Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2019drilling scheduled▲ GoodMajor
Norwest approved the joint venture resolution to drill Lockyer Deep-1 in EP368 in H1 2020, about 15 km east of Waitsia, resolving the well-location question. Target depth about 3,900 m, up to 1.12 Tcf gross prospective gas; rig still being sourced; fully funded at 20%.
28 Oct 2019resource reserve update▲ GoodMajor
Norwest raised prospective gas resources at Lockyer Deep to a high case of 1,122 Bcf gross (224 Bcf net at 20%), with North Erregulla Deep upgraded to drillable. Chance of success is 29% and 21%. EP368 well location decision due within weeks.
24 Oct 2019drilling result▼ BadMajor
The new 3D seismic shows the Xanadu-1 oil discovery's updip area is smaller than expected, with likely marginal commerciality. Downdip potential is larger but in one sand and higher risk. More studies are needed before any appraisal well. Resolves the October results thread negatively.
9 Aug 2019resource reserve update▲ GoodMajor
The EP368 joint venture will weigh Springy Creek oil against Lockyer Deep gas for a drilling commitment well in H1 2020. Lockyer Deep prospective gas resources were raised to up to 662 Bcf gross. This slips the earlier Q4 2019 Lockyer Deep timing.
12 July 2019drilling result▲ Good
Xanadu 3D seismic acquisition finished on 11 July 2019, with good coverage on both panels. Data is being processed in Calgary, and interpreted results are still expected by October 2019. This clears the way for an appraisal well decision.
8 July 2019resource reserve update▲ GoodMajor
Norwest identified a new Springy Creek oil prospect in EP368 (20% interest) with prospective recoverable resources of 8.6 to 61.1 MMbbl gross, at a 25% geological chance of success. These are unrisked, undrilled estimates. A joint venture decision on the next step is expected in July.
28 June 2019drilling progress report▲ Good
Xanadu seismic eastern panel, the harder one, was finished on 24 June despite wind and sea delays; the western panel is under way. Raw data quality looks good, and approval to run into July was obtained. Interpreted results are still expected by October 2019.
31 May 2019drilling progress report▲ Good
Synterra began acquiring the 40 km2 Xanadu 3D seismic survey, following regulator approval. Completion is expected by end June 2019 and early interpreted results by October 2019, after which the joint venture will consider an appraisal well. Norwest holds 25% and Triangle is now shown at 45%.
11 Feb 2019resource reserve update▲ GoodMajor
An independent review by LEAP Energy for the operator RCMA identified four prospects and four leads within the Jingemia (L14) licence. This is the first remodelling since before 2012 and follows the earlier exploration-upside evaluation. Figures are preliminary prospective volumes, not reserves.
11 Oct 2017drilling progress report● Neutral
Whitebark's update, mainly on its Canadian wells. For its 15% Xanadu interest it says the JV is evaluating the discovery and planning scenarios including seismic and appraisal or development wells. Nothing new from Norwest.
10 Oct 2017drilling progress report● Neutral
Norwest has lodged the Xanadu Discovery Notice with the Minister for Mines. The oil assay promised last week is delayed by a laboratory backlog. This resolves the discovery notice thread, but the assay is still outstanding.
25 Sept 2017drilling result▲ GoodMajor
Oil was recovered to surface at Xanadu-1, confirming a discovery. The Irwin River Coal Measures show three oil sands, with 4.6 m net pay in the top sand at 66% saturation. Dongara Sandstone was absent. A side-track appraisal well is planned and a discovery notice will be lodged.
25 Sept 2017drilling result▲ Good
Whitebark's own release repeating Norwest's Xanadu-1 oil discovery: 4.6 m net pay in the top sand, a Cliff Head analogue, and a planned side-track. Its MD calls it proven movable oil. Nothing beyond Norwest's announcement.
25 Sept 2017drilling result▲ Good
Triangle's own release repeating the Xanadu-1 oil discovery: three oil sands (A, B, C) with 4.6 m net pay in sand A, and a lowest known oil of 871.8 mTVDSS. It notes the Arrowsmith plant could take Xanadu crude. Nothing beyond Norwest's earlier announcement.
22 Sept 2017drilling progress report● Neutral
Short note that the Xanadu-1 wireline logging program is continuing, with an update promised once complete. No results are given.
