Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Apr 2009asset acquisition disposition▼ BadMajor
Norwest agreed to sell all its UK North Sea interests, including 25% of Cobra and the Inner Moray Firth licences, to Fairfield Energy for US$1.6m. Proceeds repay the bank facility due end of May. Strategy shifts to onshore Southern England and North Perth Basin; approvals pending.
23 Mar 2009capital raising announcement▼ BadMajor
Norwest placed 25 million shares at 0.8c to sophisticated investors, raising A$200,000 for working capital. This is far below the failed 2.25c rights issue price and the amount needed for Investec.
What it means for a shareholder
25.0m new shares at A$0.008 to raise about A$200,000. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0573% to 0.0514% of the company. To keep it you'd need 14,327 more shares - about A$115 at the issue price.
Create a free account to see this worked out for your own holding.
4 Mar 2009capital raising announcement▼ BadMajor
The rights issue failed: the directors said it was not well supported given market conditions. No shares will be allotted and applications will be refunded in full. The Investec obligation remains unfunded and other ways to raise money are being reviewed.
12 Feb 2009farm in farm out agreement● Neutral
Empire's own release on the EP368/EP426 equity swap. It would be operator of the combined venture and plans to mature the North Erregulla prospect for an updip North Erregulla-2 well. Confirms the heads of agreement signed 6 February.
10 Feb 2009farm in farm out agreement● NeutralMajor
Norwest signed a heads of agreement with Empire Oil & Gas to swap equity so it holds 20% of both EP368 and EP426. ARC and Origin intend to assign their EP368 interests to Norwest, and the deal needs WA regulator consent. EP368 permit expired 10 Feb; renewal sought.
2 Feb 2009production update● Neutral
Norwest relays AED's quarterly report: Puffin-11 found a 25 m oil column, the largest in the field's history, and the JV is considering south-west development. Puffin-12 was suspended as uneconomic at current oil prices. No oil offtake occurred in the quarter, so no revenue.
30 Jan 2009admin correction● Neutral
Replacement offer document lodged after the first one was incorrect. It confirms the rights issue at 2.25c per share, up to A$4,907,633, opening 13 February and closing 4 March 2009. No new substance.
30 Jan 2009capital raising announcement● Neutral
Offer document for the rights issue was lodged with the wrong price (2.75c, up to A$6.0m, closing 27 February). It was superseded the same day by a corrected version (see replacement).
29 Jan 2009capital raising announcement● NeutralMajor
Norwest announces a one-for-one non-renounceable rights issue at 2.25c per share to raise up to A$4.91m (up to 218.1m shares). Proceeds go to repaying the A$2.4m Investec loan, exploration in Australia and the UK, and working capital.
9 Jan 2009drilling result▼ BadMajor
Puffin-12 ST3 hit oil-bearing LK1A sand at about 2033 m, but the oil column is too thin to complete, with oil price and economics also considered. The NE well will be suspended. Remediation of Puffin-7 and possibly Puffin-8 is likely in Q2 2009. Negative for the royalty.
22 Dec 2008regulatory community update● Neutral
An airborne gravity gradiometry survey has started over the Isle of Wight licence PEDL 239 (Norwest 75%, operator), expected to take one to three weeks. It carries out the plan from earlier in 2008 and will help judge oil and gas potential.
22 Dec 2008regulatory community update▲ Good
The ground gravity survey on Dorset licence PEDL 238 (Norwest 50%) is complete, with 441 readings taken. Preliminary results suggest several potential basement structures, though analysis is ongoing. The licence lies next to BP's Wytch Farm field.
12 Dec 2008drilling progress report● Neutral
Puffin-12's last pilot hole found residual oil in an isolated block far to the east, completing the appraisal objective. The well will now be sidetracked to drill a horizontal production section. No commercial result yet.
12 Dec 2008director officer appointment▲ Good
UK VP Business Development John Michaels has extended his contract for two years from 1 January 2009. The 2008 annual report had said he would leave. He was involved in winning Manuel and the Dorset and Isle of Wight licences.
