27 May 2008drilling result▼ Bad
Victoria Petroleum forwards Origin's update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows; logging being prepared.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 May 2008drilling result▼ Bad
ARC forwards Origin's 26 May update: Freshwater Point 1 at 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Norwest re-releases Origin's 26 May update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Freshwater Point 1 reached 1,817 m in basement on 25 May. The High Cliff Sandstone was hit at about 1,647 m, with no hydrocarbon shows in primary or secondary targets. Bad sign for Norwest's 1.278%.
22 May 2008drilling progress report● Neutral
ARC forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Victoria Petroleum forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days.
22 May 2008drilling progress report● Neutral
Origin's 22 May update: Freshwater Point 1 drilling at 1,158 m in the Kockatea Shale, total depth expected in 2-3 days. No result yet.
21 May 2008well test result▼ BadMajor
Cobra 48/2c-5 flowed at most 1.1 million cubic feet of gas a day un-stimulated, which is not commercial. The well is suspended pending a stimulation study. A gas column of at least 350 ft supports a large gas volume. Falls short of the 2.7 mmcfd 1984 well.
15 May 2008drilling progress report● Neutral
ARC forwards Origin's 15 May Freshwater Point 1 update: surface casing set at 412 m, drilling ahead soon. No result.
15 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 15 May Freshwater Point 1 update: casing set at 412 m, about to drill ahead. No result.
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.
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.
29 Apr 2008quarterly activities report● Neutral
Amended March 2008 quarterly cash flow: cash at quarter end A$4.463m, down from A$5.460m. Receipts were A$1.421m, no debt, about A$3.7m of spending planned next quarter. AC/P32 cut to 15%; 5% of Block 11/29 acquired.
29 Apr 2008quarterly activities report● Neutral
March quarter: Cobra is drilling towards TD, expected early May. Manuel was dry (5%). Puffin royalties of A$893,251 received. Conversion of blocks 12/16b, 12/17a and 12/22b (25%) to a traditional licence was approved, and two UK onshore licence applications lodged.
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.
30 Jan 2008quarterly activities report● Neutral
December quarter: Puffin royalties received A$945,240 across Dec/Jan; AC/P32 farmed out to Cosmo; Cobra appraisal well due to spud around mid-February. Jingemia averaged about 1,496 bopd. EP139 talks with Traditional Owners wait for the dry season.
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.