17 May 2016investor presentation● Neutral
London oil scouts farm-out presentation repeating known material on the three drill-ready prospects. Cash is shown at $0.7m (March 2016), with 2.05bn shares and no debt. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: several companies signed confidentiality agreements on Xanadu, and Moyes & Co is helping with farm-outs. Lockyer Deep high case is now 256 BCF, with drilling expected 2H 2016 subject to funding. No deal yet.
8 Apr 2016investor presentation● Neutral
Singapore SEAPEX farm-out presentation repeating the three-well pitch (Xanadu, Lockyer Deep, Arrowsmith). Lists 2.05bn shares, 0.3c share price, $6.15m market cap, $1.3m cash at Jan 2016 and no debt. Nothing new.
31 Mar 2016director officer appointment● Neutral
Ron Currie, co-founder of rig transport firm Bonnie Rock Transport, joins as non-executive director. He holds an indirect interest in 90m Norwest shares. This fills the board seat left by Munachen's resignation, though the text does not say so.
24 Mar 2016director officer appointment● NeutralMajor
CEO and director Peter Munachen resigned, effective 31 March 2016. He had been CEO since 2008 and was on health leave from Sept 2015. John Annand stays as Acting CEO until a permanent appointment. This resolves the open question of his return.
10 Mar 2016half year report● Neutral
Half-year to 31 Dec 2015: net loss $1.04m (prior year $2.02m). DMP approved swapping EP413 work-program years, so an Arrowsmith well is not required until Year 4, from Feb 2017. Jingemia is now in care and maintenance, at end of commercial life.
16 Feb 2016joint venture update▲ Good
Operator Empire reinterprets Lockyer Deep and North Erregulla Deep as one 39.6 km2 closure in the high case, which Norwest (20% EP368, 22.22% EP426) shares in. Resource estimates are unchanged apart from the merged high case. Drilling is targeted 2016/17, subject to funding.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: the $1.3m raise closed and cost cuts began. Lockyer Deep-1 was approved as the EP368 commitment well, for 2H 2016 subject to funding. Arrowsmith 3D processing is complete, and the Xanadu (TP/15) farm-out is proving hard in a weak market.
6 Jan 2016capital raising announcement● Neutral
Entitlement offer completed with 410,114,395 shares allotted. Issued capital is now 2,050,569,394 shares. Rey Cattamarra holds 53,056,027 (2.59%). Closes the December raise.
23 Dec 2015capital raising announcement● Neutral
Entitlement offer closed with applications for only 98.9m shares, plus 37.7m shortfall shares, raising $273,306. Underwriter Argonaut will take the remaining 273.5m shares, so about $820,000 is still raised. Shareholder take-up was weak.
10 Dec 2015capital raising announcement● Neutral
Offer document and entitlement forms dispatched to eligible shareholders; the offer opens today and closes 21 December. Administrative timetable update.
3 Dec 2015security holder rights change● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand that they are excluded from the entitlement offer. Administrative.
3 Dec 2015security holder rights change● Neutral
Letter to eligible shareholders on the 1-for-4 offer at 0.2c: about 410.1m new shares, closing 21 December, total shares about 2.05bn afterwards. Those who do not take up are diluted. Administrative.
2 Dec 2015capital raising announcement▼ Bad
The entitlement offer is revised the same day: price cut to 0.2c from 0.25c, ratio changed to one new share for every four held, still raising $820,228. The placement stays at 0.25c, with total about $1.32m.
2 Dec 2015security holder rights change● Neutral
Revised option holder letter reflecting the new terms: 1-for-4 at 0.2c, about 410.1m new shares. Options still carry no participation right unless exercised by 8 December. Administrative.
2 Dec 2015security holder rights change● Neutral
Letter to option holders: options do not carry rights to join the entitlement offer unless exercised before the 8 December record date. Standard notice.