8 Dec 2008drilling progress report● Neutral
Puffin-12's first pilot hole found only residual oil in a downthrown block to the south-east. The well is sidetracking north for more appraisal before a horizontal production section. A mildly disappointing early result for the royalty.
3 Dec 2008director officer appointment▼ BadMajor
CEO Roger O'Brien, who started on 1 July 2008, is stepping down for family reasons after about five months. Finance Director Peter Munachen becomes CEO immediately. This is the second CEO change in a year, after Salomon left in December 2007.
28 Nov 2008security holder rights change● Neutral
6,200,000 unlisted director and employee options, exercisable at 20c, expired on 27 November 2008. This is an administrative expiry with no cash raised.
27 Nov 2008investor presentation● Neutral
AGM presentation recapping UK and Australian projects. It says Cobra could hold over 300 BCF in place, with P50 potential of 600 BCF including 48/1c. Screening economics show an NPV of £210m on 210 bcf produced (company estimate, from EnCore assumptions).
27 Nov 2008other● Neutral
AGM address by the chairman. It notes the global financial crisis tightening exploration funding, with Puffin royalties and Jingemia income as a backstop. Australian drilling results were disappointing while Cobra gives cause for optimism. Repeats known facts.
24 Nov 2008drilling progress report● Neutral
Puffin-12 has set casing at 950 m and its pilot hole to the first target was at 2,005 m on 21 November. Drilling is on plan. No results yet for Norwest's 1.25% royalty.
17 Nov 2008drilling progress report● Neutral
Puffin-12, the second well in the Puffin programme, has spudded in the north-east and was at 491 m on 13 November. Progress is on plan. Norwest's 1.25% royalty applies to the field.
17 Nov 2008asset acquisition disposition▲ GoodMajor
Norwest will be awarded UK block 48/1c next to Cobra, with a 25% interest alongside EnCore (operator), Tata Petrodyne and BPCL. Management says it may add over 100 BCF to Cobra. This extends the Cobra gas discovery, which still lacks proven commercial flow rates.
6 Nov 2008flow test result▲ GoodMajor
Puffin-11 flow-tested up to 3,600 bopd, limited by flaring capacity, with a calculated well productivity above 10,000 bopd. It is confirmed as a new discovery adding to the Puffin south-west reservoirs. The well is suspended and the rig moves to Puffin-12. Positive for Norwest's 1.25% royalty.
27 Oct 2008annual report● Neutral
Published 2008 annual report. The chairman cites tight capital markets and notes Puffin royalties of A$1.5m to 30 June, below expectations. He calls Wisteria and Freshwater Point disappointing but sees Cobra's 300+ BCF potential as positive. Mostly repeats known events.
6 Oct 2008drilling result▲ Good
Puffin-11 found a new oil zone with a gross column of about 25 m, the thickest seen in the Puffin field, in high-permeability rock. The well is being sidetracked to test deeper targets and drill a horizontal production section. Builds on the 30 September oil strike.
1 Oct 2008resource reserve update▲ GoodMajor
An independent review puts Cobra's most likely gas in place above 300 BCF. Half or more may be recoverable, subject to successful flow testing. This follows the April-May well that did not flow commercially; the joint venture is weighing options to reach commercial rates.
30 Sept 2008drilling result▲ GoodMajor
Puffin-11 hit an oil-bearing sand at 2013 m with a movable oil column over 20 m, reported by AED. Rock quality is still being assessed. Norwest's 1.25% royalty applies, so this is a positive first sign for the Puffin royalty after the Wisteria dry hole.
25 Sept 2008annual report● Neutral
Statutory annual financial report for the year to 30 June 2008 (the extract is truncated). It shows directors Bloking, Munachen and Kennedy in office, with Salomon and Svalbe having resigned in December 2007. No financial figures are visible in the text provided.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 reached 3,281 m and found no significant hydrocarbon shows in the Plover, the last target. The joint venture will log, plug and abandon it. A dry hole for Norwest's 15%, about 6% of cost.
8 Sept 2008drilling progress report▼ Bad
Wisteria-1 at 2,886 m has drilled through the Montara sandstone with no reservoir-quality sandstone or significant shows. Only the deeper Plover target remains.
