Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2010drilling progress report▲ Good
Heintschel #1 reached planned total depth with multiple extensive hydrocarbon shows over larger intervals than expected, including gas to surface and condensate in mud. NSE says logs are needed to confirm producible hydrocarbons. NSE holds 32.5%.
21 Apr 2010production update▲ GoodMajor
Brasher #1, the Yegua gas discovery flow tested in March at 380 mcf/d, is now tied into the sales network and producing, the company's first revenue from the US program. NSE holds 32.5%; stabilised flow rates are to be reported in coming weeks.
19 Apr 2010drilling progress report▲ Good
Heintschel #1 hit elevated gas readings in the target Wilcox sands, at 11,402 ft with total depth about 11,750 ft. NSE says their significance is unknown until logs are run, so this is not yet a discovery.
19 Apr 2010drilling progress report▲ Good
Burleson reports a strong gas show in the Wilcox sands at Heintschel 1, at 11,402 ft on 18 April. Its significance is unknown until total depth, logging and testing. Same news as NSE's own announcement.
15 Apr 2010other● Neutral
Notice of a radio interview with the Managing Director on the Heintschel #1 progress and Canning Basin shale gas. No new business information.
14 Apr 2010drilling progress report● Neutral
Heintschel #1 was at 8,598 ft on 13 April, heading for a planned total depth of about 11,750 ft, with no results yet. NSE's cash was about $3.8m, down from about $4.2m in its 30 March update.
14 Apr 2010drilling progress report● Neutral
Burleson reports Heintschel 1 at 8,598 ft as of 13 April, against a 11,750 ft target. Nothing new on results.
6 Apr 2010drilling spud● NeutralMajor
Heintschel #1, the first Wilcox well, spudded 4 April, about a week or so after the late-March plan. It targets 7.2 bcf of gas and over 100,000 barrels of condensate at 11,750 ft, costing about US$2.5m. NSE holds 32.5%.
6 Apr 2010drilling spud● Neutral
Burleson reports Heintschel 1 spudded on 4 April. Target depth is 11,750 ft, with 7.2 bcf potential. Budget is about US$1m if dry and US$2.3m if completed. NSE holds 32.5%.
30 Mar 2010drilling scheduled● Neutral
Site and permits are ready for Heintschel #1 (formerly W1; 7.2 bcf potential, NSE 32.5%), with the rig due early April, then W2. Brasher #1 gas sales tie-in is now expected in the first half of April. Cash is about $4.2m.
30 Mar 2010joint venture update● Neutral
Partner Burleson says the first Wilcox well, Heintschel 1 (NSE 32.5%), awaits a rig expected early April; W2 (NSE 36%) follows, targeting 100 bcf. Brasher 1 is expected on stream by late April, with revenue of over US$40,000 a month.
16 Mar 2010half year report● Neutral
Half-year accounts to 31 December 2009 restate the strategy: complete Lawford 1 in EP417, pursue Goldwyer shale gas, and drill six Texas wells. The visible text gives no financial figures beyond those already known.
10 Mar 2010other▲ GoodMajor
NSE will accelerate shale gas work on the Goldwyer shale in its Canning Basin permits, after a review with an independent adviser found it prospective, though early stage. An adviser report is due within two months. No resource figure is given.
10 Mar 2010listing compliance notice● Neutral
ASX queried the timing of the Brasher #1 flow test announcement after a share price rise. NSE replied it learned of the result around 10am on 5 March, considered it incomplete and not material until finalised after 1pm, and announced on 8 March, claiming compliance.
10 Mar 2010investor presentation● Neutral
March presentation on Goldwyer shale gas repeats the case in the same-day announcement: large Canning Basin acreage (>37,000 km2), shale gas background, and known US and Lawford 1 plans. No new results or figures.
8 Mar 2010well test result▲ GoodMajor
Brasher #1 flow-tested at 380 mcf/d of gas with no water from the top 2 ft of the 14 ft gas zone. Pipeline hook-up and sales are expected within 30 days. Management calls it a small first step; focus shifts to larger Wilcox wells, first spud planned late March.
25 Feb 2010other● Neutral
Notice of a radio interview with the Managing Director about the Brasher #1 gas discovery. No new business information.
22 Feb 2010drilling result▲ GoodMajor
Brasher #1 found a 14 ft gas column in the Yegua, and a formation test gave 100% gas. This is NSE's first US well; gas sales are expected in 30-45 days. Final size is unknown until extended flow testing. Focus now moves to the Wilcox wells.
12 Feb 2010drilling spud▲ GoodMajor
Brasher #1, the first well of the six-well Colorado County program, has spudded, about two months later than planned. It targets 1.4 bcf of Yegua gas at 5,000 ft, with NSE holding 32.5%. A three-well Wilcox rig contract is secured, with the first Wilcox well due in March.
5 Feb 2010investor presentation● Neutral
February 2010 strategy presentation restates a 2010 plan of six US wells and Lawford 1 re-entry in Q3, plus shale gas work in the Canning Basin. Cash was $5.4m at 31 December, with no debt. A farm-out of the Edwards well E1 will be sought.
29 Jan 2010quarterly activities report● Neutral
December quarter: cash was $5.65m and the two new 36% Texas projects were added after quarter-end. NSE relinquished application 28/07-8 after downgrading the Balgo terrace play following Lanagan 1. Title issues with the regulator are expected to be resolved in early 2010.
27 Jan 2010asset acquisition disposition● Neutral
Partner Burleson announces the same two new Wilcox projects, with working interests of Burleson 36%, NSE 36% and AKG 28%. It also confirms Brasher #1 is deferred to early February, with the first Wilcox well expected late February or early March.
27 Jan 2010asset acquisition disposition▲ GoodMajor
NSE acquires a 36% working interest in two new Texas Wilcox projects (one in Colorado County outside the existing area, one in Wharton County) with Burleson and AKG. Each is said to have over 100 BCFE potential. Brasher #1 is deferred to early February.
4 Jan 2010drilling progress report▼ Bad
Brasher #1 is still not drilling because rain has left the access road and site wet. The first two Wilcox wells are said to remain on track for early 2010. Delay now runs past the planned December start.
18 Dec 2009drilling progress report▼ Bad
Brasher #1 start is delayed to the week of 21 December because of very wet weather. Permitting and site work are complete; the delay is weather only. The December start now slips.
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.
