in the Ungani Dolomite before pulling out for a bit change and intermediate wireline logging, with results due in 24-36 hours.
19 Nov 2012drilling progress report▲ Good
Ungani North 1's deepening reached 2,779m, encountering the dolomite reservoir at 2,553m with oil shows and vuggy porosity similar to Ungani 1 and 2, though the base of the dolomite section wasn't yet reached.
19 Nov 2012drilling progress report● Neutral
Buru demobilised the Terrex seismic crew to let a Traditional Owner heritage investigation over the Ungani 3D area finish without interruption, deferring both the Ungani 3D and Commodore West 2D surveys to the next season.
16 Nov 2012drilling progress report▲ GoodMajor
Ungani North-1 reached 2,578m; the top of the dolomitic reservoir (~2,553m) showed oil shows, vuggy porosity indications, and mud gas over 10x background - encouraging signs of an active, oil-prone system similar to Ungani.
15 Nov 2012drilling progress report● Neutral
Ungani North-1's casing was cemented to 2,543m after logging, preparing to drill into the predicted reservoir section.
12 Nov 2012drilling progress report▲ GoodMajor
Ungani North-1 reached its 2,550m casing point; the sealing shale seen at the Ungani Oilfield was confirmed present, and the underlying limestone showed oil fluorescence and a mud gas increase - encouraging signs of a similar active petroleum system.
8 Nov 2012drilling progress report● Neutral
Ungani North-1 reached 2,491m and was tripping for a new bit, still nearing its predicted casing point above the Ungani Dolomite reservoir.
6 Nov 2012drilling progress report● Neutral
Ungani North-1 neared its casing point (2,492m) above the predicted reservoir, while Key Petroleum's Cyrene-1 (EP438) prepared to target a conventional Willara Formation oil objective with unconventional Goldwyer Shale upside.
1 Nov 2012drilling progress report● Neutral
Ungani North-1's deepening resumed (drilling out the suspension plugs from August's rig incident), reaching 2,314m.
29 Oct 2012drilling progress report● Neutral
Ungani North-1 drilling resumed with Ensign Rig #32 after Century Rig #7's mechanical failure forced a suspension at 2,292m; the rig had just finished the successful Asgard-1 well.
29 Oct 2012farm in farm out completion● Neutral
Following completion of the Cyrene-1 well, permit EP438 ownership reverted as set out in the farm-in: Key Petroleum's Gulliver Productions subsidiary settled as 20% operator, Buru and Mitsubishi Corporation's interests reverted up to 37.5% each, and Indigo Oil retained the remaining 5%.
23 Oct 2012drilling progress report▲ Good
Terrex Seismic began acquiring the Ungani 3D seismic survey, covering the Ungani and Ungani North structures to help define the oilfield's size and boundaries (~6 weeks to acquire).
21 Oct 2012farm in farm out completion● Neutral
Key Petroleum (via its Gulliver Productions subsidiary - the same Gulliver entity that belonged to Empire Oil & Gas back in 2010, now under Key Petroleum's ownership) reported interim ownership of permit EP438 while its farm-in partners funded drilling of the Cyrene-1 well: Buru and Mitsubishi Corporation each temporarily held just a 2.5% interest while Key Petroleum (76%) and Indigo Oil (19%) covered the well's cost.
11 Oct 2012drilling progress report▲ Good
Asgard-1's 7-inch casing was cemented to 3,548m and the well suspended for further evaluation - the last weekly report, with the rig now moving to Ungani North-1.
9 Oct 2012drilling progress report▲ Good
Asgard-1's wireline logging (partial, due to hole conditions) found gas saturations across the Laurel section in tight sands/silts/limestones, with sidewall cores showing gas bleeding at surface; 7-inch casing was being run before suspending the well for evaluation.
4 Oct 2012drilling progress report▲ Good
Asgard-1 reached a revised 3,550m total depth; logs to date suggest possible gas saturations across the Laurel section in tight sands, silts, and limestones, with pressure/fluid sampling to assess significance.