AI assistant
FIN RESOURCES LIMITED — Capital/Financing Update 2012
Dec 4, 2012
64920_rns_2012-12-04_2a9a0c7f-104e-4f46-8537-bd7eb749ff00.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [130 x 95] intentionally omitted <==
5 December 2012
Manager of Company Announcements ASX Limited Level 8 Exchange Plaza 2 The Esplanade PERTH WA 6000
By E-Lodgement
Cooper Basin Projects Update
Orca Energy Limited (ASX: OGY) is pleased to provide an update on the Company’s Assets PEL 110 (OGY 20%) and PEL 115 (OGY 20%) Cooper Basin, South Australia. The company is pleased to confirm the following highlights:
-
The Kingston Rule-1 unconventional gas exploration well in PEL 115 has now been cased and suspended for fracture stimulation and testing in early 2013.
-
The Hornet-1 gas exploration well, also in PEL 115, will be re-entered and fracture stimulated to test the quality and deliverability of its unconventional gas prospects after Kingston Rule - 1.
-
182.5km[2] of new 3D seismic is to be acquired in PEL 110 to identify conventional oil and gas prospects commencing in Q2 2013.
-
The Kingston Rule-1 well was drilled by JV partner and Operator, Senex Energy Limited (ASX: SXY) with Orca being free carried.
BOARD & MANAGEMENT
Mr Greg Bandy EXECUTIVE DIRECTOR
Mr Jason Bontempo NON-EXECUTIVE DIRECTOR
Mr Jeremy King NON-EXECUTIVE DIRECTOR Mr Denis Patten NON-EXECUTIVE DIRECTOR
Mr Arthur Pitts ALTERNATE DIRECTOR
Ms Rebecca Sandford Ms Shannon Robinson JOINT COMPANY SECRETARY
REGISTERED OFFICE Ground Floor 1 Havelock Street West Perth WA 6005
POSTAL ADDRESS PO Box 1440 West Perth WA 6872
The attached release from Senex Energy Limited provides further detail.
Commenting on the news, Greg Bandy, Executive Director at Orca Energy said “ We are exceedingly pleased with the results from Kingston Rule-1 so far and the apparent potential of Hornet-1 which if tested successfully, together should deliver a bookable resource. We look forward to the testing early next year which will hopefully confirm the unconventional gas potential in the permit. ”
For and on behalf of the Board
==> picture [136 x 58] intentionally omitted <==
CONTACT DETAILS Tel: +61 8 9488 5220 Fax: +61 8 9324 2400
WEBSITE
www.orcaenergy.com.au
SHARE REGISTRY Advanced Share Registry 150 Stirling Highway Nedlands WA 6009
ASX CODE OGY
Greg Bandy Executive Director
==> picture [62 x 51] intentionally omitted <==
==> picture [466 x 658] intentionally omitted <==
Cooper Basin Licenses Map
Ground Floor, 1 Havelock Street, West Perth WA 6005 | Tel: +61 8 9488 5220 | Fax: +61 8 9324 2400 | www.orcaenergy.com.au ABN 25 009 121 644
ASX Announcement
==> picture [133 x 46] intentionally omitted <==
Fortnightly drilling report – Senex kicks off its 12 well unconventional gas program with Paning-2
Release Date: 5 December 2012
Key points
-
Senex Energy Limited ( Senex ) will begin its 12 well unconventional gas exploration program in the next week when Weatherford Rig 826 drills Paning-2 in northern Cooper Basin permit PEL 90.
-
In the last fortnight, Senex cased and suspended the unconventional gas exploration well Kingston Rule-1 in PEL 115 ahead of fracture stimulation and production testing.
-
Senex will re-enter the Hornet-1 gas exploration well, also in PEL 115, as part of a large scale fracture stimulation program in the southern Cooper Basin to test the quality and deliverability of its unconventional gas prospects.
-
Senex is continuing its completion program for successful appraisal and development wells at Snatcher, Growler and Spitfire oil fields to bring on additional production in early 2013.
-
The successful Mustang-1 oil exploration well produced at a constrained rate of over 2,400 barrels of oil per day (bopd) before being placed on extended production test.
-
Data capture commenced on the 310 square kilometre Lignum 3D seismic survey to identify the next targets in PEL 104 and PEL 111 on the western flank oil fairway.
-
Senex and its joint venture partners propose to undertake an extensive 3D seismic survey across Senex’s northern Cooper Basin permits.
UNCONVENTIONAL GAS EXPLORATION
Senex will commence its 12 well unconventional gas exploration program in the coming week when Weatherford Rig 826 arrives in northern Cooper Basin permit PEL 90 (Senex 100%) to drill the Paning-2 unconventional gas exploration well. The well is located 1.3 kilometres south west of Paning-1, a gas exploration well drilled by Delhi Petroleum in 1980, which exhibited numerous gas shows during drilling in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations.
Paning is a very large structural and stratigraphic target in a proven hydrocarbon province. Paning-2 will assess the unconventional gas potential of the tight sands and coals of the Toolachee, Epsilon, Patchawarra and Tirrawarra formations, targeting a total depth of 3,175 metres.
