Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2011capital raising announcement● Neutral
Formal offer of the 1-for-8 entitlement at 3c, raising up to about A$2.91m, fully underwritten by Patersons. Funds go to Arrowsmith-2 stimulation, North Erregulla 3D, UK Wessex 2D seismic and SPA-0013 over four months; about 70% of proceeds are earmarked. Text truncated.
15 Nov 2011capital raising announcement● Neutral
Cleansing notice confirming the 42.5m-share placement at 3c to Patersons clients was completed, raising A$1.275m. Administrative follow-up to the 9 Nov raising.
15 Nov 2011capital raising announcement● Neutral
Appendix 3B for the 42.5m-share placement at 3c, to fund exploration and working capital. Shares on issue rise to about 775.1m. Administrative paperwork for the previously announced placement; text truncated.
10 Nov 2011security holder rights change● Neutral
Notice to option holders that the rights issue is open only to shareholders. Options must be exercised by the 21 Nov record date to participate. No obligation to exercise; shares last closed at 3.6c.
10 Nov 2011capital raising announcement● Neutral
Letter details the 1-for-8 entitlement at 3c to raise up to A$2.91m, underwritten by Patersons (5% fee plus A$60k). Confirms the A$1.275m placement and 1.85m shares issued for services. Closes 9 Dec; about 777m shares on issue before the offer.
10 Nov 2011capital raising announcement● Neutral
Cleansing notice for 1,854,455 shares issued at 3c, which the 10 Nov letter says pay for services rather than raising cash. Part of the November 2011 raising; administrative.
9 Nov 2011joint venture update● Neutral
Re-release of the 9 Nov TP/15 update, amended. Bharat will not join the five-year renewal, so its 50% reverts to Norwest's subsidiary, giving 100%. Norwest still sees potential in Xanadu (90MMbbls unrisked). Bharat keeps its 27.803% of Arrowsmith.
9 Nov 2011investor presentation● Neutral
November investor presentation: share price 3.6c, market cap about A$26.4m. Says Jingemia gives about A$650,000 a year but is declining, and Bharat's funding cap for the Arrowsmith stimulation is A$5.2m. Largely repeats known facts; text truncated.
9 Nov 2011capital raising announcement● NeutralMajor
Norwest is raising about A$4.18m at 3c a share: a A$1.275m placement of 42.5m shares plus a Patersons-underwritten 1-for-8 entitlement issue of about 97.1m shares. Directors will sub-underwrite up to A$300,000. Priced below the 4.4c raising of December 2010.
9 Nov 2011joint venture update● NeutralMajor
Bharat will not join the five-year renewal of offshore permit TP/15, so its 50% reverts to Norwest's subsidiary, lifting it to 100%. Bharat keeps its 27.803% of Arrowsmith. Norwest still sees potential in the Xanadu prospect (90MMbbls unrisked).
27 Oct 2011annual report● Neutral
2011 annual report highlights two operated wells drilled on time and under budget, with Arrowsmith-2 stimulation and testing still awaited. Also notes the SPA survey and a planned TP/15 renewal. Largely repeats known facts; text truncated.
6 Oct 2011regulatory community update● Neutral
Fugro has delivered gravity gradient data covering all of the 100%-held SPA-0013, with 2,140 km flown. Norwest will interpret it and has until 4 April 2012 to apply for a permit if results are positive. No interpretation results yet.
29 Sept 2011annual report● Neutral
Statutory accounts for the year to 30 June 2011, showing a loss of 0.70 cents per share against 0.40 cents the year before. Directors unchanged. Text truncated, so no further financial detail is available.
27 Sept 2011drilling result▲ GoodMajor
Arrowsmith-2 core analysis is essentially complete and indicates all five targeted zones could flow gas after stimulation. Organic content in the coal measures reached 7.68%. Stimulation awaits the equipment's return later in 2011; Norwest expects its cost share under A$500,000.
21 Sept 2011investor presentation● Neutral
Singapore investor summit presentation covering shale gas background, Arrowsmith-2 objectives and next steps, including booking contingent resource after testing. Shows share price 3.7c, market cap about A$27m. Largely repeats known facts.
