Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2010drilling scheduled● Neutral
Partner Burleson says a rig is contracted for two Heintschel wells, with D. Truchard #1 due to spud around 18 November, 2.9 km from Heintschel #1. Heintschel #2 follows as an offset well. Repeats NSE's announcement of the same day.
1 Nov 2010production update▲ GoodMajor
After the frac, Heintschel #1 is stabilised at about 2.4 mmcf gas and 100 barrels condensate a day to sales on a restricted choke. That compares with 1.0-1.4 mmcfd before the frac. Condensate ratio is nearly double earlier tests, and appraisal and development wells are now planned.
29 Oct 2010quarterly activities report● Neutral
September quarter report: cash was $6.5m, shares on issue 190.3m, and the Buru stake is valued at $6.4m. The raising is now described as $6.85m. Goldwyer farm-out offers are sought this quarter, with a deal targeted by year end but not guaranteed. Aerial gravity survey has begun.
28 Oct 2010well test result▲ Good
Partner Burleson repeats the news that the Heintschel #1 frac was successful and the well is flowing gas and condensate while cleaning up, with sales expected next day. No new information beyond NSE's announcement.
28 Oct 2010well test result▲ GoodMajor
The Heintschel #1 frac was completed and the well is flowing gas and condensate at good rates while it cleans up. It is expected to go to sales next day. Definitive rates are not yet known, but early signs are encouraging.
27 Oct 2010annual report● Neutral
Annual report for the year to 30 June 2010. The visible text lists holdings, including Joann #1 at 33.68%, and describes the Australian shale and US strategy. Financial figures are not in the excerpt supplied. Repeats the report already noted on 30 September.
19 Oct 2010drilling scheduled▲ Good
The Heintschel #1 frac moves up a month to 26 October 2010, from the 26 November date given earlier. The well is already tied to sales, so any extra flow can be sold immediately. Cash is about $6.0m.
7 Oct 2010drilling scheduled● Neutral
NSE says the Colorado County joint venture will drill two Wilcox wells by end 2010, starting with an exploration well from early November. The Heintschel #1 frac slips to on or before 26 November. Joann #1 is expected to reach sales by end 2010.
30 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010. The visible text lists the asset holdings, including Joann #1 at 33.68%, and describes the shale and US strategy. Financial figures are not in the excerpt supplied.
13 Sept 2010contract award▲ GoodMajor
NSE awarded a contract for over 13,000 line km of aerial gravity data across its Goldwyer shale acreage, taking about 10 weeks and due by end 2010. It meets the revised permit commitments and will guide 2011-12 drilling. Earlier plans said 6,000 km.
24 Aug 2010investor presentation● Neutral
Notice of an audio interview with the Managing Director on the US project, Australian shale and the $6.5m raising. Says cash will be about $7m after the raising completes. No new results.
5 Aug 2010other● Neutral
Administrative notice: 41.6m shares and about 14m unlisted options come out of escrow on 8 August 2010. This means they can be freely sold; it is not a new issue.
2 Aug 2010capital raising announcement● Neutral
Letter to shareholders explaining the $6.5m raising and the share purchase plan of up to $15,000 each at the placement price. It repeats the shale gas and US strategy. Directors intend to join the second tranche, subject to approval.
30 July 2010capital raising announcement▲ Good
NSE issued tranche one of its placement: 13.7m shares at 14.5c, raising $2.0m. The remaining 17.3m shares ($2.5m) await shareholder approval at a 6 September meeting. Includes the standard notice allowing the new shares to be resold.
What it means for a shareholder
13.7m new shares at A$0.145 to raise about A$2.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (6,897 at the issue price), your slice goes from 0.0068% to 0.00599% of the company. To keep it you'd need 931 more shares - about A$135 at the issue price.
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30 July 2010quarterly activities report● Neutral
June quarter report recapping known events: the 48,000 km2 Goldwyer acreage, Merlinleigh award, US wells and the $6.5m raising. Cash was $1.58m at 30 June 2010 and the Buru stake is valued at $5.7m. Nothing new.
28 July 2010resource reserve update▲ GoodMajor
Operator AKG estimates Heintschel contingent recoverable resources of 59 Bcf gas and 1.1m barrels condensate (mid case; range 25.6-88 Bcf). NSE says this could mean over A$100m net revenue, undiscounted, if developed. Frac likely September; more drilling expected from October.
