6 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 6 Oct update: Lawford #1 at 1,725m, drilling toward the Laurel Formation. Duplicate with no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 1,725m by 6 Oct, heading for the Laurel Formation, with no hydrocarbon indications. NSE holds 65%, diluting to 50%. No new result.
30 Sept 2011farm in farm out agreement▲ GoodMajor
NSE signs a binding farm-out: ConocoPhillips funds up to US$109.5m over four phases to earn 75% of Goldwyer, leaving NSE 25%, plus A$1m upfront. Three wells planned in 2012; it formalises the July heads of agreement. Subject to regulatory approvals; ConocoPhillips can withdraw each phase.
28 Sept 2011annual report● Neutral
Annual report for year to 30 June 2011 restates the portfolio: EP417 65%, Goldwyer 100%, Colorado County 32.5%, Wharton 36%. States Goldwyer work commitments were met via over 13,000 line km of aerial gravity data. Financial figures not shown in the excerpt.
28 Sept 2011joint venture update● Neutral
Green Rock re-lodges NSE's Lawford #1 spud release. It earns 15% of EP417 by paying 27.5% of the first $4m of well cost and 15% above; the final $200,000 back-cost payment is triggered. Duplicate of NSE's release.
28 Sept 2011drilling spud● Neutral
Buru reports deepening of Lawford-1 began 27 Sept 2011 from 1,323m to 2,780m, about 13 days on a dry-hole basis. Buru operates the rig for the joint venture. No hydrocarbon indications yet. Duplicates NSE's spud release.
28 Sept 2011drilling spud▲ GoodMajor
Lawford #1 deepening began 27 Sept from 1,323m toward 2,780m, ~13 days. NSE (65%, diluting to 50%) estimates over 500 Bcf gas in place; it does not expect free flow. Green Rock's final $200,000 back-cost payment is triggered, as the September spud planned.
7 Sept 2011investor presentation● Neutral
Good Oil conference presentation repeats known facts: ConocoPhillips US$109.5m heads of agreement, Lawford-1 due H2 2011, ~200m shares, net cash ~$3.5m and Buru stake ~$10m. Cash is down from $4.56m at 30 June. No new announcements.
15 Aug 2011material agreement● Neutral
Green Rock re-lodges NSE's 15 Aug release: Century Rig #7 secured, Lawford #1 deepening to ~2,800m from mid-late September. Notes Green Rock's back-cost payments ($250,000 now, final $300,000 at drilling start), differing from NSE's $200,000 figure. Duplicate of known news.
15 Aug 2011drilling scheduled▲ GoodMajor
Century Rig #7 is secured to deepen Lawford #1 in EP417, spudding mid-late September, to about 2,800m (earlier plan ~2,600m). Buru runs the rig. Green Rock owes a further $250,000 now and $200,000 at drilling start. NSE first Australian drilling in almost three years.
25 July 2011regulatory community update▲ GoodMajor
NSE is offered the Seven Lakes Special Prospecting Authority next to EP417, expanding its Laurel Project by about 87% to 1.46m gross acres. NSE would hold 60% and Green Rock 40% under the March agreement, each paying its own share. First acreage under that agreement.
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.
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.