2 Dec 2015capital raising announcement● NeutralMajor
Norwest plans to raise about $1.32m: a $500,000 placement of 200m shares at 0.25c, plus an underwritten entitlement offer of about $820,228, both via Argonaut. Funds are to bring Lockyer Deep-1, Xanadu-1 and Arrowsmith-3 towards drill-ready status. The raise price is below June's 0.4712c.
What it means for a shareholder
200m new shares at A$0.0025 to raise about A$500,000. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0203% to 0.0184% of the company. To keep it you'd need 40,639 more shares - about A$102 at the issue price.
Create a free account to see this worked out for your own holding.
30 Nov 2015investor presentation● Neutral
Investor presentation: 1,440.5m shares, market cap $5.8m at 0.4c, cash $0.7m at 30 Sept 2015, no debt. Pitches three potential near-term wells (Lockyer Deep-1, Xanadu-1, Arrowsmith-3). Mostly restates known projects. Text is truncated.
11 Nov 2015investor presentation● Neutral
AGM presentation repeating known points: EP413 3D seismic completed, Lockyer Deep identified, EP492 awarded and P2265 won. States TP/15 farm-out has not succeeded because of macro conditions, but remains a priority. Nothing new. Text is truncated.
11 Nov 2015other● Neutral
Chairman's AGM address: farm-out talks for TP/15 (Xanadu) have not progressed as quickly as hoped, though interest continues. Targets Arrowsmith-3 and Lockyer Deep wells in CY2016 and a Xanadu-1 farm-in partner. Text is truncated.
30 Oct 2015quarterly activities report● Neutral
September quarter: Lockyer Deep (EP368, best case 58 BCF) is progressing with a contingent mid-2016 rig slot. EP413 3D interpretation continues. Rey talks on TP/15 continue, and other companies engaged after a September deal day. Text is truncated.
28 Oct 2015other▲ Good
Operator Empire notes AWE's Waitsia-1 flowed over 50 mmscf/d combined from the Kingia and High Cliff formations, next to EP368 (Norwest 20%). Empire intends to drill Lockyer Deep-1 in 2H 2016, subject to JV approval and funding. This is Empire's release, not Norwest's.
7 Oct 2015annual report● Neutral
2015 annual report. Chairman targets Arrowsmith-3 and Lockyer Deep wells in CY2016 and a farm-in partner for Xanadu-1. Restates known projects, with about 3,100 km2 of net Perth Basin acreage. Text is truncated.
7 Oct 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the statement is on pages 26-30. Administrative compliance form with no new information.
1 Oct 2015security holder rights change● Neutral
1,850,000 unlisted employee options were cancelled, leaving 42,650,000 outstanding. Administrative notice.
29 Sept 2015annual report● Neutral
Statutory accounts for the year to 30 June 2015: loss per share 0.27c versus 0.21c the prior year, with five employees (four the year before). Directors hold interests as listed. Text is truncated, so the full financial figures are not seen.
17 Sept 2015director officer appointment▼ BadMajor
CEO Peter Munachen takes about three months' leave for personal health issues. John Annand, General Manager Corporate and Commercial, covers the CEO duties meanwhile. Board expects Munachen to return.
14 Sept 2015investor presentation▲ Good
Company update: Empire has identified the Lockyer Deep Kingia gas prospect in EP368 (best case 58 BCF, range 25-134 BCF), with a contingent rig slot mid-2016 subject to funding and approvals. EP413 3D preliminary results show better structural definition; final processing due October. Rey TP/15 talks continue.
25 Aug 2015security holder rights change● Neutral
5,150,000 unlisted employee options expired or were cancelled, leaving 44,500,000 outstanding. Administrative housekeeping.
30 July 2015quarterly activities report● Neutral
June quarter: Rey is doing due diligence and negotiating to earn an interest in TP/15 (Xanadu), still not agreed. EP413 3D seismic and the EP368/426 airborne survey are complete and being interpreted; UK P2265 reprocessing continues. Placement to Rey and others completed. Text is truncated.