13 Aug 2009drilling result▲ Good
Origin reports Jingemia-12 was cased and completed as an oil producer and the rig was released on 9 August 2009. Norwest holds 1.278%. No flow rate given.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2009drilling result● Neutral
Norwest's re-release of Origin's 13 August update: Jingemia-12 was cased and completed as an oil producer and the rig released on 9 August 2009. Norwest holds 1.278%. Repeats the 13 August Origin report; no new information.
10 Aug 2009security holder rights change● Neutral
100,000 employee options exercisable at 13c expired on 8 August 2009. Administrative notice.
6 Aug 2009drilling result● Neutral
AWE's cover note forwarding Origin's 6 August Jingemia-12 result (about 15 m hydrocarbon column). Nothing new.
6 Aug 2009drilling result● Neutral
Norwest's re-release of Origin's 6 August Jingemia-12 result: about 15 m hydrocarbon column in the Dongara sandstone, well being prepared for completion. No new information.
6 Aug 2009drilling result▲ Good
Origin reports Jingemia-12 reached 2,709.5 m and intersected about 15 m of hydrocarbon column in the Dongara sandstone. It was cased and is being prepared as a producer, a modest positive for Norwest's 1.278% interest.
3 Aug 2009capital raising announcement● Neutral
Prospectus for the underwritten rights issue: 2 new shares for every 3 held at 1.25c, up to 210.7m shares and A$2,633,768, with Patersons as lead manager and underwriter. Formal document for the 31 July announcement; no new terms in the readable text.
31 July 2009capital raising announcement▲ GoodMajor
Norwest announced a fully underwritten 2-for-3 rights issue at 1.25c, up to 210.7m shares raising A$2,633,768, underwritten by Patersons. Funds go to exploration in Australia and the UK plus working capital. It closes 3 September 2009.
What it means for a shareholder
211m new shares at about A$0.0125 to raise about A$2.6m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held A$1,000 of shares (79,999 at the issue price), your slice goes from 0.0253% to 0.0152% of the company. To keep it you'd need 53,333 more shares - about A$667 at the issue price.
Create a free account to see this worked out for your own holding.
30 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's 30 July Jingemia-12 update: the Dongara Sandstone was reached at 2554.5 m. No new information.
30 July 2009drilling progress report● Neutral
Origin reports Jingemia-12 reached the Dongara Sandstone target at 2554.5 m, close to the planned depth of about 2550 m, and was drilling at 2608 m. No hydrocarbon result stated yet.
30 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 30 July Jingemia-12 update. Nothing new.
23 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 23 July Jingemia-12 update (drilling at 675 m). Nothing new.
23 July 2009drilling spud● Neutral
Origin, as operator, relays that the Jingemia-12 development well began drilling on 18 July 2009 and was at 675 m. Norwest holds 1.278% of the Jingemia field.
23 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's 23 July Jingemia-12 update: drilling began 18 July and the well was at 675 m. No new information.
3 July 2009material agreement termination▼ BadMajor
The Puffin JV terminated the charter contract with the Front Puffin FPSO owner after the breaches raised on 17 June were not fixed. The JV will now consider options for the field, leaving Norwest's royalty income uncertain.
22 June 2009farm in farm out agreement▲ GoodMajor
Norwest gained the right to earn 60% of the Hurst Castle permits (PEDL 089 and P1153) in southern England by part-funding a 2009 work programme estimated at GBP60,000, and will become operator. The permits lie between its Dorset and Isle of Wight licences.
17 June 2009production update▼ BadMajor
The Puffin JV issued a breach notice over operating and performance issues with the Front Puffin FPSO, and production will be interrupted. Interruption delays any royalty income to Norwest from its 1.25% royalty.
9 June 2009director officer appointment● NeutralMajor
Mike Fry, a capital markets and treasury specialist, joined the Norwest board on 8 June 2009. Chairman Bill Bloking will retire from the board on 30 June 2009 because of other business interests.
2 June 2009drilling result▲ GoodMajor
Puffin-13 found live oil in both main reservoir sands at depths consistent with Puffin-9, showing the oil-bearing structure is continuous. The rig is being demobilised. The JV will evaluate combined pools and development options, which matters for Norwest's 1.25% royalty.
2 June 2009asset acquisition disposition▲ GoodMajor
Norwest completed the sale of its UK North Sea subsidiary to Silverstone for A$2.425m, receiving a net A$2,225,234. With other funds this repaid the A$2.4m Investec debt in full. Retained: Puffin royalty, Jingemia, TP/15 100%, 20% of EP368 and EP426, and the Wessex Basin onshore interests.
26 May 2009drilling progress report● Neutral
The Puffin-13 appraisal well, which tests updip of the Puffin-9 oil discovery, is being drilled and had reached 1940 m. No results yet.
22 May 2009capital raising announcement● Neutral
Norwest confirms the A$911,689 share purchase plan is finalised, heavily oversubscribed, with refunds to be sent on 26 May 2009. Administrative confirmation of the earlier closing notice.
19 May 2009drilling result● NeutralMajor
Great Auk-1 finished at 3522 m. The hydrocarbon found was a wet gas with high condensate, the first gas discovery on the Puffin permit, but AED says volumes are unlikely to be commercial at this stage. The rig moved to the Puffin-13 appraisal well.
13 May 2009capital raising announcement▲ Good
The share purchase plan (up to A$911,689 at 1.25c) closed heavily oversubscribed, so applications will be scaled back proportionately and refunds sent. Refunds are delayed by a registry BPAY problem. This resolves the open SPP thread.
12 May 2009drilling progress report● Neutral
Great Auk-1 reached 3520 m and passed through the Vulcan formation without finding hydrocarbons. Drilling continues to deeper sands, and testing of the earlier hydrocarbon interval is planned at total depth.
7 May 2009drilling result▲ GoodMajor
AED reports Great Auk-1, drilled by the Puffin JV, found a 6-7 m hydrocarbon column in the first target sand at 2200 m. Drilling continues to deeper targets, and a second well may be an appraisal updip of Puffin-9. Norwest holds a 1.25% royalty over the permit.
30 Apr 2009capital raising announcement● Neutral
The share purchase plan closing date was extended from 1 May to 12 May 2009. Administrative change only.
30 Apr 2009asset acquisition disposition▲ GoodMajor
Norwest dropped the Fairfield deal (US$1.6m) and accepted Silverstone Energy's higher offer of A$2.425m for its North Sea assets, after UK tax changes on 22 April which Norwest says raised their value. Settlement is targeted by 15 May, subject to approvals; proceeds go to the A$2.4m Investec repayment.
9 Apr 2009capital raising announcement● NeutralMajor
Share purchase plan offers existing shareholders up to A$5,000 each at 1.25c per share, raising up to A$911,689 from 72.9m shares. Closes 1 May 2009. The price is about 17% below the last close of 1.5c.
What it means for a shareholder
72.9m new shares at about A$0.0125 to raise about A$911,689. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (79,961 at the issue price), your slice goes from 0.0329% to 0.0253% of the company. To keep it you'd need 23,977 more shares - about A$300 at the issue price.
Create a free account to see this worked out for your own holding.
9 Apr 2009capital raising announcement● Neutral
Terms and conditions for the share purchase plan: 1.25c per share, minimum A$1,000 (80,000 shares) and maximum A$5,000 (400,000 shares), capped at A$911,689 with scale-back if oversubscribed. Terms only; no new information.