Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2015half year report▼ Bad
Half-year to 31 Dec 2014: loss of $2.02m versus $1.70m a year earlier. Reports Arrowsmith-3 planning, EP492 award, Finder acquisition and the UK licence; the 3D seismic approval and $1m SPP are noted as later events. Text is truncated, so balance sheet figures are not seen.
9 Mar 2015capital raising announcement● Neutral
The share purchase plan closing date is extended to 18 March 2015 to give overseas shareholders time to apply; the issue date moves to 25 March. No other terms change.
5 Mar 2015regulatory community update▲ GoodMajor
Federal and State approvals are granted for the 106 km2 EP413 Arrowsmith 3D seismic survey, expected to start before end Q1 2015, with results in Q3 2015. This clears the approvals hurdle and feeds the Arrowsmith-3 horizontal well design.
24 Feb 2015capital raising announcement● Neutral
Offer document sent to eligible shareholders for the $1m share purchase plan announced the day before; up to $15,000 each, price set at a 20% discount to the 5-day average. Administrative follow-up with no new terms.
23 Feb 2015capital raising announcement● NeutralMajor
Norwest launches a $1m share purchase plan, underwritten by Patersons, priced at a 20% discount to the 5-day average price. Funds go to Arrowsmith-3 planning, Xanadu planning and working capital. Directors will participate; Norwest says its share of the EP413 3D seismic is already funded.
27 Jan 2015investor presentation● Neutral
January 2015 investor presentation making the case for the northern Perth Basin. Shows 1,105.1m shares, share price 0.5c, cash $1.861m at 31 Dec 2014 and no debt. Mostly restates known projects; the cash figure is the new data.
27 Nov 2014other● Neutral
AGM CEO address restating Arrowsmith-2 results, the 2.6 Tcf estimate, EP492 and the Finder deal (2m shares, 2.5% royalty), and the UK award. Aims to secure a Xanadu farm-in partner by end Q1 2015 and drill mid-2015. Largely repeats known facts.
27 Nov 2014investor presentation● Neutral
AGM CEO presentation restating Arrowsmith as the key asset, the Xanadu drilling decision, EP492 and the Finder acreage (1,665 km2 added), the UK foothold and 3D seismic in Q1 2015. Net Perth Basin acreage 3,100.1 km2. Repeats known facts.
27 Nov 2014other● Neutral
AGM chairman's address recapping Arrowsmith-2 testing, EP492, the Finder SPA, the UK re-bid and the cost restructure. Looks ahead to Xanadu, 3D seismic early 2015 and Arrowsmith-3 in the 2015/16 permit year. Repeats known facts.
27 Nov 2014security holder rights change● Neutral
11,000,000 unlisted director options issued in 2009, exercise price 5.54c, expired on 26 November 2014. Administrative notice.
10 Nov 2014asset acquisition disposition▲ GoodMajor
Norwest and Wessex are provisionally awarded a UK Promote Licence over blocks 98/7b, 98/8a and 98/12 (north) near Wytch Farm, the area of former P1928. Norwest holds 65%. Two years to select a drillable target and find a partner, resolving the re-application.
4 Nov 2014asset acquisition disposition▲ GoodMajor
Norwest receives Exploration Permit EP492 (860 km2, 100%), converted from the SPA, and buys Finder No 5, holding a further 805 km2 SPA. Cost: 2m shares, $538,000 on permit award, and a royalty to Finder. Combined footprint is 1,665 km2.
29 Oct 2014drilling scheduled▲ GoodMajor
Norwest plans to drill the Xanadu-1 oil prospect in TP/15 (100%) from onshore via a deviated well, targeting Permian sands at about 800m, in mid-2015. It will seek a farm-in partner to fund drilling, with RFC Ambrian managing. Unrisked best estimate recoverable is 160 mmstb (inference from table).
20 Oct 2014annual report● Neutral
2014 Annual Report: Arrowsmith-2 evaluation completed with Carynginia and IRCM high-graded, Arrowsmith-3 planning begun, SPA Native Title talks done, and TP/15 farm-in partner still sought. Largely restates known developments.
30 Sept 2014annual report● Neutral
Statutory accounts for the year to 30 June 2014; loss per share 0.20c versus 0.70c the prior year. Confirms Annand replaced Myers as company secretary and that the UK permits were relinquished in the year. Text provided is truncated, so no other figures are stated.
