9 June 2011drilling progress report● Neutral
Partner AWE's report repeats Arrowsmith-2 at 2,291m after casing at 2,284m, with 1,691m drilled in the week. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 June 2011drilling progress report● Neutral
Partner AWE's report repeats the Arrowsmith-2 update: 13-3/8 inch casing cemented at 600m, about to drill ahead. No new information beyond Norwest's own report.
2 June 2011drilling progress report● Neutral
Arrowsmith-2 has run and cemented 13-3/8 inch casing at 600m and is drilling out the shoe to continue in the 12-1/4 inch section. No results yet; target depth still about 3,400m.
30 May 2011drilling spud▲ GoodMajor
Arrowsmith-2 spudded on 29 May 2011 in EP413, drilling at 580m on a day-one report. Target depth is about 3,400m in roughly 37 days, with fracture stimulation and flow testing to follow in Q3. Norwest holds 27.945%.
24 May 2011investor presentation● Neutral
CEO newsletter ahead of Arrowsmith-2, the first dedicated shale gas well in Western Australia. Norwest holds 27.945% of EP413; the campaign of coring, fracture stimulation and flow testing runs to end September 2011, with early indications expected from late June. Repeats known plans.
23 May 2011drilling scheduled● Neutral
Weatherford Rig 826 is being moved to Arrowsmith-2, with spud expected on 28 May 2011. The well is to reach about 3,400m in roughly 37 days, then be fracture stimulated and flow tested. Weekly reports each Thursday.
4 May 2011contract award▲ GoodMajor
Norwest signs a drilling contract with Weatherford for Rig 826 to drill Arrowsmith-2, resolving the open rig question. Spud is expected towards end of May, to about 3,400m in roughly 36 days, followed by fracture stimulation. Stakes: Norwest 27.945%, AWE 44.252%, Bharat 27.803%.
29 Apr 2011quarterly activities report● Neutral
March quarter report: Red Hill South-1 drilled and abandoned. Terms agreed with Weatherford for Rig 826, with Arrowsmith-2 spud expected end of May. EP413 stake now 27.945%; new shale gas authority area added; UK 2D seismic planned for Q3. Text truncated.
18 Apr 2011security holder rights change● Neutral
250,000 unlisted employee options, issued in 2006 at an exercise price of $0.11875, have expired. Administrative.
7 Apr 2011regulatory community update▲ GoodMajor
Norwest is awarded a Special Prospecting Authority over 21 onshore blocks (about 860 km², 212,522 acres) between Cervantes and Eneabba. It will fly a gravity survey over six months, then has six months to apply for a permit. Extends its shale gas footprint.
5 Apr 2011asset acquisition disposition▲ Good
Norwest agrees to buy John Geary's 0.142% of EP413 for 459,184 shares plus $3,085.80 of arrears. This lifts its stake from 27.803% to 27.945%. Subject to documentation and WA approval.
22 Mar 2011drilling scheduled● Neutral
After the Red Hill South dry hole, Norwest calls it a technical success and turns to shale gas. Arrowsmith-2 is now planned for mid May, with the Weatherford rig 826 still being negotiated, after the earlier April target.
21 Mar 2011drilling result▼ BadMajor
Red Hill South-1 reached 1,896m. Logs show hydrocarbons at three intervals (1,650.6-1,657.5m, 1,710m and 1,767m), but saturations are considered too low to be commercial. The well is being plugged and abandoned, ending the 9 MMbbl prospect hopes.
18 Mar 2011drilling progress report● Neutral
Red Hill South-1 at 1,880m in the Highcliff Sandstone, with trace moderately good hydrocarbon fluorescence at 1,710-1,716m and 1,766-1,780m. Total depth expected that morning, with logs to follow.
17 Mar 2011drilling progress report● Neutral
Red Hill South-1 drilling at 1,729m in the Irwin River Coal Measures with no significant gas shows. Total depth expected that evening, then wireline logging.
