Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2013resource reserve update▲ GoodMajor
D&M adds a first contingent (2C) gross gas resource of 316 BCF for EP413 to the earlier 2.6 TCF prospective best estimate (450 million BOE). Contingent resources cover about 36 km2 around Arrowsmith-2. This moves part of the resource closer to development, though economic status is undetermined.
31 July 2013quarterly activities report● Neutral
June quarter report: Arrowsmith-2 completion expected to start in August, and the Carynginia flowback calculated at least 500,000 scf/d. D&M's 450 million BOE prospective estimate is noted, with the 110 km2 3D seismic planned. UK P1928 2D seismic is planned for September 2013, and a TP15 farm-in partner is being sought.
29 July 2013flow test result▲ Good
An 8-day Carynginia flow test (4-13 July) recovered about 1,000 barrels of frac fluid, taking recovery to 52%. Calculated peak rate was well above 500,000 scf/d, up from 355,000 earlier. The completion start date slipped from 1 August, as two overseas components are still awaited.
9 July 2013drilling progress report● Neutral
Arrowsmith-2 completion work with 2 3/8in tubing is scheduled to start 1 August 2013, with High Cliff Sandstone testing first. Carynginia has been shut in to build pressure and gets a short flow test. Maximum rates so far: Kockatea 414,000, Carynginia 355,000, High Cliff 780,000 scf/d.
9 July 2013drilling progress report● Neutral
AWE repeats the operator's advice that Arrowsmith-2 recompletion and testing restart on 1 August 2013 once long-lead equipment arrives, starting with High Cliff. It adds that a 2014 horizontal test well could follow 3D seismic. No new information beyond Norwest's release.
11 June 2013resource reserve update▲ Good
Partner AWE (44.25%) relays the D&M estimate of 450 million BOE including 2.6 TCF of gas for EP413 and attaches Norwest's release. It says the joint venture plans 3D seismic and possibly a horizontal production test well in 2014. No new resource data beyond Norwest's release.
11 June 2013resource reserve update▲ GoodMajor
DeGolyer & MacNaughton's independent review of EP413 (Arrowsmith) gives a best-estimate (P50) gross prospective recoverable resource of 450 million BOE, including 2.6 TCF of gas. Norwest holds 27.945%. These are unrisked prospective volumes; no certainty of discovery or commercial viability. This is the resource booking targeted since March.
15 May 2013resource reserve update▲ Good
Norwest relays Empire's RPS-based estimate of 32 TCF unrisked, undiscovered gas in place in the Irwin River Coal Measures at North Erregulla (EP368/426). The CEO calls it encouraging and awaits the DeGolyer & MacNaughton Arrowsmith resource report.
14 May 2013joint venture update● Neutral
Empire reports Allied Oil & Gas defaulted and is deemed to have withdrawn from the EP426 joint venture from 13 May 2013. Norwest's interest rises from 20% to 22.22%, and it must fund that share of Allied's unpaid cash calls. North Erregulla 3D seismic is planned for Q1 2014.
14 May 2013resource reserve update▲ GoodMajor
Operator Empire released an independent RPS study of EP368 and EP426, estimating 32 TCF of unrisked, undiscovered gas in place in the Irwin River Coal Measures. Empire advises caution; it is a gas-in-place figure, not recoverable. Norwest holds 20% of EP368 and 22.22% of EP426.
30 Apr 2013quarterly activities report▲ Good
March quarter report: Kockatea peaked at 414,000 scf/d; Carynginia reached 350,000 scf/d and also produced condensate. DeGolyer & MacNaughton are preparing an independent resource review. High Cliff testing will use smaller tubing, so remaining zones await equipment. A 110 km2 3D seismic and five-year work program have been submitted/planned.
25 Mar 2013resource reserve update▲ GoodMajor
Norwest says its review of Kockatea data shows the first successful test of the shale oil concept in Australia, with up to a 200m high-graded section. This is the company's own view, not an independent estimate. Carynginia rate rose to 355,000 scf/d after a pressure build-up.
5 Mar 2013investor presentation● Neutral
Conference presentation repeats the Arrowsmith-2 results and plans, and says resource booking is expected in March 2013. Shows share price 4.1c, market cap $40m, 51.1m unlisted options and $4.28m cash at 31 December. No new results.
1 Mar 2013other▲ Good
Shareholder newsletter says the Carynginia reached 350,000 scf/d, and the Kockatea averaged over 200,000 scf/d over two days with a peak above 400,000 scf/d and 22 barrels of oil recovered. Largely repeats results already announced; the Kockatea's commercial oil potential is still being analysed.