3 Sept 2014other● Neutral
Notice that an Edison research report on Norwest is on its website. No substance beyond a link.
30 June 2014director officer appointment● NeutralMajor
John Annand, Commercial Manager since July 2013, becomes CFO and Company Secretary; Ernest Myers resigns after 10 years. Finance and company secretary work moves in-house from contractor RSIA as part of a restructure expected to deliver future cost benefits.
1 May 2014other● Neutral
Notice that an Edison research report on Norwest is on its website. No substance beyond a link.
11 Apr 2014well test result▲ GoodMajor
Production logging shows the Carynginia and Irwin River Coal Measures are the dominant gas zones at Arrowsmith-2; the Lower IRCM, not the High Cliff Sandstone, supplies most Stage 1 gas. The Arrowsmith-3 target will be set after 3D seismic in Q4 2014. This follows the March test.
11 Apr 2014admin correction● Neutral
Evaluation of the Arrowsmith-2 well test and production logging showed the Carynginia Formation and Irwin River Coal Measures were the dominant gas-producing zones. Stage 1 gas came mainly from the Lower IRCM rather than the High Cliff Sandstone, and the Arrowsmith-3 target will be set after 3D seismic in Q4 2014.
4 Apr 2014asset acquisition disposition▼ BadMajor
Norwest and Wessex agreed with the UK regulator to relinquish onshore PEDL 238 and 239 early, ahead of the 1 July 2014 expiry, to re-apply in the 14th Landward Round in H2 2014. Beluga, Steelhead and Razorback closures were poorly defined and farmout efforts failed.
13 Mar 2014half year report● Neutral
Half-year to 31 December 2013: loss of $1.70m, versus $1.75m a year earlier. The 128.8m-share plan at 3c raised $3.86m. It restates the Arrowsmith-2 test, the P1928 relinquishment and the expected Native Title agreement. Directors state the company can pay its debts.
10 Mar 2014investor presentation● Neutral
Conference presentation by the CEO restating the Arrowsmith strategy, about 2,295 km2 net Perth Basin acreage, 2.6 Tcf prospective and 316 Bcf contingent gas, and the search for a TP/15 funding partner. Largely repeats known facts.
5 Mar 2014well test result▲ Good
The 14-day Arrowsmith-2 well test and production logging finished. Gas was identified at all tested zones, but flow rates per zone are still being analysed, which should take several weeks. This resolves the January workover and feeds the choice of Arrowsmith-3 target.
7 Feb 2014drilling progress report▲ Good
Arrowsmith-2 was re-entered on 29 January 2014. The tubing and faulty gas lift mandrel were removed, and tubing re-run to the packer at 2,645m. A 14-day well test with production logging is being prepared, feeding Arrowsmith-3 planning, which will use 3D seismic in H2 2014.
6 Feb 2014resource reserve update▲ Good
Partner AWE's independent estimate puts gross unconventional prospective gas in EP413 at 2,707 Bcf (plus 31 million bbls NGLs), within 11.1 TCF across four AWE permits. AWE says further Arrowsmith-2 testing is planned in Q1 2014. Norwest is not the issuer.
6 Feb 2014resource reserve update▲ Good
Norwest says AWE's independent estimate of 2,707 Bcf gross prospective gas at EP413 compares favourably with the 2,636 Bcf best estimate from DeGolyer and MacNaughton (June 2013). Norwest's 27.945% share is 756 Bcf and 9 million bbls NGLs. No new Norwest estimate.
21 Jan 2014security holder rights change● Neutral
3,500,000 unlisted employee incentive options with a 5.3c exercise price, issued in 2009, expired on 21 January 2014. This is routine housekeeping with no cash or share impact.
9 Jan 2014asset acquisition disposition▼ BadMajor
Norwest and partner Wessex relinquished the UK offshore P1928 licence (Norwest 65%) before the 1 February 2014 drill-or-drop deadline, intending to reapply for the better parts. This ends the planned drilling path, after the October 2D survey. UK onshore licences PEDL 238 and 239 expire 1 July 2014.
23 Dec 2013drilling scheduled● Neutral
Norwest sets January 2014 to remove the faulty gas lift mandrel from Arrowsmith-2, followed by a 14-day well test with production logging. It has applied to the state regulator for the 110 km2 3D seismic, now planned for Q3 2014. The horizontal Arrowsmith-3 is to follow, with no date given.
