15 May 2008drilling progress report● Neutral
Origin's own 15 May update: surface casing set at 412 m, preparing to drill ahead. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2008drilling progress report● Neutral
Victoria Petroleum forwards the 15 May Origin update: surface casing set at 412 m, preparing to drill ahead. Routine progress, no result.
13 May 2008drilling spud● Neutral
Norwest re-releases Origin's 12 May notice that Freshwater Point 1 spudded on 11 May. No new information.
12 May 2008drilling spud● Neutral
Origin spudded the Freshwater Point 1 exploration well in EP413 on 11 May 2008, planned to 1,761 m in about 10 days. Norwest holds 1.278%, the interest it kept in the Jingemia area; this is the early-2008 well flagged earlier.
12 May 2008drilling spud● Neutral
ARC Energy (44.141% holder) forwards Origin's 12 May release that Freshwater Point 1 spudded on 11 May. Nothing new for Norwest's 1.278%.
12 May 2008drilling result● Neutral
Cobra 48/2c-5 reached 11,805 ft; logs show 408 ft of gas-bearing Rotliegendes sandstone, but of low quality like the 1984 discovery well. Testing will go ahead, with results in about 14 days. Commercial flow remains uncertain.
12 May 2008drilling spud● Neutral
Victoria Petroleum (5% holder) forwards Origin's news that Freshwater Point 1 spudded on 11 May. It quotes a mean prospect size of 9 bcf of gas or 6.1 million barrels of oil, a figure supplied by Victoria, not Norwest.
26 Mar 2008drilling spud● NeutralMajor
Drilling has started on the Cobra appraisal well (48/2c-5) in the Southern North Sea. Norwest, 22.5%, pays 6.5% of the cost up to a cap. It aims to show the reservoir can flow at commercial rates, beyond the 2.7 mmcfd of the 1984 well.
19 Mar 2008drilling result▼ BadMajor
Ithaca's Manuel well (Norwest 5%) found oil-saturated Jurassic sands of less than reservoir quality, with no oil sample recovered; it is being plugged and abandoned. A disappointing result for Norwest's new North Sea farm-in.
20 Feb 2008farm in farm out agreement● NeutralMajor
Norwest farms into Ithaca's Block 11/29 (Manuel prospect, Inner Moray Firth), paying 7.5% of the well cost to earn 5%. The well spudded 17 February 2008; estimated dry-hole cost is US$17m.
29 Jan 2008farm in farm out agreement● Neutral
Adelphi, a JV partner in AC/P32, announces the same Cosmo Energy farm-in; its own stake falls from 18.48% to 10%. Repeats the terms Norwest already announced; no new information on Norwest's position.
21 Jan 2008farm in farm out agreement▲ GoodMajor
Cosmo Energy farms into AC/P32 for 22.5% on a 2-for-1 promoted basis. Norwest drops from 24.08% to 15.0%, with exposure to the Wisteria-1 dry-hole cost of under 6%. Drilling expected Q3 2008. Resolves the search for a farm-in partner.
14 Jan 2008director officer appointment▼ BadMajor
CEO Joe Salomon resigned 'to pursue other interests'. The board will search for a successor. Follows his resignation as a director on 19 December.
11 Jan 2008production update● Neutral
Forwards AED update: Puffin NE1 output ran 6,000 to over 10,000 bopd, below forecast, attributed to wellbore impairment, not the reservoir. Puffin-11 now likely mid-2008. Puffin SW updated with new oil-in-place estimates, e.g. extra ~30 MMbbl unrisked in the LK sand.
2 Jan 2008production update▲ GoodMajor
Norwest received its first Puffin royalty payment, A$443,913 from AED, on its 1.25% override. This is the first cash from the field after first oil on 6 October 2007.
20 Dec 2007director officer appointment● Neutral
Non-executive director Andy Svalbe resigned effective 20 December 2007 after serving since 2004; the notice says he is retiring. Second board departure in two days.
19 Dec 2007director officer appointment● Neutral
Joe Salomon resigned as a director. No reason given; his role as CEO is not addressed in this notice.
18 Dec 2007farm in farm out agreement▲ GoodMajor
ENSCO 80 rig contracted for the Cobra appraisal well (Block 48/2c), to drill Q1 2008. Norwest farms out 2.5% to Challenger Minerals, keeping 22.5%; its estimated exposure to total well cost is about US$3m. Resolves the rig-slot thread.
29 Nov 2007security holder rights change● Neutral
1,900,000 of 4,750,000 options from 2002, exercisable at $0.20, expired on 28 November 2007. Administrative; no new capital raised.
29 Nov 2007investor presentation● Neutral
AGM presentation: Norwest's market cap is about $47m, and it argues Cobra and AC/P32 value is not priced in. Base-case Puffin NE royalty of about A$45m (assuming 20,000 bopd by Jan 2008, 36,000 by Nov 2008, A$100 oil) is Norwest's own assumption; SW uncertain. Notes Norwest likely to farm down AC/P32.
28 Nov 2007drilling result▼ BadMajor
AED suspended Puffin-10 in Puffin South West after more complex geology than expected and two extra sidetracks. Sands were thin (max 2.5m) but mostly oil-bearing. Further drilling, possibly re-entering Puffin-9, depends on vessels in H2 2008. SW production, earlier hoped for H1 2008, looks delayed.
22 Nov 2007production update● Neutral
Forwards AED's answers to its AGM questions: Puffin NE water is within expected scenarios, and gas lift, metering and water handling are constraining output. AED targets about 20,000 bopd within 3 months and plans another NE well in H1 2008. Reserves unchanged.
21 Nov 2007investor presentation● Neutral
Notes AED made presentations at its AGM on the Puffin field. No figures or new information in Norwest's text.
12 Nov 2007production update▼ Bad
AED says Puffin NE production is held to about 10,000 bopd while gas lift and water handling are commissioned; Puffin-10 is drilling ahead. Also corrects the annual report's top-20 shareholders table; the largest holder has 11.32%.
31 Oct 2007production update● Neutral
Cover note forwarding an AED announcement dated 29 October. The attachment is not in the text, so no new information is shown.
29 Oct 2007annual report▲ Good
2007 annual report: chairman says Puffin royalty is estimated at about $90m over field life. Norwest lost a bid for North Sea assets to a larger UK entity. Wisteria/Azalea in AC/P32 called its most exciting well.
22 Oct 2007production update● Neutral
Repeats Norwest's congratulations to AED and its view that Puffin royalties will significantly improve its finances. The AED attachment is not shown. No new information in the text.
16 Oct 2007drilling spud▲ Good
AED spudded Puffin-10 in the Puffin South West region on 14 October; 30" casing set at 153m. A horizontal section of 200m+ is targeted, about 55 days. SW production is expected first half 2008, on which Norwest's 1.25% royalty also applies.
15 Oct 2007production update▲ Good
Norwest congratulates AED on Puffin production and says the royalty will significantly affect its finances, letting it seek advanced exploration or production opportunities. Forwards an AED release dated 12 October; its content is not shown.
8 Oct 2007production update▲ GoodMajor
AED reported Puffin North East first oil on 6 October, with Puffin-8 flowing up to about 12,000 stb/d and Puffin-7 reaching about 16,000 stb/d. This started the production behind Norwest's 1.25% royalty, about two months later than the August 2007 expectation.