12 June 2015admin correction● Neutral
Computershare, the share registry, notifies that its Perth office moves to Level 11, 172 St Georges Terrace from 15 June 2015. Administrative notice with no company-specific substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 June 2015admin correction● Neutral
Duplicate of the Computershare notice that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative re-release with nothing new.
5 June 2015capital raising announcement▲ GoodMajor
The placement is completed, raising $500,000 at 0.4712c: 53,056,027 shares to Rey (about 3.68% post-placement) and a further 53,056,027 to Patersons' clients. Funds go to working capital. Follows the March share purchase plan at the same price.
What it means for a shareholder
53.1m new shares at about A$0.0094 to raise about A$500,000. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (106,112 at the issue price), your slice goes from 0.00795% to 0.00765% of the company. To keep it you'd need 4,219 more shares - about A$40 at the issue price.
Create a free account to see this worked out for your own holding.
3 June 2015material agreement● Neutral
Rey Resources' own release confirms it bought 53,056,027 Norwest shares, about 4% of shares on issue, at 0.4712c for $250,000. Rey says it is seeking north Perth Basin opportunities. Repeats the Norwest announcement from the investor's side.
3 June 2015material agreement▲ GoodMajor
Norwest forms a strategic alliance with Rey Resources to explore Perth Basin opportunities, including the TP/15 (Xanadu) farm-out. Rey subscribes $250,000 at 0.4712c per share, 53,056,027 shares. Builds on the farm-out search; no farm-out terms are agreed yet.
8 May 2015joint venture update▲ Good
Empire (operator) reports airborne data over EP368 and EP426 is fully acquired; integrated results are due in the December 2015 quarter. Empire says AWE's Irwin-1 found Kingia reservoir thicker than at Waitsia-1, which it sees as an additional play in the permits.
6 May 2015drilling progress report▲ GoodMajor
The EP413 Arrowsmith 3D seismic acquisition (106 km2) is finished on time and within budget. Processing begins, with results expected in Q3 2015, to help choose the Arrowsmith-3 horizontal well location. Delivers the early-2015 survey flagged earlier.
6 May 2015joint venture update▲ Good
Operator Empire says the Black Swan airborne gravity survey over EP368/EP426 has started, with interpretation expected Q4 2015. It replaces the planned North Erregulla 3D seismic and will test whether the AWE Waitsia/Irwin gas fairway extends into EP368. Norwest holds 20% of EP368, 22.22% of EP426.
29 Apr 2015quarterly activities report▲ Good
March quarter: a third party is doing due diligence on a Xanadu (TP/15) farm-out, with Norwest seeking a carry while keeping a material interest. The Arrowsmith 3D seismic has begun, airborne survey equipment is being mobilised over EP368 and EP426, and UK P2265 seismic reprocessing has started. No permit interest changes.
17 Apr 2015drilling progress report▲ GoodMajor
On-ground preparation is complete and the 106 km2 Arrowsmith 3D seismic survey is set to start within days, taking about 21 days. Processing results are expected in Q3 2015. This begins the work approved in March, ahead of the Arrowsmith-3 well.
27 Mar 2015admin correction● Neutral
Section 708A notice for 74,584,478 shares issued on 25 March 2015 at 0.4712c, confirming they can be freely traded. Administrative notice.
25 Mar 2015capital raising announcement● NeutralMajor
The share purchase plan closes with $1.0m raised, plus an $80,000 top-up placement, at 0.4712c per share, with about 229m new shares to be issued. Farm-out discussions continue. Completes the raising launched in February.
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 2015quarterly activities report● Neutral
December quarter: Xanadu-1 drilling planning continues, with the 2D seismic exempted and the drilling commitment brought forward into 2015 with DMP approval. Xanadu best estimate stays 160 mmstb unrisked; drilling timing depends on approvals, rig availability and a farm-out partner. Cash is stated in the investor presentation.
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.
31 Oct 2014quarterly activities report● Neutral
September quarter: Xanadu-1 planning and farm-out via RFC Ambrian lead the news. The 2D seismic is dropped in favour of bringing the drilling commitment forward to mid-2015. Arrowsmith-2 evaluation is complete and 3D seismic is now expected in early 2015. EP492 offer accepted.
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.