Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2022resource reserve update▲ GoodMajor
Post-drill review lifts Lockyer Deep's best-estimate free water level from 4,500m to 4,560m, growing the potential resource area from 92 to 100 km2. Open flow is estimated at 190 MMscf/d, with 70-110 Bcf gas-in-place connected to the well. Two-well drilling targeted Q4 2022.
3 May 2022capital raising announcement▲ Good
Share Purchase Plan closed with $3,324,420 of applications, all accepted without scale-back. This issues 100,739,902 shares at 3.3c on 6 May 2022, taking the total raising to about $18.6M.
What it means for a shareholder
101m new shares at A$0.033 to raise about A$3.3m. That's 1.5% dilution: every existing holder's slice gets 1.5% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.000459% to 0.000452% of the company. To keep it you'd need 462 more shares - about A$15 at the issue price.
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29 Apr 2022quarterly activities report▲ Good
March quarter report: Lockyer Deep-1 flowed at 117 mmscfd, Ringneck 2D is complete, and three appraisal wells are planned from Q4 2022 with Rococo 3D in December. Cash was $5.5M before the $15.3M placement.
13 Apr 2022capital raising announcement● Neutral
Formal Share Purchase Plan offer booklet sent to eligible shareholders, opening 13 April and closing 29 April 2022. It offers $5,000-$30,000 of shares at 3.3c, aiming for about $3M. Repeats the previously announced terms.
8 Apr 2022capital raising announcement● Neutral
Share Purchase Plan timetable updated: offers of $5,000-$30,000 at 3.3c, aiming for up to $3M (about 91M shares). Closing moves to 29 April 2022, with shares issued 6 May. Terms otherwise unchanged.
6 Apr 2022capital raising announcement▲ GoodMajor
Norwest raises about $15M through a placement of up to 465.5M shares at 3.3c (13.2% discount), with Mineral Resources participating, plus a Share Purchase Plan of up to $3M. Funds go to Lockyer Deep completion, seismic and appraisal drilling targeting October 2022.
What it means for a shareholder
466m new shares at A$0.033 to raise about A$15.0m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.000493% to 0.000459% of the company. To keep it you'd need 2,297 more shares - about A$76 at the issue price.
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6 Apr 2022admin correction● Neutral
Re-release of the 6 April $18 million placement and share purchase plan announcement, correcting the incorrect title only. No other changes.
6 Apr 2022investor presentation● Neutral
Presentation supporting the capital raising, repeating Lockyer Deep-1 results and the 92 km2 area. It shows 6.6B shares, 3.8c price, A$251M market cap and about A$20M pro forma cash with no debt. Little new information.
1 Apr 2022director officer appointment● Neutral
Board proposes 30 million performance rights for Managing Director Iain Smith, in three 10 million tranches: a 2C contingent resource above 1.6 Tcf at Lockyer Deep, and 30-day share price averages of 5.5c and 7.0c. Needs shareholder approval at a general meeting.
1 Apr 2022well test result● Neutral
The extended Lockyer Deep-1 flow test ran through 31 March 2022. The well will now be shut in for about six days of pressure build-up monitoring, then suspended for future completion as a producer. No new flow figures.
30 Mar 2022drilling result● Neutral
Ringneck 2D seismic survey (148 line-km) is complete, focused on the southeast of the Lockyer Deep field, including Lead E. Preliminary processed data is expected within four months, after which the joint venture will decide whether drillable targets exist.
28 Mar 2022flow test result▲ GoodMajor
Lockyer Deep-1 flowed at a maximum 117 mmscfd (102 mmscfd sustained) with condensate of about 6 bbl/mmscf and low CO2 and H2S. The company calls it the highest-rate Perth Basin Permian gas well so far; flow was stopped due to sand. This confirms the 2021 discovery's deliverability.
28 Mar 2022flow test result▲ Good
Operator Mineral Resources reports an instantaneous maximum flow of 117 mmscf/d at Lockyer Deep-1, with condensate of 5-6 bbl/mmscf and low impurities. It plans more wells and seismic over 12-18 months. Confirms the 2021 discovery's deliverability.
14 Mar 2022well test result▲ Good
Lockyer Deep-1 was perforated over 10-12 March 2022 and flowed strong dry gas at stable wellhead pressure above 4,800 psi, with 4-4.5% CO2. The full six-day production test is now due around 25 March, after the earlier delays.