22 July 2010capital raising announcement▲ GoodMajor
NSE is raising $6.5m: a $4.5m placement of 31.0m shares at 14.5c, plus a $2.0m share purchase plan underwritten by Euroz. Funds go to Australian shale exploration, US drilling and working capital. Tranche two ($2.5m) needs shareholder approval. This addresses the thin cash position.
What it means for a shareholder
31.0m new shares at A$0.145 to raise about A$4.5m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (6,897 at the issue price), your slice goes from 0.0068% to 0.00521% of the company. To keep it you'd need 2,108 more shares - about A$306 at the issue price.
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15 July 2010flow test result▲ Good
Burleson reports Joann #1 flowed 2.1 mmcfd of gas plus about 38 barrels a day of condensate from one of four zones. It calls this a discovery and says its own interest rose to 39.4%. Repeats NSE's news.
15 July 2010flow test result▲ GoodMajor
Joann #1 flowed 2.1 mmcfd of gas plus about 38 barrels a day of condensate from one 3 ft zone, confirming a discovery: the third success in four Colorado County wells. Three other zones are untested. NSE's interest is 33.68%.
14 July 2010drilling progress report▲ Good
Heintschel #1 is tied into the gas sales pipeline and flows until shut in for fraccing, which awaits a frac unit. Joann #1 flow testing has just begun, and Moeller #1 needs further testing. Brasher #1 revenue has been banked. NSE's Joann interest is now 33.68%.
14 July 2010production update▲ Good
Burleson reports Heintschel #1 is tied into the gas sales pipeline awaiting fraccing, Joann #1 flow testing has started, and Brasher #1 has banked its first revenue. Burleson says its Joann interest rose to 39.4% from 38%, which may affect NSE's 32.5% (an inference, not stated).
12 July 2010investor presentation● Neutral
July 2010 corporate presentation repeating known facts: Goldwyer shale acreage of 48,000 km2, 40-480 Tcf estimates, Merlinleigh, and US projects. It shows cash of about $1.0m at 7 July, 143.0m shares, market cap about $26m, and the Buru stake worth about $6.7m.
7 July 2010flow test result▲ GoodMajor
Heintschel #1 flowed gas at 1.0-1.4 mmcfd from a 4 ft zone below the 225 ft gas column, without fraccing. The main 225 ft sands are still untested. NSE sees a larger structure than mapped; it holds 32.5%. Cash about $1.5m.
7 July 2010flow test result▲ Good
Burleson repeats NSE's same-day news that Heintschel #1 flowed gas naturally at 1.0-1.45 mmcfd from a 4 ft zone without fraccing. Joann #1 is cased, and Moeller #1 testing of the top 20 ft continues. Nothing new for NSE.
5 July 2010drilling result▼ Bad
Burleson repeats NSE's same-day news that Moeller #1 initial tests produced mostly water and minimal gas, which it calls disappointing. Joann #1 will be cased, and Heintschel #1 awaits fraccing. Burleson quotes 38% in Joann and Heintschel.
5 July 2010drilling result▼ BadMajor
Moeller #1 initial testing produced mostly formation water and very little gas, because the water was unexpectedly low in salinity; NSE calls the results disappointing. The top 20 ft will be retested, and an updip location 150 ft higher is seen as promising. Joann #1 will be cased. Cash is now about $1.5m.
30 June 2010drilling result● Neutral
Joann #1 logs show only a 6-8 ft gas-charged good quality sand, plus two thicker but poorer sands that are potentially gas charged. Moeller #1 flow testing has finally started after equipment delays, taking 4-5 days. Joann's net sand is thin against pre-drill hopes.
30 June 2010drilling result● Neutral
Burleson repeats NSE's same-day update: Joann #1 logs show a 6-8 ft gas-charged good quality sand, and Moeller #1 testing has started after equipment delays. It quotes its own Joann interest as 38%. Nothing new.
29 June 2010asset acquisition disposition▲ Good
NSE gained a licence to the Colorado County 3D seismic data and a 32.5% share of a licence to 1,000 sq miles of 3D data, plus a cash refund of about US$240,000. It says this widens its US drilling pipeline at no further cost. Also cites a 600 bcf Woppa prospect.
28 June 2010drilling result● Neutral
Burleson repeats NSE's same-day news that Joann #1 reached 11,750 ft with good hydrocarbon shows over a 40 ft sand interval, and logging is underway. It quotes its own Joann interest as 38%. Nothing new.