26 Feb 2013half year report▼ Bad
Half-year to 31 December 2012: loss of $1.75m versus $1.08m a year earlier. The A$5m share purchase plan (100m shares) was completed in the period. Directors state there are reasonable grounds the company can pay its debts. Arrowsmith-2 clean-up continues.
19 Feb 2013flow test result▲ Good
Partner AWE (44.252%) repeats Norwest's report that the Carynginia flowed at about 350,000 scf/d from 15 February. Testing of the remaining zones is expected to take up to 4 months. No new information beyond Norwest's release.
19 Feb 2013flow test result▲ GoodMajor
Carynginia, the primary Arrowsmith-2 shale gas target, flowed at up to about 350,000 scf/d since flowback began 15 February, despite much frac fluid still in the formation. Testing of the Carynginia, coal measures and High Cliff is expected to take up to 4 months.
31 Jan 2013quarterly activities report▲ Good
December quarter report: Kockatea flowback is nearly done and seen as prospective, flowing oil and gas naturally. Carynginia flowback is due to restart in early February. Resource booking per zone is underway, 3D seismic planning has begun, and an economic study is complete.
18 Jan 2013drilling progress report▲ Good
Operations restarted at Arrowsmith-2 on 18 January with a pressure survey; the reservoir is approaching original pressure, a positive sign. Evaluators are working toward a Kockatea resource booking. Carynginia testing follows when equipment arrives; the remaining zones are expected to take 3-4 months.
18 Dec 2012investor presentation● Neutral
Sydney broker presentation repeats the Arrowsmith-2 story, noting the well is shut in to build pressure. Share price 4.5c, market cap $43.8m, A$6m cash at 30 Sept, no debt. Unlisted options now 33.2m versus 17.1m previously. No new results.
11 Dec 2012drilling progress report▼ Bad
Kockatea recovery slowed to about 60 bpd with no improvement in oil cut or gas, which was 45,000 scf/d. Well shut in to monitor pressure build-up and equipment demobilised; work resumes early January. Rates have not improved from the earlier 70,000 scf/d peak.
11 Dec 2012drilling progress report● Neutral
Partner AWE repeats the Kockatea shut-in: about 78% of frac fluid recovered, gas up to 70,000 scf/d, latest 45,000 scf/d. Testing resumes mid-January on the Carynginia, then IRCM and High Cliff, taking 3-4 months. Mentions a possible pilot horizontal well.
29 Nov 2012investor presentation● Neutral
AGM presentation says the well was shut in after the Kockatea stage because standby costs were prohibitive. Kockatea now makes up to 70,000 scf/d gas with about 15% oil cut. Stated ultimate objective is gas to market in Q3 2014.
29 Nov 2012drilling progress report▲ Good
Swabbing at Arrowsmith-2 since 19 November lifted Kockatea recovery to 120-150 bpd of fluid, oil cut near 15%, and gas up to 70,000 scf/d. Over 66% of injected fluid is back; stable rates are expected near 80%. Program still seen at 3-4 months.
22 Nov 2012joint venture update▲ Good
Bharat Petroleum's chairman visited Arrowsmith and intends to progress further investment, including pipeline and gas marketing, possibly to India. Kockatea flow back is improving with 24-hour operations approved, but rates are not yet established.
21 Nov 2012material agreement termination▼ BadMajor
Partner Empire reports Origin has given notice purporting to terminate its farm-ins on EP368 and EP426, citing the regulator not approving timing variations. Empire will seek legal advice. This ends the expected Origin 3D funding; Norwest holds 20% of each permit.
14 Nov 2012investor presentation● Neutral
Argonaut broker presentation repeats known Arrowsmith-2 results and plans, noting Kockatea flow back began 29 October. Share price 7.7c, market cap $75.0m, cash $6m at 30 Sept, no debt. No new results.
2 Nov 2012drilling progress report▲ Good
Flow back at Arrowsmith-2 restarted on the Kockatea Shale, producing oil, gas and frac water after the earlier shut-in. Testing of all zones is expected to take 3-4 months; a 3D seismic survey for early 2013 and a pipeline scoping study are being planned.
26 Oct 2012annual report● Neutral
2012 annual report for the year to 30 June 2012 recaps the Arrowsmith-2 fracs (gas flares on all five intervals), the SPA conversion approval subject to Native Title agreements, and the TP/15 renewal. Truncated text gives no financial figures.
25 Oct 2012investor presentation● Neutral
Macquarie broker presentation repeats the Arrowsmith-2 story: gas from all five zones, oil from the Kockatea, 'multi TCF' potential. Shows 974.3m shares, A$6m cash at 30 Sept 2012, no debt, share price 6.5c. No new results.