11 Mar 2022half year report● Neutral
Half-year to 31 Dec 2021 shows a net loss of $926,512, up from $305,705 a year earlier. It notes Norwest gave notice to withdraw from TP/15 effective 6 Dec 2021 (assignment still pending) and that January option exercises raised $2,908,403.
4 Mar 2022drilling scheduled▼ Bad
Cyclone Anika delayed the Buru Energy Rafael-1 well test, so the Lockyer Deep-1 test package is now expected to mobilise from the week of 21 March 2022, later than the 9 March target. Perforating starts the week of 7 March; Ringneck 2D acquisition begins 7 March.
23 Feb 2022drilling progress report● Neutral
Lockyer Deep-1 is conditioned for perforation, but perforation is postponed by contractor delays. The test still targets about 9 March 2022. Ringneck 2D crews begin mobilising 3 March, with acquisition due to finish by end of March.
22 Feb 2022admin correction● Neutral
Issuing 714,285 shares at 0.6c to correct an administrative error, where one option holder's $4,285.71 exercise payment was not converted to shares. Minor administrative fix.
15 Feb 2022drilling scheduled● Neutral
Lockyer Deep-1 production testing is scheduled for about 9 March 2022 and should take roughly two weeks. The 148 line-km Ringneck 2D seismic survey starts 24 February, and the 385 km2 Rococo 3D survey is planned from December 2022.
31 Jan 2022quarterly activities report● Neutral
December quarter report: Lockyer Deep-1 test slips to mid-March 2022 because of WA border rules. The Rococo 3D seismic is postponed to December 2022, and appraisal drilling is planned from Q4 2022. Cash was $5.78M, plus $2.8M from option exercises.
6 Jan 2022well test result● Neutral
A cement bond log confirmed the remedial cementing was satisfactory, resolving the earlier cementing problem. Testing is now waiting on equipment and crew, with WA border controls causing delays; the operator targets starting before end of February 2022.
22 Dec 2021security holder rights change● Neutral
Reminder letters sent to holders of listed options NWEOB, exercisable at 0.6c until 24 January 2022. Quotation ceases 18 January. Shares closed at 2.2c on 20 December, well above the exercise price.
30 Nov 2021investor presentation● Neutral
Notice of a live investor webinar on 7 December 2021, where the Managing Director will review the AGM presentation. No new information.
22 Nov 2021investor presentation● Neutral
AGM presentation by the Managing Director repeating known points: Lockyer Deep-1 discovery, 92 km2 area, production test early Q1 2022 and appraisal in 2022. Shows about 5.5 billion shares and a A$132 million market capitalisation at 2.4c. No new information.
15 Nov 2021resource reserve update▲ GoodMajor
Revised mapping lifts the Lockyer Deep potential resource area 40%, from 66 to about 92 km2, by including the southern part previously treated as separate prospective ground. No volume is given; the operator's interpretation is broadly consistent.
10 Nov 2021other● Neutral
Mandatory JobKeeper disclosure: Norwest received $39,000 for two employees in FY2021 and $0 in FY2020, and made no repayments. Administrative notice with no bearing on the exploration story.
2 Nov 2021drilling progress report● Neutral
Rig released and Lockyer Deep-1 suspended for testing, with testing now due by early Q1 2022. Total well cost is about A$18.5 million against the original A$14.5 million estimate, though the company says remediation costs were within the original estimate.
27 Oct 2021quarterly activities report▲ Good
September quarter report restates the Lockyer Deep-1 discovery (20.2 m net pay, 66 km2 area) and says casing cementing is complete, with production testing now by Q1 2022. Seismic applications are lodged; the company says it is well funded.
22 Oct 2021annual report▲ Good
Annual report for the year to 30 June 2021. The chairman calls the year 'transformational' after the Lockyer Deep-1 gas discovery, expects resources to exceed the 1.1 Tcf pre-drill high case, and targets production testing before year-end and seismic surveys in early 2022.
22 Oct 2021admin correction● Neutral
Appendix 4G governance checklist for the year to 30 June 2021, pointing to the corporate governance statement on pages 17-22 of the annual report. Administrative filing with no new substance.