14 Sept 2011regulatory community update● NeutralMajor
DMP has approved fracture stimulation of Arrowsmith-2, resolving the approval question. But the frac equipment must leave for a Northern Territory contract before the full program can be done, so work is expected to resume later in 2011.
5 Sept 2011regulatory community update▲ Good
The WA EPA has decided not to assess the Arrowsmith-2 fracture stimulation, giving only public advice. This clears the first hurdle raised by the third-party referral, though DMP approval was still outstanding at this date.
31 Aug 2011security holder rights change● Neutral
Reminder letter to holders of the 10c options expiring 30 June 2012: exercising by 30 September 2011 earns a free unlisted Secondary Option at 20c, expiring 30 June 2013. This follows the February 2011 option issue. Unexercised options stay quoted.
25 Aug 2011regulatory community update▼ BadMajor
Arrowsmith-2 fracture stimulation, planned for 1 September, is deferred because a third party referred it to the EPA. Final DMP approval is still needed, and the process could take three months or more. Norwest calls the well a success so far.
22 Aug 2011farm in farm out agreement▲ Good
Norwest confirms it will keep its 20% of EP368 and EP426 rather than farm out to Origin, and will pay 20% of the 3D seismic survey proposed for Q1 2012. Origin earns 40% by funding 80%. Mapped North Erregulla up-dip potential is 60MMbbls of oil and 300BSCF of gas.
18 Aug 2011farm in farm out agreement▲ GoodMajor
Origin has agreed conditional farm-in terms to earn 40% of EP368 and EP426 by paying 80% of a 100 km² 3D seismic survey over North Erregulla. Norwest keeps its 20% and pays 20% of the survey cost. A full agreement is still subject to board approvals.
17 Aug 2011regulatory community update● Neutral
Norwest says it has applied to WA's Department of Mines and Petroleum for approval to fracture stimulate Arrowsmith-2, and corrects media reports that approval was already granted. It will not proceed until approved, and is working towards a 1 September start.
15 Aug 2011other▼ Bad
AED Oil, which holds 40% of Puffin, has entered voluntary administration. Norwest's 1.25% royalty is payable 60% by Sinopec's East Puffin and 40% by AED. Norwest says it is too early to assess any impact and will monitor.
11 Aug 2011regulatory community update● Neutral
Fugro has begun the airborne gravity gradient survey over the 100%-held Northern Perth Basin Special Prospecting Authority, with 21% of the survey flown. It should finish within the week. If results are favourable, Norwest has six months to apply for a permit.
7 July 2011investor presentation● Neutral
Sydney investor presentation on Arrowsmith-2 covering the evaluation program, log interpretations and next steps. Lists a net acreage of about 319,000 acres. Largely repeats known facts; the text is partly garbled.
30 June 2011investor presentation● Neutral
Notice of an audio broadcast on 30 June 2011 in which the CEO gives an Arrowsmith-2 drilling update. No new information in the notice itself.
23 June 2011drilling result▲ GoodMajor
Arrowsmith-2 drilling is complete and the well suspended, about six days ahead of schedule. 100m of core was recovered at 100%, plus 30 sidewall cores and full logs. Gas responses are called encouraging, but the flow test in September is the real decider.
23 June 2011drilling result▲ Good
Partner AWE confirms Arrowsmith-2 is complete and suspended at 3,340m. It reports 460m of Kockatea, 250m of Carynginia, 330m of Irwin River Coal Measures and 22m of High Cliff Sandstone, with elevated gas readings. Fracture stimulation is planned for Q3.
17 June 2011drilling result▲ GoodMajor
Arrowsmith-2 reached total depth at 3,340m, 80m short of plan. Gas readings were encouraging in the top High Cliff Sandstone but less so below. Norwest warns that gas shows in tight shale must be treated with caution until stimulation in September.
16 June 2011drilling progress report▲ Good
Arrowsmith-2 is at 3,102m, with two cores cut: 55m of Carynginia and 45m of Irwin River Coal Measures. Core results are expected late August, with fracture stimulation planned for September.
