Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2007quarterly activities report● Neutral
March quarter: BPCL farmed into AC/P32 and Block 48/1b&2c, new UK Block 47/7 won, and Puffin royalty estimate rose to A$65m. Jingemia averaged about 2,886 bopd. Norwest's Wisteria/Azalea well in AC/P32 still needs a farm-out partner for funding.
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.
2 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Jingemia-11 preparing to set casing at 534m. Routine early progress with no result yet.
1 Mar 2007drilling spud● Neutral
Victoria Petroleum reports Jingemia-11 development well started drilling, planned to ~2,614m. Success could lift field output to about 5,000 bopd. Norwest holds 1.278%.
1 Mar 2007drilling spud● Neutral
Operator Origin reports Jingemia 11 started drilling on 28 February, targeting the Dongara Sandstone at ~2,490m, total depth ~2,614m. Norwest holds 1.278%. Same event as Victoria's release.
1 Mar 2007drilling spud● Neutral
ARC Energy forwards Origin's release on the start of Jingemia 11. A cover note with no new information for Norwest.
20 Feb 2007admin correction● Neutral
Norwest corrects its 15 Feb release: NE1 oil in place is 67m barrels, not 90m. Recoverable volumes (40m NE1, 9m NE2) and the A$41m royalty estimate are unchanged, at US$50 oil and 0.75 exchange rate. Notes Puffin-8 development well spudded 19 Feb.
15 Feb 2007resource reserve update▲ GoodMajor
After AED added a Puffin NE2 area (11-30m barrels in place), Norwest raised its estimate of its 1.25% royalty value to A$41m from A$33m, using US$50 oil and a 44% recovery assumption. Later corrected (see 20 Feb).
7 Feb 2007farm in farm out agreement● Neutral
Partner Bounty Oil and Gas reports the same BPCL farm-in to AC/P32, with Bounty's share US$227,200. Repeats Norwest's own announcement; no new information.
7 Feb 2007farm in farm out agreement● Neutral
Partner Adelphi reports the same BPCL farm-in to AC/P32: US$1.42m for 20%, Adelphi's share about US$328,000. Confirms Norwest's holding becomes 24.08%. No new information for Norwest.
7 Feb 2007farm in farm out agreement▲ GoodMajor
BPCL farms into AC/P32, paying the joint venture US$1.42m (Norwest share US$427,420) for a 20% interest. Norwest's interest becomes 24.08%. BPCL gets first right to further interests. First formal deal from the BPCL talks; next-year entry from May 2007 remains optional.
5 Feb 2007asset acquisition disposition▲ GoodMajor
Norwest's UK subsidiary won a new North Sea licence, Block 47/7, in the Southern Gas Basin, held 50% with Encore Oil. Initial two-year term requires data reprocessing, then a drill-or-drop decision. Expands the UK push alongside its existing 50% block nearby.
31 Jan 2007quarterly activities report▲ Good
Quarterly report: Puffin royalty put at A$33m, West Virginia sold for $1.962m, BPCL deal signed, and AC/P32 and UK Block 48 farmouts at advanced stage. Jingemia averaged ~2,840 bopd. EP368 and EP413 operators seek permit-year extensions; EP364 retention licence granted.
31 Jan 2007quarterly activities report● Neutral
December quarter cash report: cash rose from $6.35m to $7.88m, helped by $1.96m from the West Virginia sale. About $500k outflow planned next quarter. Shares on issue about 199.85m.
