8 Sept 2008drilling spud▲ Good
Puffin-11 has spudded, starting a roughly 100-day program with Puffin-12 in the north-east. Puffin-11 tests two earlier discoveries in the south-west. Norwest's 1.25% royalty applies to any resulting production.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2008drilling result▼ Bad
Bounty repeats the Wisteria-1 update: no reservoir-quality Puffin sandstone or significant shows, drilling on to the deeper Montara and Plover targets. Partner re-release of known news.
1 Sept 2008drilling result▼ BadMajor
Wisteria-1 passed through the main Puffin Formation target (the 174 mmbbl P50 case) without reservoir-quality sandstone or significant hydrocarbon shows. At 2,019 m, it continues to the deeper Montara and Plover targets (21-32 mmbbl P50).
1 Sept 2008drilling result▼ Bad
Adelphi repeats that Wisteria-1 found no reservoir-quality Puffin sandstone, calling it a disappointment that suggests the play edge lies further west. Deeper Montara and Plover targets remain. Duplicate of Norwest's update.
27 Aug 2008drilling progress report● Neutral
Wisteria-1 spudded 22 August and is at 1,670 m, preparing to set casing before drilling on to 3,323 m. No results yet.
22 Aug 2008drilling spud▲ GoodMajor
The West Atlas rig is on location to spud Wisteria-1 on 22 August, in 97 m of water to about 3,323 m. Targets total over 200 million barrels potential (Puffin P50 174 mmbbl). Norwest's 15% costs about 6% of dry-hole cost.
20 Aug 2008drilling scheduled▲ Good
Reversing the delay, Wisteria-1 could now spud as early as 23-24 August, due to weather and Montara scheduling. Dates depend on operator Coogee's rig schedule.
4 Aug 2008drilling scheduled▼ Bad
Partner Adelphi reports Wisteria-1 delayed from early August to Q1 2009, because operator Coogee needs the rig for urgent work on the Montara platform. Adelphi says it is virtually free-carried.
4 Aug 2008drilling scheduled▼ Bad
Norwest confirms Wisteria-1 is delayed from early August to Q1 2009, as operator Coogee needs the rig for Montara platform installation. Norwest still pays about 6% of dry-hole costs for its 15%.
14 July 2008drilling scheduled● Neutral
Wisteria-1 is now scheduled to spud early August 2008. Norwest holds 15% in AC/P32 and pays about 6% of dry-hole costs.
11 July 2008asset acquisition disposition● Neutral
Oil Basins confirms buying Norwest's 10% of R3 for A$26,667 plus 333,333 shares, on top of 15% from Black Rock's subsidiary. OBL would hold 25% beside TAP Oil's 75%; completion expected by August 2008. Counterparty's view of the same sale.
10 July 2008asset acquisition disposition● NeutralMajor
Norwest sells its 10% of the R3 retention lease (Cyrano oil field) to Oil Basins for A$26,667 plus 333,333 OBL shares. It did not fund the Cyrano wells and would rank behind partners in recovering costs; field is small (about 0.92 million barrels recoverable).
3 July 2008director officer appointment▲ GoodMajor
Dr Roger O'Brien, 59, a New Zealand-based former Shell and NZ Oil & Gas manager, becomes CEO from 1 July 2008 on A$375,000 a year plus five million options. This fills the vacancy left by Joe Salomon's January resignation.
2 July 2008capital raising announcement● NeutralMajor
Norwest will raise about A$4.6m: a placement of 13 million shares at 13 cents (A$1.69m) via Kirke Securities, plus a A$3m Investec secured facility to 30 June 2009, charged over assets including the Puffin royalty. Investec also gets options. Its first debt since earlier no-debt position.
1 July 2008security holder rights change● Neutral
500,000 employee options (exercisable at 15 cents, issued 2004) expired on 30 June 2008. Administrative notice only.
19 June 2008joint venture update● Neutral
AED has completed the sale of a 60% joint venture interest in the Puffin project to Sinopec's SIPC. Norwest's 1.25% royalty on all Puffin production is unchanged; the announcement only passes on AED's news.
30 May 2008drilling result▼ BadMajor
Origin reports Freshwater Point 1 plugged and abandoned on 29 May. Logs and the lack of shows indicate no hydrocarbons in the target sandstones. A dry hole for Norwest's 1.278% interest.
30 May 2008drilling result▼ Bad
Norwest re-releases Origin's 30 May report: Freshwater Point 1 found no hydrocarbons and was plugged and abandoned on 29 May. Dry hole for its 1.278%, closing the thread.
30 May 2008asset acquisition disposition▲ GoodMajor
Norwest and partner Osceola Hydrocarbons are offered two UK onshore licences in the 13th Round: PEDL 238 (Dorset, near BP's Wytch Farm field; Norwest operator, 50%) and PEDL 239 (Isle of Wight; Norwest operator, 75%). Awards await formal BERR confirmation.
27 May 2008drilling result▼ Bad
Victoria Petroleum forwards Origin's update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows; logging being prepared.
26 May 2008drilling result▼ Bad
ARC forwards Origin's 26 May update: Freshwater Point 1 at 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Norwest re-releases Origin's 26 May update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Freshwater Point 1 reached 1,817 m in basement on 25 May. The High Cliff Sandstone was hit at about 1,647 m, with no hydrocarbon shows in primary or secondary targets. Bad sign for Norwest's 1.278%.
22 May 2008drilling progress report● Neutral
ARC forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Victoria Petroleum forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days.
22 May 2008drilling progress report● Neutral
Origin's 22 May update: Freshwater Point 1 drilling at 1,158 m in the Kockatea Shale, total depth expected in 2-3 days. No result yet.
21 May 2008well test result▼ BadMajor
Cobra 48/2c-5 flowed at most 1.1 million cubic feet of gas a day un-stimulated, which is not commercial. The well is suspended pending a stimulation study. A gas column of at least 350 ft supports a large gas volume. Falls short of the 2.7 mmcfd 1984 well.
15 May 2008drilling progress report● Neutral
ARC forwards Origin's 15 May Freshwater Point 1 update: surface casing set at 412 m, drilling ahead soon. No result.
15 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 15 May Freshwater Point 1 update: casing set at 412 m, about to drill ahead. No result.