Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2009drilling scheduled● Neutral
Permitting and site works are complete for Brasher #1, the first Colorado County well, expected to spud around 17 December. It targets up to 1.45 bcf gross in the Yegua, to 5,000 ft in about 7 days. NSE holds 32.5%.
3 Dec 2009investor presentation● Neutral
December presentation on the drilling program restates known plans. Cash is about $6.0m, market cap $15.4m at 11c, and it claims at least 9c per share of tangible assets, using the Buru stake at 21c. Exposure to 10-12 wells over 12 months is claimed.
23 Nov 2009investor presentation● Neutral
AGM presentation repeats the six-well Colorado County program starting December 2009, the Lawford 1 re-entry targeting 500 Bcf, $6m+ cash and the 10% Buru stake. First US cashflow is expected in early 2010 if drilling succeeds. No new information.
23 Nov 2009other● Neutral
Chairman's AGM speech says the past year was corporate restructuring and the next 12 months will be drilling. Cites cash above $6m, a 10% Buru stake, and planned wells: 1 Yegua, 4 Wilcox, 1 Edwards in the US, and Lawford 1 in the Canning Basin. Repeats known plans.
3 Nov 2009drilling scheduled▲ GoodMajor
Joint venture agrees a six-well Colorado County program starting December 2009 with a Yegua well, then Wilcox wells from January 2010. A large Edwards/Sligo prospect (Woppa) is put at 350 Bcf and 250 Bcf potential. Funded from $6m+ cash. Lawford 1 revisit now targeted for 2H 2010.
23 Oct 2009annual report● Neutral
Annual report to shareholders for the year to 30 June 2009, largely repeating the statutory accounts released earlier. Visible text is the company profile and portfolio overview, with no new figures readable.
1 Oct 2009annual report● Neutral
Full-year accounts to 30 June 2009. Visible text covers the directory, company profile and highlights only, with no financial figures readable. Describes six Canning Basin areas plus a 10% Buru stake and the Texas project.
28 Sept 2009drilling scheduled● Neutral
Preliminary review of Colorado County 3D seismic shows more and deeper prospects than expected, including Yegua and Wilcox targets. Drilling is now expected in December, later than the Sept/Oct timing previously planned, after seismic processing delays.
4 Sept 2009asset acquisition disposition▲ GoodMajor
NSE completes the Acacia sale to Buru, receiving $3.2m cash and 18m Buru shares at 17c. Cash rises to $6.8m before costs, and NSE regains 100% of EP 443, 450, 451 and 456. The Buru farm-in is terminated.
4 Sept 2009asset acquisition disposition● Neutral
Buru confirms it has completed the Acacia acquisition and paid NSE $3.2m, 18m shares and its 10% in EP 443, 450, 451 and 456. NSE will provide technical services. Seller-side view of the same deal.
31 Aug 2009other● Neutral
Administrative notice that 11,274,999 shares leave escrow on 14 September 2009. No new business information.
27 Aug 2009asset acquisition disposition▲ Good
NSE confirms Trident will not exercise its pre-emptive right over EP 442A, so the full sale to Buru proceeds at $3.2m cash plus 18m Buru shares. Settlement is expected early to mid-September.
27 Aug 2009asset acquisition disposition● Neutral
Buru's release says Trident will not use its pre-emptive right over EP 442A, so the sale proceeds on the same terms. Completion is now expected in early to mid-September.
12 Aug 2009investor presentation● Neutral
Presentation on the Acacia sale repeats the $6.3m deal ($3.2m cash, 18m Buru shares), pro forma cash of $7m (5c per share) and implied asset value of 9c per share against a 4.8c pre-announcement price. No new facts.
12 Aug 2009asset acquisition disposition● Neutral
Buru (the buyer) announces it will take 100% of the Acacia permits (EP 442, 442A, L08-3, 30/07-8) from NSE for $3.2m cash, 18m Buru shares and its 10% in four other permits. The farm-in covering NSE's southern Canning acreage is cancelled.
12 Aug 2009asset acquisition disposition▲ GoodMajor
NSE sells its Acacia Fairway permits to Buru for $3.2m cash plus 18m Buru shares at 17c (deemed $6.3m), giving about a 10% Buru stake. Four permits revert 100% to NSE and the Buru farm-in ends. Pro forma cash is about $7m.
31 July 2009other● Neutral
Administrative notice that escrow ends 15 August 2009 on 5,281,251 shares and 8,350,000 options issued at the July 2008 merger raising. No new business information.
15 July 2009other● Neutral
Administrative notice that 5,775,000 shares leave escrow on 30 July 2009. No new business information.
8 July 2009investor presentation● Neutral
July corporate update presents the Canning Basin and Texas strategy. Ian Paton is shown as interim chairman, and cash is about $4.0m at 30 June 2009 (down from $6.9m). Largely repeats known facts; first US cash flow expected late 2009.
28 May 2009director officer appointment● NeutralMajor
Non-executive Chairman Gordon Hill, a founding director, will step down from the board effective 30 June 2009 to pursue other interests. He remains a significant shareholder.
11 May 2009asset acquisition disposition▲ Good
Due diligence is complete and the 32.5% Colorado County acquisition has been settled, with cash paid to Burleson. 3D data interpretation is due in June/July, with a 6-10 well drilling campaign expected from Q3 2009.
28 Apr 2009asset acquisition disposition● Neutral
Burleson's own release confirms it is farming out 32.5% of the Colorado County project to NSE for A$2.5m. Burleson says it had A$1.4m cash and will fund its retained 38% in drilling starting around July. Same deal, seller's side.
28 Apr 2009asset acquisition disposition▲ GoodMajor
NSE agrees to farm into a 32.5% interest in a Colorado County, Texas 3D seismic project with Burleson (38%) and operator AKG, for A$2.5m from existing cash. Drilling is planned from Q3 2009. It is a diversification beyond the Canning Basin.
18 Mar 2009other● Neutral
Administrative notice that 3,125,001 shares leave escrow on 1 April 2009. No new business information.
17 Mar 2009farm in farm out agreement▲ GoodMajor
Trident Energy signs a binding heads of agreement to fund 25% of an initial program (200km 2D seismic by end-2010, one well by end-2011) to earn 17.5% of EP442(A). NSE keeps 82.5%, completing the EP442(A) farm-out talks noted earlier.
13 Mar 2009half year report● Neutral
Half-year accounts to 31 December 2008, including financial statements and an auditor's review. The visible text is only the contents page and corporate directory, which lists BDO Kendalls as auditor (previously Leydin Freyer). No figures are readable here.
20 Nov 2008investor presentation● Neutral
AGM presentation recaps the year: Lanagan 1 was a dry hole, Lawford 1 suspended at 1,325m with Anderson and Laurel targets untouched, and cash is about $8.3m. Buru has applied for a 12-month suspension of work on most joint venture permits, delaying that program.
29 Oct 2008annual report● Neutral
Re-lodged annual report to 30 June 2008, largely covering the former Hawk Resources because the merger completed after year end. The chairman cites the $7.5m raising, about $12m combined cash and the Buru partnership. Repeats earlier information.
27 Oct 2008drilling progress report▼ BadMajor
Lawford 1 is being temporarily suspended at about 1,320m, short of the Anderson and Laurel targets, because of site delays and the coming wet season. NSE and Buru agreed to return early in the 2009 drilling season to finish the well. No result yet.
27 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 27 October announcement that Lawford 1 is temporarily suspended, to be completed in the 2009 drilling season. No new information.