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 T +61 7 3837 9900 [email protected] GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999 senexenergy.com.au
Page 1 of 6
==> picture [133 x 46] intentionally omitted <==
ASX Announcement
In the last week, Senex completed drilling its fourth operated unconventional gas exploration well, Kingston Rule-1, on behalf of the PEL 115 joint venture (Senex 80% and Operator, Orca Energy Limited (Orca, ASX: OGY) 20%) in the southern Cooper Basin. Very high gas readings were recorded during drilling and coring, with a total of 53 metres of net gas pay recorded in the sands of the Epsilon and Patchawarra formations. The well also intersected 150 metres of shale in the Roseneath and Murteree shales and almost 20 metres of coal in the Patchawarra Formation. The well has now been cased and suspended ahead of fracture stimulation and production testing.
On the strength of successful exploration at Kingston Rule-1, Senex and Orca have agreed to re-enter the Hornet-1 exploration well as part of Senex’s large scale hydraulic fracture stimulation program of its unconventional gas wells in the southern Cooper Basin. Hornet-1, which is located approximately 2.5 kilometres south of Kingston Rule-1 in PEL 115, flowed gas to surface when Victoria Petroleum drilled the well in 2004.
OIL EXPLORATION, APPRAISAL AND DEVELOPMENT
The successful Spitfire-2 exploration well in PEL 104 (Senex 60% and Operator; Beach Energy Limited (Beach) 40%) was cased and suspended after intersecting an interpreted net oil pay of 6.5 metres. The well is scheduled to be completed before Christmas and planning is underway for an initial production test at the oil field in the new year.
Senex’s last exploration success, Mustang-1 in PEL 111 (Senex 60% and Operator; Beach 40%) successfully commenced extended production testing on 30 November 2012, following the construction of a facility designed for longer-term production. Following its return to production, the well produced through a 27/64[th] inch choke at a rate of more than 2,400 bopd before being further constrained to produce at a rate of approximately 800 bopd.
Following its release from Spitfire-2, Ensign Rig 48 was temporarily released to other operators. Senex will review the results of its drilling programs and new 3D seismic data, and confirm its next oil targets on the western flank before recommencing its oil drilling campaign in the new year.
Senex has now completed the successful Snatcher-8 development well at Snatcher oil field in PPL 240 as part of a program to accelerate the development of its oil fields on the western flank of the Cooper Basin. Before Christmas, Senex plans to complete the Growler-5 development well in PRL 15. After Christmas, the rig will return to the Snatcher oil field to complete the successful Snatcher-9 and Snatcher-10 appraisal wells. The three new wells at Snatcher are expected to contribute to Senex production in the March 2013 quarter.
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 T +61 7 3837 9900 GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999
[email protected] senexenergy.com.au
Page 2 of 6
==> picture [133 x 46] intentionally omitted <==
ASX Announcement
Also on the western flank of the South Australia Cooper Basin, Senex commenced data capture on the 311 square kilometre Lignum 3D seismic survey of acreage within PEL 104 and PEL 111, adjacent to the successful Growler and Snatcher oil fields. The purpose of the survey is to cover areas that have not previously been surveyed and to further define areas covered in 2009 as part of the Mollichuta 3D seismic survey.
In Queensland Cooper Basin permit ATP 752P (Barta Block) (Senex 15%, Santos Limited 45% and Operator), the joint venture continued the data capture phase of a 224 square kilometre 3D seismic survey of the acreage north of the Cuisinier oil field. The survey aims to identify the next generation of oil targets for the joint venture in the Murta Formation, Birkhead Formation and Hutton Sandstones. Data capture is approximately 83% complete.
Senex and its joint venture partners propose to undertake an extensive 3D seismic survey of northern Cooper Basin. The Dundinna survey will cover more than one thousand square kilometres of the western flank oil fairway to identify oil and gas prospects. Work on the survey is expected to commence in the second quarter of 2013.
For further information contact:
Ian Davies Managing Director Senex Energy Limited Phone: (07) 3837 9900
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 F +61 7 3837 9999
[email protected] senexenergy.com.au
Page 3 of 6
ASX Announcement
==> picture [133 x 46] intentionally omitted <==
Figure 1: Senex unconventional gas exploration activities
==> picture [462 x 327] intentionally omitted <==
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 F +61 7 3837 9999
Page 4 of 6
senexenergy.com.au
ASX Announcement
==> picture [133 x 46] intentionally omitted <==
Figure 2: Senex conventional oil exploration, appraisal and development activities
==> picture [461 x 470] intentionally omitted <==
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 F +61 7 3837 9999
Page 5 of 6
senexenergy.com.au
==> picture [133 x 46] intentionally omitted <==
ASX Announcement
Figure 3: Current and proposed 3D seismic surveys on the western flank oil fairway
==> picture [470 x 333] intentionally omitted <==
Competent persons statement
Unless otherwise indicated, the statements contained in this drilling report about Senex’s reserves estimates have been compiled by Dr Steven Scott BSc (Hons), PhD, who is General Manager – Exploration, a full time employee of Senex, in accordance with the definitions and guidelines in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers (SPE PRMS). Dr Scott consents to the inclusion of the estimates in the form and context in which they appear. Senex’s reserves and resources are consistent with the SPE PRMS.
Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 [email protected] F +61 7 3837 9999 senexenergy.com.au
Page 6 of 6