31 Jan 2011quarterly activities report● Neutral
Amended re-release of the December quarterly report; the visible text is identical to the original. Nothing new is visible; text truncated.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2011farm in farm out completion▲ GoodMajor
Drilling contract signed with Hunt for Rig 2, and WA mines department approved Bharat's transfers: 50% of TP15 and 27.803% of EP413. This was the last condition for Bharat to fund A$3m of the ~A$5m Red Hill South well. Spud still 14 February.
4 Jan 2011capital raising announcement● Neutral
Notice to existing optionholders that they must exercise options by 18 January 2011 to join the options issue. Administrative; terms and dates match earlier announcements.
4 Jan 2011drilling scheduled● Neutral
Norwest swaps to Hunt Rig 2 for Red Hill South, saying it suits the well better than Rig 3. The 14 February 2011 spud date is unchanged. Formal contract still to be signed; Bharat's state approval still awaited.
4 Jan 2011capital raising announcement● Neutral
Prospectus for the underwritten 1-for-7 options issue: 104,587,252 options at 0.75c to raise up to A$784,404. Options exercisable at 10c to 30 June 2012; exercising by 30 September 2011 brings a free 20c option to 2013. Formal document for the 29 Dec raise.
4 Jan 2011capital raising announcement● Neutral
Notice to overseas shareholders that the options issue is not extended to them; it is open only in Australia and New Zealand. Administrative, no new business information.
4 Jan 2011capital raising announcement● Neutral
Letter to shareholders on the options issue: record date 19 January, offer closes 11 February, allotment 21 February. Shares on issue 732,110,761. Funds go to working capital. Administrative restatement of known terms.
29 Dec 2010drilling scheduled● Neutral
Red Hill South spud now set for 14 February 2011 with Hunt Energy; formal drilling contract slipped into early January after the holiday break. Target 9 MMbbl recoverable at 1,580m. Bharat's DMP approval still awaited. Repeats the A$2m raising announced the same day.
29 Dec 2010capital raising announcement● NeutralMajor
A$2m raising: placement of 28.4m shares at 4.4c for A$1.25m (36% below the 6c close), plus about 104.5m options at 0.75c (1 for 7), underwritten by directors, for about A$784k. Options exercisable at 10c to June 2012. Funds Australian and UK exploration and working capital.
What it means for a shareholder
28.4m new shares at A$0.044 to raise about A$1.3m. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held A$1,000 of shares (22,727 at the issue price), your slice goes from 0.00323% to 0.0031% of the company. To keep it you'd need 917 more shares - about A$40 at the issue price.
Create a free account to see this worked out for your own holding.
21 Dec 2010other● Neutral
Release of Norwest's securities trading policy, as required by ASX Listing Rule 12.9. Administrative; no new business information.
15 Dec 2010regulatory community update▲ Good
WA mines department granted access approval to drill a deviated Red Hill South well from onshore permits owned by others; site works start now for a February 2011 spud. Bharat has FIRB consent; mines department approval of its farm-in is still awaited.
29 Nov 2010investor presentation● Neutral
AGM presentation recaps 2010: EP413 equity up from 1.278% to 55.606%, A$15m Bharat funding, Jingemia up to 6.278%. Targets for 2011 are Red Hill South in February and Arrowsmith-2 in April. Repeats known facts; text truncated.
29 Nov 2010other● Neutral
Notice that a review of Norwest's projects by Strachan Corporate is available on the company website. No new information in the announcement itself.
24 Nov 2010drilling scheduled▲ GoodMajor
Letter of intent with Hunt Energy for its rig 3 to drill Red Hill South, with spud targeted 1 February 2011, provided regulatory approvals come by 15 January. Resolves the long-running rig search. Bharat's TP/15 deal still awaits state approval and FIRB consent.
12 Nov 2010price query● Neutral
ASX price query response concerns Northwest Resources Limited and its Nullagine gold and antimony drilling, not Norwest Energy. Appears misfiled; no relevance to Norwest shareholders.
12 Nov 2010regulatory community update● Neutral
Norwest endorses AWE's shale gas view and says about 40% of EP413 may hold gas-capable shale. Arrowsmith-2 is now planned for Q2 2011, with a Weatherford rig in advanced talks for April. This is a delay from the earlier Q1 2011 target.