18 Sept 2017drilling result▲ Good
Triangle's own release repeating Norwest's report that Xanadu-1 hit hydrocarbon-bearing reservoirs and reached 2035 m, with logging next. Nothing beyond Norwest's announcement.
18 Sept 2017drilling result▲ GoodMajor
Xanadu-1 reached a deepened 2035 m and found hydrocarbon-bearing reservoirs, shown by elevated gas, oil shows and fluorescence. Wireline logging with fluid sampling follows. It is an early encouraging sign, not yet a confirmed discovery; the 7-inch casing is on its way in case logs are positive.
12 Sept 2017drilling progress report● Neutral
Whitebark Energy's own update, repeating Norwest's Xanadu-1 progress (975 m, drilling ahead) for its 15% interest, alongside its Canadian wells. Nothing new about Xanadu beyond Norwest's announcement.
12 Sept 2017drilling progress report● Neutral
Xanadu-1 has been drilled to 975 m and 244 mm casing cemented, with geology in line with pre-drill expectations. Primary and secondary targets are expected to be reached later this week. No hydrocarbon result yet.
5 Sept 2017drilling spud▲ GoodMajor
Xanadu-1 began drilling at 3pm on 4 September 2017, about 11 days ahead of the earlier forecast. Planned depth is about 1863 m, taking roughly 23 days, targeting 160 MMbbl unrisked. This is the first Norwest-operated exploration well in years.
28 Aug 2017drilling scheduled▲ Good
Xanadu-1 spud brought forward to 5 September 2017 from the second half of September, with Enerdrill Rig-3 already on location. Drilling is expected to take 23 days, targeting 160 MMbbl unrisked recoverable oil; Norwest stays free-carried for 25% as operator.
13 July 2017drilling scheduled● Neutral
Whitebark Energy's own release (it holds the 15% interest previously described as Transerv's) repeating the Xanadu-1 spud in the second half of September. It will fund its share from cash. Nothing beyond Norwest's announcement.
13 July 2017drilling scheduled● Neutral
Triangle's own release repeating that Xanadu-1 will spud in mid to late September 2017. It names Whitebark as the 15% partner, an inference that this is the former Transerv. Nothing beyond Norwest's announcement.
13 July 2017drilling scheduled▲ GoodMajor
Xanadu-1 spud scheduled for the second half of September 2017, after AWE's Waitsia wells, using Enerdrill Rig-3. This firms up the earlier 'H2 2017' timing. Lockyer Deep-1 now second half of 2018; Arrowsmith-3 late 2018/early 2019; Jingemia oil sales expected Q4 2017.
30 May 2017farm in farm out completion● Neutral
Transerv's own release confirming the TP/15 joint venture operating agreement is signed, with Xanadu-1 to be drilled in H2 2017. Transerv's net cost is expected at A$1.5 million. Repeats Norwest's announcement.
30 May 2017farm in farm out completion▲ GoodMajor
Full farm-out agreements signed for Xanadu-1, turning the February term sheets into binding deals: 3C and Triangle 30% each, Transerv 15%, Norwest free-carried for 25% as operator. Rig letter of intent issued to Enerdrill; EPA ruled no assessment needed; heritage approval signed.
13 Feb 2017farm in farm out agreement● Neutral
Transerv's own release on the finalised farmout: it funds 20% (about A$1.25m) for 15% of TP/15, with Xanadu expected to be drilled in the second half of 2017. Repeats Norwest's announcement.
10 Feb 2017farm in farm out agreement● Neutral
Triangle's own release confirming the farmout is complete: 3C Group, Triangle 30% each, Transerv 15%, Norwest free-carried for 25% and operator. Nothing beyond Norwest's announcement.
10 Feb 2017farm in farm out agreement▲ GoodMajor
Xanadu-1 is fully funded: 3C Group takes 30% of TP/15 for 40% of well costs, completing the farmout. Norwest keeps operatorship and a free-carried 25%. 3C also buys 208m shares at 0.24c to raise A$500,000, with 60m options.
23 Dec 2016farm in farm out agreement● Neutral
Transerv and Triangle agreed to extend the Xanadu-1 term sheet deadline from 31 December 2016 to 15 February 2017, giving Norwest more time to fund the remaining 40%. The application to drill has been lodged with the regulator.
