One also gets the feeling Begg wants to speed up the progress of the Nockatunga operator, Santos, to lift production from that project even further.
“Jingemia is the first step and if all things go well, we could expect net operating income from Jingemia in 2004 of around $2-3 million to us. Hopefully in 2005 we'll have Cliff Head on stream and that will generate $10-20 million to us that year."
The offshore drilling program is concluding shortly. And with no further wildcat discoveries at this stage (Vindara is still to be drilled), the Cliff Head field appraisal should be successfully completed by the Cliff Head-4 well, allowing development to proceed. Recently acquired seismic in licences WA-325P and WA-327P on trend to the north is also being processed to generate further drilling leads for the future.
For Voyager management it is time to play catch-up on the production side so the production revenue keeps pace with the exploration and exploitation expenditure. Looking for other opportunities, and not necessarily in the Perth Basin, is also a priority.
“The Perth Basin is where the company is adding most value at the moment,” Begg said. “We moved very quickly to take advantage of opportunities last year because of the inside knowledge we had. But we've reached a point now where the programs are set up, the drilling is happening and hopefully that will take us to the next level.
“In the meantime we're not wedded to the Perth Basin. We'll be looking for other projects that can deliver this same sort of value. Voyager Energy really isn't about the Perth Basin exclusively, it's about selecting very good projects, adding value and seeing the share price go up.”
Recently, because the market has been down and the lack of success in the follow up exploration drilling program, the Voyager share price has declined.
However, the fact the partners are close to establishing the viability of the Cliff Head oilfield and found oil shows in two of the other three offshore wells they have participated in since October should boost the confidence of those with limited attention spans.
“I think we've proven with the drilling of the recent (although unsuccessful) Morangie well that large volumes of oil are being generated and captured in structures right up to the very northern end of the trend,” Begg said.
“The same equivalent age reservoir as we've got in Jingemia and Hovea looks to be present all the way up the trend. What we've got to do is identify valid structures and there's a high probability of additional discoveries.”
HEAD OFFICE: Unit 4, 73 Troy Terrace, Daglish WA 6008
Ph: 08 9388 6722 Fax: 9388 6733
Email: info@voyagerenergy.com.au Website: www.voyagerenergy.com.au
DIRECTORS: Peter Leonhardt, John Begg, Ray Barnes.
MARKET CAPITALISATION: $10.5 million (at press time)
MAJOR SHAREHOLDERS: No shareholders above 5%.