Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2009capital raising announcement▲ Good
The share purchase plan (up to A$911,689 at 1.25c) closed heavily oversubscribed, so applications will be scaled back proportionately and refunds sent. Refunds are delayed by a registry BPAY problem. This resolves the open SPP thread.
12 May 2009drilling progress report● Neutral
Great Auk-1 reached 3520 m and passed through the Vulcan formation without finding hydrocarbons. Drilling continues to deeper sands, and testing of the earlier hydrocarbon interval is planned at total depth.
7 May 2009drilling result▲ GoodMajor
AED reports Great Auk-1, drilled by the Puffin JV, found a 6-7 m hydrocarbon column in the first target sand at 2200 m. Drilling continues to deeper targets, and a second well may be an appraisal updip of Puffin-9. Norwest holds a 1.25% royalty over the permit.
30 Apr 2009capital raising announcement● Neutral
The share purchase plan closing date was extended from 1 May to 12 May 2009. Administrative change only.
30 Apr 2009quarterly activities report● Neutral
March quarter report: North Sea sale to Silverstone for A$2.425m to repay Investec; TP/15 equity rising to 100% from 10%; EP368/426 swap to 20% each. Puffin royalty of about A$475,000 expected from an end-April oil uplift; no royalties were received in the quarter.
30 Apr 2009asset acquisition disposition▲ GoodMajor
Norwest dropped the Fairfield deal (US$1.6m) and accepted Silverstone Energy's higher offer of A$2.425m for its North Sea assets, after UK tax changes on 22 April which Norwest says raised their value. Settlement is targeted by 15 May, subject to approvals; proceeds go to the A$2.4m Investec repayment.
9 Apr 2009capital raising announcement● NeutralMajor
Share purchase plan offers existing shareholders up to A$5,000 each at 1.25c per share, raising up to A$911,689 from 72.9m shares. Closes 1 May 2009. The price is about 17% below the last close of 1.5c.
What it means for a shareholder
72.9m new shares at about A$0.0125 to raise about A$911,689. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (79,961 at the issue price), your slice goes from 0.0329% to 0.0253% of the company. To keep it you'd need 23,977 more shares - about A$300 at the issue price.
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9 Apr 2009capital raising announcement● Neutral
Terms and conditions for the share purchase plan: 1.25c per share, minimum A$1,000 (80,000 shares) and maximum A$5,000 (400,000 shares), capped at A$911,689 with scale-back if oversubscribed. Terms only; no new information.
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.
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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.
29 Jan 2009quarterly activities report▼ Bad
Investec cut its facility from A$3m to A$2.4m and brought repayment forward: A$650k by 31 March and A$1.75m by 31 May 2009. Puffin royalties were far below expectations. Cobra's next appraisal well, likely fracced, is now planned for early 2010; 48/1d is to be awarded.
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.
