Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Sept 2009capital raising announcement● NeutralMajor
The rights issue closed 3 September with eligible shareholders taking only 92.9m shares. The underwriter took up the 117.8m-share shortfall, so the full A$2.63m at 1.25c is secured. This completes the raising launched on 31 July.
9 Sept 2009regulatory community update● Neutral
A 400 km airborne gravity survey over the North Erregulla prospect (EP368/EP426, with Empire) finished on 8 September. Interpretation is due by early November, with results to the market by mid November. Norwest has accepted a five-year renewal of EP368, formal grant pending, and the 20% swap remains pending.
7 Sept 2009regulatory community update● Neutral
The airborne gravity survey over TP/15 (Norwest 100%) is complete, with the contractor's report due within 30 days. Xanadu (possible 90 million barrel oil field) remains the preferred drill target for 2010, though another target could be prioritised.
3 Sept 2009regulatory community update● Neutral
A two-week ground gravity survey has begun over PEDL 238 in Dorset (Norwest 50% and operator), expecting 200-300 readings. It follows an October 2008 survey that helped define two prospects and flagged a possible third lead just north of the Wytch Farm field.
31 Aug 2009regulatory community update● Neutral
The airborne gravity survey over TP/15 (Norwest 100%) is set to start in early September, slightly later than the mid-August plan, because the contractor's South Australian job ran over in bad weather. Data will guide 2010 drill selection, with Xanadu and Capel/Metricup as lead prospects.
13 Aug 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 13 August updates: Jingemia-12 cased and completed as an oil producer (Norwest 1.278%), and a rig is moving to drill Redback South-1, in which Norwest has no stated interest. Nothing new for Norwest.
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.
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 2009quarterly activities report▲ Good
June quarter report: Norwest is free of bank debt after the North Sea sale, received a A$434,969 Puffin royalty in June, and plans a TP/15 airborne survey in August. It launched an underwritten 2-for-3 rights issue of 210.6m shares to raise A$2.633m, and holds an option on 60% of Hurst Castle.
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.
