Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2007regulatory community update▲ Good
UK authorities confirmed Block 48/1b & 2c can continue into a third year after its first two-year term. This keeps the 50% gas block alive while farmout talks continue; the drill-or-drop date was December 2006.
11 Jan 2007material agreement● Neutral
Norwest says Indian media reports of BPCL agreements are premature: no formal agreement exists, but talks are under way on UK Block 48/1b & 2c and AC/P32. Any deal needs partner and regulatory approval. Follows October's cooperation agreement.
18 Dec 2006asset acquisition disposition● Neutral
Norwest withdrew from onshore Perth Basin permit EP437 (33.3%), judging the leads too risky for their small potential reserves. Funds will be redirected elsewhere. Ends the permit's seismic work.
28 Nov 2006agm notice● Neutral
AGM results: all resolutions passed on a show of hands, including the remuneration report, re-election of Finance Director Munachen and option issues to the four directors. Proxy votes were overwhelmingly in favour.
24 Nov 2006resource reserve update▲ GoodMajor
After AED's reserve upgrade for Puffin North East (P90 22, P50 40, P10 67 million barrels), Norwest estimates its 1.25% royalty could be worth A$33m. That uses the P50 case and US$50 oil, up from the earlier $10-40m range.
8 Nov 2006asset acquisition disposition▲ GoodMajor
Norwest closed the West Virginia sale to Ascent for about US$1.5m, exiting the project. The price covers leases at a premium and sunk well costs. Kentucky and Tennessee are now under review for sale.
8 Nov 2006asset acquisition disposition● Neutral
Partner Alto Energy reports closing of the West Virginia sale to Ascent, for about US$1.5m for its 29% share. Mirrors Norwest's own sale terms; no new information for Norwest.
31 Oct 2006quarterly activities report● Neutral
Cash fell from $7.56m to $6.35m in the September 2006 quarter, a net outflow of about $1.2m. Norwest planned about $625k of spending for the next quarter, and 199.85m shares were on issue.
31 Oct 2006quarterly activities report● Neutral
Quarterly report: Norwest estimates its Puffin royalty is worth $10-40m. Jingemia-8 flowed 3,520 bopd, West Virginia sale accepted, BPCL deal signed, and UK farmout drew interest. Moondah dry; Jingemia averaged about 1,750 bopd.
27 Oct 2006annual report● Neutral
2006 annual report. Chairman cites dry Magnolia-1 and Moondah-1, disappointing US shale results with options under review, and UK block 48 farmout interest. He expects Puffin royalty cash flow from 2007. Truncated text.
20 Oct 2006well test result▲ Good
Victoria Petroleum reports Jingemia-8 cleaned up at 3,250 bopd after perforation and is being tied in, targeting field output of about 4,500 bopd. Norwest holds 1.278%. Operator Origin reports 3,520 bopd; the figures differ.
20 Oct 2006well test result▲ Good
Origin reports Jingemia 8 flowed 3,520 bopd on clean-up and is being tied to the facility; Hovea 12 flowed 3,230 bopd. Both will be tested for sustainable rates. Norwest holds 1.278% of Jingemia.
20 Oct 2006well test result● Neutral
ARC Energy forwards Origin's release: Jingemia 8 flowed 3,520 bopd and Hovea 12 3,230 bopd. No new information for Norwest.
11 Oct 2006material agreement▲ GoodMajor
Norwest signed an areas-of-mutual-interest agreement with India's Bharat Petroleum (BPCL) to pursue international upstream opportunities, with Norwest as project leader. It builds on the India office; no specific project or funding is stated yet.
18 Sept 2006asset acquisition disposition▲ GoodMajor
Norwest signed to sell its 29% of the West Virginia shale gas project to operator Ascent, exiting the state, with closing due early November. The price is a significant premium to lease cost and recovers well costs. Kentucky and Tennessee are being assessed after outside interest.
5 Sept 2006resource reserve update▲ GoodMajor
Operator AED says oil in place at Puffin North East has risen from 13 to over 90 million barrels, with a reserves upgrade expected (current P90 10.4 million barrels). First oil is expected early 2007. Norwest's 1.25% royalty benefits.
5 Sept 2006drilling result● Neutral
ARC Energy forwards Origin's Jingemia 8 update: oil-saturated Dongara Sandstone, casing being run. No new information for Norwest holders.
5 Sept 2006well test result▲ Good
Wireline logs show Jingemia-8's whole 27m Dongara Sandstone section is oil saturated and not in pressure contact with the rest of the field. The well will be completed as a producer. This confirms the earlier indication; Norwest holds 1.278%.
5 Sept 2006drilling result▲ Good
Operator Origin confirms Jingemia 8 reached 2,565m, with the Dongara Sandstone oil-saturated and separate from the rest of the field. Casing is being run for completion. Repeats the partner announcement; Norwest holds 1.278%.
1 Sept 2006drilling result● Neutral
Victoria Petroleum repeats the Jingemia-8 result: 31m of indicated oil sandstone from 2,478 to 2,509m, needing confirmation by wireline logs. Nothing new for Norwest's 1.278%.
31 Aug 2006drilling result▲ Good
Jingemia 8 reached 2,565m. The Dongara Sandstone is interpreted at 2,478m, about 34m above the original oil-water contact, subject to wireline logs. Norwest holds 1.278%, so this is an encouraging but unconfirmed sign.
31 Aug 2006drilling result● Neutral
ARC repeats Origin's Jingemia 8 result (2,565m, sandstone top at 2,478m) and says the implications await logging. No new information.
25 Aug 2006drilling progress report● Neutral
Victoria Petroleum reports Jingemia-8 at 2,281m, preparing to drill ahead. It repeats its 4,000 bopd target and 4-8 million barrel potential. No new result.
24 Aug 2006drilling progress report● Neutral
ARC Energy repeats Origin's weekly report with Jingemia-8 at 2,264m. No new information for Norwest.
24 Aug 2006drilling progress report● Neutral
Origin's weekly report has Jingemia 8 drilling ahead at 2,264m, with 1,728m drilled in the week. Norwest holds 1.278%. No result yet.
14 Aug 2006drilling spud● Neutral
Partner ARC Energy repeats Origin's announcement that Jingemia 8 began on 13 August. No new information for Norwest holders.
14 Aug 2006drilling spud● Neutral
Partner Victoria Petroleum repeats the Jingemia-8 start, adding its view that the well should lift gross field output to a targeted 4,000 bopd. It sees potential for 4 to 8 million barrels recoverable. Norwest holds 1.278%.
14 Aug 2006drilling spud● Neutral
Operator Origin reports Jingemia 8 started on 13 August, planned to about 2,560m in about 20 days, targeting the Dongara Sandstone near the field's crest. Norwest holds 1.278%. This is the development well planned since the June quarter.
8 Aug 2006investor presentation● Neutral
Notice that an audio broadcast of the CEO's 1 August conference presentation is available online from 9 August. No new information.
1 Aug 2006investor presentation● Neutral
Presentation by CEO Joe Salomon to the Upstream Energy Conference in Sydney. Slides are not included in the text, so no new information is visible.
