Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2011joint venture update▲ Good
Green Rock announces NSE has been awarded the Seven Lakes Special Prospecting Authority next to EP417, with Green Rock entitled to 40% under their March agreement. Duplicates NSE's own release; Green Rock is the partner, not NSE.
22 July 2011security holder rights change● Neutral
1,000,000 shares issued on conversion of unlisted 20c options, lifting quoted shares to 199,975,169. Routine option exercise.
18 July 2011investor presentation● Neutral
Notice of a Boardroom Radio interview with Sam Willis on the ConocoPhillips Goldwyer heads of agreement. It repeats known facts. Cash is stated at about $4.0m including prepaid US costs.
13 July 2011farm in farm out agreement▲ GoodMajor
NSE signs a non-binding heads of agreement for ConocoPhillips to fund up to US$109.5m over four phases to earn 75% of the Goldwyer Project, leaving NSE 25%, plus A$1m upfront. Binding agreements targeted by 30 September 2011; this follows the failed earlier partnering search.
24 June 2011security holder rights change● Neutral
421,309 shares issued on conversion of 21,309 options at 12.5c and 400,000 at 15c, lifting quoted shares to 198,975,169. Routine option exercises before the 30 June 2011 expiry.
15 June 2011production update▲ Good
Heintschel's three wells are stable at just under 2 mmcf/d and 70 bopd, and Joann #1 at ~1.3 mmcf/d and 60 bopd. NSE's share earns ~$210,000/month combined. Fracs were under strength; a new development well is planned Q3/Q4 and the independent reserves assessment is due Q3 2011.
15 June 2011security holder rights change● Neutral
378,691 shares issued on conversion of unlisted 12.5c options, bringing quoted shares to 198,553,860. Routine option exercise ahead of the 30 June 2011 expiry noted earlier.
7 June 2011security holder rights change● Neutral
Notice that NSE's unlisted options, exercisable at 12.5c and 15c, expire at 5pm WST on 30 June 2011 if not exercised. The shares last closed at 21.5c, above both prices. Administrative notice.
10 May 2011asset acquisition disposition▲ GoodMajor
NSE sold 3m of its 18m Buru shares at 67c for $2.01m (bought at 17c), lifting cash above $4m. It keeps 15m shares (8.2%) and says this avoids further raisings for now.
3 May 2011director officer appointment● NeutralMajor
Arthur Dixon AM, a Shell veteran with over 20 years in LNG, is appointed non-executive chairman. Ian Paton moves back to being a non-executive director. Mr Dixon is named for development expertise as NSE pursues shale gas.
2 May 2011quarterly activities report● Neutral
March quarter: EP417 farm-in secured, Joann #1 tied in during April, Heintschel resource upgrade noted, and tungsten assets reported divested. Merlinleigh acreage options were exercised. Cash was $2.01m; Buru stake worth $10.98m. Goldwyer and Merlinleigh partnering continues.
14 Apr 2011production update▲ GoodMajor
Joann #1 is producing about 1.58 mmcf/d gas and 80 bbl/d condensate on a restricted choke, a higher condensate ratio than the 38 bbl/d seen in the 2010 test. NSE's 33.68% share is about $120,000 a month at stated prices.
29 Mar 2011security holder rights change● Neutral
NSE issued 1,000,000 unlisted options to a new Legal and Commercial Manager, half at 22.5c and half at 27.5c, expiring 30 June 2013. Shares on issue remain 190,975,169. Routine staff incentive.
25 Mar 2011production update▲ Good
All landowner approvals for Joann #1 are now received, resolving the long-pending signature. Final pipeline connection is under way and production is expected within 10 days, making it NSE's fourth Wilcox producer (33.68% interest). Cash is about $2.0m.
23 Mar 2011investor presentation● Neutral
Notice of a Boardroom Radio audio interview with Sam Willis on the EP417 farm-in and Laurel formation. It repeats known facts. Cash is stated at about $2.1m including prepaid US costs.
17 Mar 2011farm in farm out agreement● Neutral
Green Rock Energy announces it will earn 15% of EP417 (option to 20%) by part-funding the Lawford#1 deepening planned for Q3 2011, plus a $4.2m raising. Same deal as NSE's own announcement; Green Rock is the partner, not NSE.