16 Mar 2011drilling progress report● Neutral
BOP testing passed and Red Hill South-1 is drilling the 8-1/2 inch section at 1,369m, having crossed the Beagle Fault at 1,314m. Target reservoir about 1,580m. No results yet.
14 Mar 2011drilling progress report▼ Bad
Red Hill South-1 has cased the 12-1/4 inch section at 1,304m, but equipment problems have delayed pressure testing of the BOP. CEO calls it a frustrating weekend and expects drilling to resume once the test passes.
11 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: loss of $1,733,357 (prior year $1,162,105). Notes the Bharat deal approval, the $1.25m placement, completion of the options issue raising $784,404, and the Red Hill South spud. Text truncated.
10 Mar 2011investor presentation● Neutral
Notice of a Boardroom Radio telecast of CEO Peter Munachen's conference talk on foreign investment and partnership. No new information.
10 Mar 2011drilling progress report● Neutral
Red Hill South-1 reached the 9-5/8 inch casing point at 1,309m, with directional drilling on target. Casing and blowout preventer (BOP) testing come next before drilling the final section. No hydrocarbon result yet.
3 Mar 2011drilling progress report● Neutral
Red Hill South-1 drilling ahead at 550m in the 12-1/4 inch hole section on 3 March. Target reservoir about 1,580m, total depth about 1,910m. No new result.
1 Mar 2011investor presentation● Neutral
Conference presentation repeating known facts: Red Hill South drilling for 9 MMbbl recoverable, a shale gas well in late Q2, UK seismic mid-year, North Erregulla 3D in Q4. Shows 730m shares, 104m options, share price 7.4c, market cap $54m.
28 Feb 2011drilling spud▲ GoodMajor
Red Hill South-1 spudded on 28 February 2011, two weeks later than the 14 February date set in January. Targets Dongara Sandstone at about 1,587m, 9 MMbbl recoverable; total depth about 12.5 days away. Norwest and Bharat hold 50% each.
28 Feb 2011drilling spud● Neutral
Pre-spud notice: Red Hill South-1 expects to spud 28 February, after the final drilling approval on 25 February. Targets Dongara Sandstone at 1,580m, 9 MMbbl recoverable. Spud to total depth is expected to take about 12.5 days. Superseded by the spud report the same day.
21 Feb 2011drilling scheduled▼ Bad
Red Hill South spud slips again, to Saturday 26 February, with more than 90% of Hunt Rig 2 on site. Heavy rain is holding up the remaining equipment. This is the second delay from the original 14 February date.
21 Feb 2011admin correction● Neutral
Confirms the 104,587,252 options were allotted on 18 February 2011. Shares on issue are now 732,409,091. Includes a top-20 optionholder list, led by Sundowner International with 16.15%. Administrative.
16 Feb 2011capital raising announcement● Neutral
Options issue closed: 48,130,291 options, the shortfall, were taken up by the directors' underwriters, who therefore took roughly 46% of the 104,587,252 offered. The issue raised A$784,404, completing the funding announced on 29 December.
16 Feb 2011investor presentation● Neutral
Notice of a Boardroom Radio audio interview with CEO Peter Munachen on Red Hill South and the shale gas projects. No new information in the announcement itself.
9 Feb 2011drilling scheduled▼ Bad
Red Hill South spud pushed from 14 to about 21 February because wet weather has delayed Hunt Rig 2's transport. Norwest gives the prospect a one-in-four chance of success; Strachan Corporate says a 9 MMbbl discovery would be worth over A$100m to Norwest.
31 Jan 2011quarterly activities report● Neutral
December quarter report: Hunt Rig 2 contracted, Bharat deal approved, Red Hill South on track for 14 February spud, with dry-hole cost about A$5m (Norwest up to A$2m). Arrowsmith-2 still targeted for April, rig slot still being negotiated. Largely repeats known facts; text truncated.