Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2007production update● Neutral
Forwards AED's update: Puffin NE first oil expected within days, and Puffin-10 (Puffin SW) to spud 10 October, about 55 days to drill, with SW production in first half 2008. AED placed shares at $7.70 to raise $15.4m.
27 Sept 2007annual report● Neutral
Statutory accounts for the year to 30 June 2007, with directors' report listing Bloking as chairman and KPMG as auditor. Text provided is truncated, so no financial figures can be given here.
27 Sept 2007annual report● Neutral
Re-lodgement of the full statutory accounts for the year to 30 June 2007, apparently the same content as the earlier filing. No new information.
24 Sept 2007other● Neutral
Norwest marks 10 years since listing on the ASX on 19 September 1997. No operational or financial content.
19 Sept 2007production update● Neutral
Forwards AED's update: the Front Puffin FPSO is connected to its mooring, with a seal and connector to be replaced (about a week). AED says it is still on track for first oil around end of September.
21 Aug 2007production update▲ Good
Relaying AED: a new agreement enables Puffin South West production in first half 2008, with Puffin-10 drilling from October (simulated 25,000-32,000 bopd). The FPSO is due in September for NE1 start-up. Firms up the SW plan that was contingent on an FPSO.
2 Aug 2007production update● Neutral
Quoting AED's report: Puffin North East oil expected late August or early September, and Puffin South West tentatively first half 2008 if an FPSO is secured. SW holds 40m barrels potentially recoverable. Slightly later than the August NE1 timing expected earlier.
3 July 2007resource reserve update▲ GoodMajor
Using AED's new Puffin South West estimate of 40.3m barrels recoverable, Norwest lifts total recoverable to 89.3m barrels. Its 1.25% royalty is valued at A$66-92m at US$50-70 oil and 0.85 FX, up from A$65m. AED expects Puffin NE1 production in August 2007.
29 June 2007asset acquisition disposition● NeutralMajor
Norwest sold its 50% of the Tennessee Rich Mountain lease for US$60,500, completing its exit from the Appalachian shale gas project and ending the US disposal thread.
19 June 2007asset acquisition disposition● NeutralMajor
Norwest closed the sale of its 70% share of the Little Sandy (Kentucky) shale gas project for about US$370,000, ending its Kentucky involvement. Resolves the long-running sale effort. Only the Tennessee Rich Mountain lease remains.
28 May 2007director officer appointment● Neutral
Norwest hires John Michaels as Vice President - Business Development and opens a London representative office. He is a petroleum geologist with over 20 years' experience, aimed at finding new northern hemisphere opportunities.
16 May 2007director officer appointment● NeutralMajor
Bill Bloking, a director since March 2007 and former BHP Billiton Petroleum gas president, becomes chairman. Founding director Dave Kennedy steps down as chair but stays on as a non-executive director.
2 May 2007flow test result▲ GoodMajor
Puffin-8 flowed at up to 11,660 barrels a day, limited by test equipment. AED calculates it can sustain 15,000-20,000. Similar to Puffin-7, and gives second-well security of production. Norwest holds a 1.25% royalty.
4 Apr 2007drilling result▲ GoodMajor
AED reports Puffin-8 struck oil, with more than 73m of oil-bearing interval drilled in a near-horizontal section so far. Norwest holds a 1.25% royalty over the field, so this adds to the expected royalty income. Drilling continues.
21 Mar 2007drilling progress report● Neutral
Origin confirms Jingemia-11 reached 2,606m on 14 March and found 31m of oil-saturated sandstone, the lower 8m partly swept by existing wells. It is now preparing to perforate and connect to the facility. Repeats known results.
21 Mar 2007drilling progress report● Neutral
ARC Energy forwards Origin's 21 March Jingemia-11 update. Cover note with no new information for Norwest.
19 Mar 2007drilling result▲ GoodMajor
Wireline logs confirm Jingemia-11 found 31m of Dongara Sandstone: a 23m oil column over about 8m of partially swept oil. Top is 14m updip of the best producer. Casing is being run to complete it. Target output is ~5,000 bopd, from ~3,000 now.
15 Mar 2007drilling progress report● Neutral
Jingemia-11 is at 2,606m with wireline logging under way. Earlier results are repeated: the full 31m Dongara Sandstone is likely oil-saturated. No new result.
14 Mar 2007farm in farm out agreement▲ GoodMajor
Indian companies BPCL and Tata Petrodyne each fund 40% of an appraisal well, capped at US$23m, on UK Block 48/1b&2c to earn 25% each. Norwest drops from 50% to 25%. Well due before December 2008. Concludes the BPCL talks and farmout on this block.
14 Mar 2007drilling result▲ Good
Jingemia-11 reached total depth of 2,606m. Preliminary logs indicate the whole Dongara Sandstone is likely oil-saturated, with the top 10m updip of the previous best producer. Victoria calls the well very successful. Logging next.
13 Mar 2007drilling result▲ GoodMajor
Operator Origin reports good oil shows in the target Dongara Sandstone at Jingemia-11 (2,489-2,520m), drilling at 2,528m. Victoria says the well looks successful and could lift field output from 3,200 to about 5,000 bopd. Norwest holds 1.278%.
13 Mar 2007drilling progress report● Neutral
ARC Energy forwards Origin's 13 March Jingemia-11 update. Cover note with no new information for Norwest.
13 Mar 2007drilling result▲ Good
Origin confirms the Dongara Sandstone was hit at 2,489m, 10m updip of the previous highest well. Early logs suggest the full ~31m reservoir is oil-saturated. Drilling continues to 2,614m, then completion. Same result as Victoria's release.
12 Mar 2007drilling progress report● Neutral
Jingemia-11 changing the drill bit at 2,396m, near its planned 2,614m depth. Routine progress; no result yet.
9 Mar 2007resource reserve update▲ GoodMajor
AED estimated Puffin South West oil in place at 38-97m barrels (most likely 65m). Norwest adds this to NE1 and NE2 and raises its 1.25% royalty value estimate to A$65m from A$41m, assuming US$50 oil and 44% recovery. SW accuracy needs more drilling.
9 Mar 2007drilling progress report● Neutral
Jingemia-11 changing the drill bit at 1,711m. Routine progress; no result yet.
8 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 1,686m. Routine progress; no result yet.
7 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 1,149m. Routine progress; no result yet.
6 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 853m, per Victoria Petroleum. Routine progress; no result yet.
6 Mar 2007director officer appointment▲ GoodMajor
Former BHP Billiton Petroleum gas president Bill Bloking joins as non-executive director. He is to get 3m options (exercise $0.225-$0.325), subject to shareholder approval. Chairman expects significant Puffin royalty cash flows from late 2007.