9 Nov 2010other▲ Good
Third-party release from AWE, Norwest's EP413 partner (44.14% per earlier context), estimating 13-20 Tcf gas in place in the Carynginia Shale on its Perth Basin acreage, from Woodada Deep-1 core results. Supports the shale gas thesis behind Norwest's EP413 plan; not a Norwest result.
29 Oct 2010quarterly activities report● Neutral
September quarter report: Bharat farm-in is signed but still needs WA mines department approval and FIRB clearance. Norwest is negotiating rig slots for Q1 2011 for Red Hill South and Arrowsmith-2. The SPP raised A$2.975m. Terms are slightly restated: Bharat A$3.5m and Norwest A$2m on a dry hole in TP/15.
25 Oct 2010investor presentation● Neutral
AusGas conference presentation on Northern Perth Basin shale gas. Repeats known holdings (EP413 55%, net 376,211 acres) and a model of 50 wells giving 250 Bcf. Aims to drill Arrowsmith well by end Q1 2011. Shares on issue 703m, price 3.1c, market cap A$21m.
25 Oct 2010annual report● Neutral
2010 annual report restates the year's story: the Bharat farm-out (A$15m funding, Bharat to earn 27.803% of EP413 and 50% of TP/15), Jingemia equity up to 6.278%, and Red Hill South drilling planned for Q1 2011. Largely repeats known facts; text truncated.
14 Oct 2010other● Neutral
Notice that UK newsletter Oil Barrel ran an article on Norwest's Perth Basin shale gas potential and the Bharat farm-out. Promotional link only, with no new information.
11 Oct 2010other● Neutral
Points shareholders to an article on the WA mines department website about the Bharat farm-out signing. No new information.
29 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010 shows a loss of 0.40 cents per share against 5.14 cents the year before. Directors are unchanged: Fry, Munachen and Kennedy. The text provided is truncated, so other financial figures are not available.
24 Sept 2010other● Neutral
Follow-up to the 17 September Bharat signing, pointing shareholders to video of the ceremony and interviews on Norwest's website. No new terms or figures.
17 Sept 2010farm in farm out completion▲ GoodMajor
Norwest and Bharat PetroResources signed the formal farm-in for EP413 and TP/15, providing up to A$15m of exploration and drilling funding. Drilling at Arrowsmith (EP413) and Red Hill South (TP/15) is planned by end-2010 or early 2011, once a rig is found.
9 Sept 2010farm in farm out agreement● Neutral
Bharat executives will visit Perth on 17 September to sign the EP413 and TP/15 farm-in documents. This is still subject to Bharat finishing due diligence and WA mines department approval. Scheduling notice only.
8 Sept 2010capital raising announcement● NeutralMajor
The Share Purchase Plan closed with 114.4m shares taken up at 2.6c, raising A$2.975m, below the A$4.58m maximum. Bharat farm-in documents are expected to be signed in Perth in mid-September.
What it means for a shareholder
114m new shares at A$0.026 to raise about A$3.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00548% to 0.00471% of the company. To keep it you'd need 6,270 more shares - about A$163 at the issue price.
Create a free account to see this worked out for your own holding.
24 Aug 2010regulatory community update▲ Good
The WA mines department approved a suspension and extension of TP/15 from 26 October 2010 to 26 August 2011. Norwest still intends to drill Redhill South as soon as a rig is secured, which addresses the rig shortage.
19 Aug 2010farm in farm out agreement▲ GoodMajor
Letter of intent with India's Bharat PetroResources: up to A$10m to earn 50% of Norwest's 55.606% in EP413, and up to A$4.5m of Red Hill South costs to earn 50% of TP/15. Norwest also gets A$500,000 of past costs back. Subject to due diligence and state approval. Resolves the long-running farm-out search.
10 Aug 2010capital raising announcement● Neutral
The unnamed farminee has cleared its internal approvals, but documents are not expected to be signed for at least two to three weeks. The Share Purchase Plan closing date moves from 20 August to 3 September 2010.