17 Mar 2011farm in farm out agreement▲ GoodMajor
Green Rock Energy farms into EP417: pays $750,000 back costs, funds 27.5% of Lawford #1 deepening and earns 15%. NSE falls from 65% to 50%, keeps operatorship, and gets a funded well in Q3 2011. This follows the earlier 2008 suspension at 1,325m. A 60/40 mutual-interest deal is also signed.
15 Mar 2011half year report● Neutral
Half-year report to 31 December 2010 restates known activity: 13,000+ line km Goldwyer aerial gravity survey completed and a pilot study confirming mapping of the formation. The visible text carries no financial figures, so results are not stated here.
10 Mar 2011resource reserve update▲ GoodMajor
Operator AKG lifted Heintschel mid-case estimates to 209 bcf gas and 8.7 mmb condensate in place (projected recoverable 93 bcf, 3.9 mmb), up from earlier recoverable 58.9 bcf and 1.07 mmb. Three wells produce 3,250 mcf/d and 125 bbl/d, about $195,000 a month net to NSE. Independent reserves audit planned.
10 Mar 2011resource reserve update▲ Good
Burleson reports operator AKG's revised Heintschel estimates: mid case gas in place 209 bcf and condensate 8.7 mmb, with projected recoverable 93 bcf and 3.9 mmb. Three wells averaged 3,250 mcf/d and 125 bbl/d of condensate. Duplicates NSE's release.
23 Feb 2011production update▲ Good
Burleson reports Heintschel #2 was connected to sales on 19 February, so all three Heintschel field wells are now on production. Duplicates NSE's announcement of the same day.
23 Feb 2011production update▲ Good
Heintschel #2 was connected to sales on 19 February, so all three Heintschel wells (Heintschel #1, #2, D.Truchard #1) are now producing gas and condensate. Stabilised flow rates are still to come. Cash stated at about $2.3m.
11 Feb 2011production update▲ Good
Burleson reports D.Truchard #1 connected to sales on 8 February, with Heintschel #2 expected the following week and Joann #1 awaiting one landowner's signed approval. Duplicates NSE's announcement.
11 Feb 2011production update▲ Good
D.Truchard #1 was connected to sales on 8 February and is producing at commercial rates. Heintschel #2 is due next week; Joann #1 still awaits one landowner's signed approval. Cash stated at about $2.3m.
10 Feb 2011investor presentation● Neutral
NSE says it will focus 2011 Goldwyer work on a liquids-rich wet gas zone, with two initial areas of interest identified. It continues farm-in talks and is preparing to drill in late 2011 only if funding is secured through partnering. No drilling is committed.
8 Feb 2011regulatory community update▲ Good
Merlinleigh geochemical survey is complete, meeting the work commitments for the Carnarvon Basin permits. NSE will give up acreage outside an identified gas window and convert the best areas to exploration permits. Native title talks have begun, with further field work planned for late 2011. Cash stated at about $2.8m.
2 Feb 2011flow test result▲ GoodMajor
Initial flow-back on D.Truchard #1 and Heintschel #2 reached commercial rates: 1 to 1.7 mmcf/d gas plus 20-60 barrels of condensate. Both made more water than expected. Rates are preliminary and not stabilised. Joann #1 tie-in slipped to about two weeks.
2 Feb 2011flow test result▲ Good
Partner Burleson reports the same initial flow-back results for D.Truchard #1 and Heintschel #2: 1 to 1.7 mmcf/d gas plus 20-60 barrels of condensate, preliminary, with more water than expected. Duplicates NSE's announcement.
28 Jan 2011quarterly activities report● Neutral
December quarter: 13,000 line km aerial gravity survey over the Goldwyer permits finished, meeting year-2 work commitments. The formal Goldwyer partnering process ended without a deal, as large companies cited technical uncertainty. Cash was $4.4m; D.Truchard #1 and Heintschel #2 completed for production.
27 Jan 2011drilling progress report● Neutral
D.Truchard #1 and Heintschel #2 were successfully fracced on 24 and 25 January and are in a clean-up phase of about a week before flow rates can be established. Cash is stated as about $3.0m including prepaid US costs.
