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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2007quarterly activities report● Neutral
September quarter: Puffin first oil, about 300,000 barrels produced so far during commissioning. Wisteria-1 (AC/P32) now expected second half 2008, A$20m cost, with a farm-in partner still sought. Jingemia averaged about 1,530 bopd, down from 2,197.
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.
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.
31 July 2007quarterly activities report● Neutral
June quarter: Puffin-8 indicative stabilised rate 15-20,000 stb/d; Wisteria/Azalea picked as AC/P32 commitment well with farm-out talks continuing; Cobra site survey due in UK Block 48/1b&2c. Jingemia averaged about 2,197 bopd, down from 2,886 last quarter. US sale completed.
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.
30 Apr 2007quarterly activities report● Neutral
Cash at 31 March 2007 was A$7.835m, slightly down from $7.882m. About A$460k outflow is planned next quarter. No debt. Shares on issue remain 199,854,538.