Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2008asset acquisition disposition▲ GoodMajor
Norwest will be awarded UK block 48/1c next to Cobra, with a 25% interest alongside EnCore (operator), Tata Petrodyne and BPCL. Management says it may add over 100 BCF to Cobra. This extends the Cobra gas discovery, which still lacks proven commercial flow rates.
6 Nov 2008flow test result▲ GoodMajor
Puffin-11 flow-tested up to 3,600 bopd, limited by flaring capacity, with a calculated well productivity above 10,000 bopd. It is confirmed as a new discovery adding to the Puffin south-west reservoirs. The well is suspended and the rig moves to Puffin-12. Positive for Norwest's 1.25% royalty.
31 Oct 2008quarterly activities report● Neutral
September quarter: Puffin royalties of US$710,443 and Jingemia revenue of US$120,419. Wisteria-1 was abandoned dry with Norwest paying A$800,000 towards a 7-day cost overrun. The Cobra review and UK onshore licence grants are confirmed, and the Dorset gravity survey has started.
27 Oct 2008annual report● Neutral
Published 2008 annual report. The chairman cites tight capital markets and notes Puffin royalties of A$1.5m to 30 June, below expectations. He calls Wisteria and Freshwater Point disappointing but sees Cobra's 300+ BCF potential as positive. Mostly repeats known events.
6 Oct 2008drilling result▲ Good
Puffin-11 found a new oil zone with a gross column of about 25 m, the thickest seen in the Puffin field, in high-permeability rock. The well is being sidetracked to test deeper targets and drill a horizontal production section. Builds on the 30 September oil strike.
1 Oct 2008resource reserve update▲ GoodMajor
An independent review puts Cobra's most likely gas in place above 300 BCF. Half or more may be recoverable, subject to successful flow testing. This follows the April-May well that did not flow commercially; the joint venture is weighing options to reach commercial rates.
30 Sept 2008drilling result▲ GoodMajor
Puffin-11 hit an oil-bearing sand at 2013 m with a movable oil column over 20 m, reported by AED. Rock quality is still being assessed. Norwest's 1.25% royalty applies, so this is a positive first sign for the Puffin royalty after the Wisteria dry hole.
25 Sept 2008annual report● Neutral
Statutory annual financial report for the year to 30 June 2008 (the extract is truncated). It shows directors Bloking, Munachen and Kennedy in office, with Salomon and Svalbe having resigned in December 2007. No financial figures are visible in the text provided.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 reached 3,281 m and found no significant hydrocarbon shows in the Plover, the last target. The joint venture will log, plug and abandon it. A dry hole for Norwest's 15%, about 6% of cost.
8 Sept 2008drilling progress report▼ Bad
Wisteria-1 at 2,886 m has drilled through the Montara sandstone with no reservoir-quality sandstone or significant shows. Only the deeper Plover target remains.
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.
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%.
28 July 2008quarterly activities report● Neutral
June quarter report repeats the Cobra result (gas column at least 392 ft, un-stimulated flow not commercial, re-entry expected in the 2009 drilling season), the UK onshore licences, new CEO and A$4.7m raising. It adds Manuel earning 5% and a possible 2009 seismic survey.
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.
