23 Dec 2016farm in farm out agreement● Neutral
Triangle's own release repeating the extension of the Xanadu-1 term sheet end date to 15 February 2017. Nothing new beyond Norwest's announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2016farm in farm out agreement● Neutral
Transerv's own release confirming the Xanadu-1 farmout deadline extension to 15 February 2017 and the lodged drilling application. Nothing beyond Norwest's announcement.
23 Sept 2016farm in farm out agreement● Neutral
Triangle's own release: it would earn up to 30% of TP/15 by funding 40% of Xanadu-1 well costs, with caps. It is not binding until Norwest finalises the joint venture, expected by December 2016. Triangle paid a refundable $25,000.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Term sheets signed for the Xanadu-1 well in TP/15: Transerv pays 20% of costs for a 15% interest, Triangle Energy pays 40% for 30%. This funds 60% of the well. The deal lapses unless 100% of costs are funded by 31 December 2016.
23 Sept 2016farm in farm out agreement● Neutral
Transerv's own release repeating Norwest's term sheets: it earns 15% for 20% of Xanadu-1 costs, Triangle earns 30% for 40%, so 60% of the well is funded. Deadline of 31 December 2016 for full funding applies. Nothing new beyond Norwest's announcement.
6 May 2015drilling progress report▲ GoodMajor
The EP413 Arrowsmith 3D seismic acquisition (106 km2) is finished on time and within budget. Processing begins, with results expected in Q3 2015, to help choose the Arrowsmith-3 horizontal well location. Delivers the early-2015 survey flagged earlier.
17 Apr 2015drilling progress report▲ GoodMajor
On-ground preparation is complete and the 106 km2 Arrowsmith 3D seismic survey is set to start within days, taking about 21 days. Processing results are expected in Q3 2015. This begins the work approved in March, ahead of the Arrowsmith-3 well.
29 Oct 2014drilling scheduled▲ GoodMajor
Norwest plans to drill the Xanadu-1 oil prospect in TP/15 (100%) from onshore via a deviated well, targeting Permian sands at about 800m, in mid-2015. It will seek a farm-in partner to fund drilling, with RFC Ambrian managing. Unrisked best estimate recoverable is 160 mmstb (inference from table).
7 Feb 2014drilling progress report▲ Good
Arrowsmith-2 was re-entered on 29 January 2014. The tubing and faulty gas lift mandrel were removed, and tubing re-run to the packer at 2,645m. A 14-day well test with production logging is being prepared, feeding Arrowsmith-3 planning, which will use 3D seismic in H2 2014.
6 Feb 2014resource reserve update▲ Good
Partner AWE's independent estimate puts gross unconventional prospective gas in EP413 at 2,707 Bcf (plus 31 million bbls NGLs), within 11.1 TCF across four AWE permits. AWE says further Arrowsmith-2 testing is planned in Q1 2014. Norwest is not the issuer.
6 Feb 2014resource reserve update▲ Good
Norwest says AWE's independent estimate of 2,707 Bcf gross prospective gas at EP413 compares favourably with the 2,636 Bcf best estimate from DeGolyer and MacNaughton (June 2013). Norwest's 27.945% share is 756 Bcf and 9 million bbls NGLs. No new Norwest estimate.
23 Dec 2013drilling scheduled● Neutral
Norwest sets January 2014 to remove the faulty gas lift mandrel from Arrowsmith-2, followed by a 14-day well test with production logging. It has applied to the state regulator for the 110 km2 3D seismic, now planned for Q3 2014. The horizontal Arrowsmith-3 is to follow, with no date given.
16 Sept 2013drilling progress report● Neutral
Arrowsmith-2 completion work restarted after the 10 September packer setback, with the well completed at 2,645m. Testing of the High Cliff Sandstone is delayed until the other zones clean up; the company says the program and budget are unchanged.
10 Sept 2013drilling progress report▼ Bad
At Arrowsmith-2 the completion packer could not be run below 2,646m and was set at that depth, so the plan will be modified. This is a setback to the three-week High Cliff test schedule. Norwest will announce a revised program and restart date.
22 Aug 2013drilling progress report● Neutral
Arrowsmith-2 operations restarted 22 August 2013 to install a completion packer isolating High Cliff, then flow High Cliff for 2-3 weeks, followed by Irwin River Coal Measures and Carynginia. The whole program is expected to take 3-4 months.
2 Aug 2013resource reserve update▲ GoodMajor
D&M adds a first contingent (2C) gross gas resource of 316 BCF for EP413 to the earlier 2.6 TCF prospective best estimate (450 million BOE). Contingent resources cover about 36 km2 around Arrowsmith-2. This moves part of the resource closer to development, though economic status is undetermined.
9 July 2013drilling progress report● Neutral
Arrowsmith-2 completion work with 2 3/8in tubing is scheduled to start 1 August 2013, with High Cliff Sandstone testing first. Carynginia has been shut in to build pressure and gets a short flow test. Maximum rates so far: Kockatea 414,000, Carynginia 355,000, High Cliff 780,000 scf/d.
9 July 2013drilling progress report● Neutral
AWE repeats the operator's advice that Arrowsmith-2 recompletion and testing restart on 1 August 2013 once long-lead equipment arrives, starting with High Cliff. It adds that a 2014 horizontal test well could follow 3D seismic. No new information beyond Norwest's release.
11 June 2013resource reserve update▲ Good
Partner AWE (44.25%) relays the D&M estimate of 450 million BOE including 2.6 TCF of gas for EP413 and attaches Norwest's release. It says the joint venture plans 3D seismic and possibly a horizontal production test well in 2014. No new resource data beyond Norwest's release.
11 June 2013resource reserve update▲ GoodMajor
DeGolyer & MacNaughton's independent review of EP413 (Arrowsmith) gives a best-estimate (P50) gross prospective recoverable resource of 450 million BOE, including 2.6 TCF of gas. Norwest holds 27.945%. These are unrisked prospective volumes; no certainty of discovery or commercial viability. This is the resource booking targeted since March.
15 May 2013resource reserve update▲ Good
Norwest relays Empire's RPS-based estimate of 32 TCF unrisked, undiscovered gas in place in the Irwin River Coal Measures at North Erregulla (EP368/426). The CEO calls it encouraging and awaits the DeGolyer & MacNaughton Arrowsmith resource report.
14 May 2013resource reserve update▲ GoodMajor
Operator Empire released an independent RPS study of EP368 and EP426, estimating 32 TCF of unrisked, undiscovered gas in place in the Irwin River Coal Measures. Empire advises caution; it is a gas-in-place figure, not recoverable. Norwest holds 20% of EP368 and 22.22% of EP426.
25 Mar 2013resource reserve update▲ GoodMajor
Norwest says its review of Kockatea data shows the first successful test of the shale oil concept in Australia, with up to a 200m high-graded section. This is the company's own view, not an independent estimate. Carynginia rate rose to 355,000 scf/d after a pressure build-up.
18 Jan 2013drilling progress report▲ Good
Operations restarted at Arrowsmith-2 on 18 January with a pressure survey; the reservoir is approaching original pressure, a positive sign. Evaluators are working toward a Kockatea resource booking. Carynginia testing follows when equipment arrives; the remaining zones are expected to take 3-4 months.
11 Dec 2012drilling progress report▼ Bad
Kockatea recovery slowed to about 60 bpd with no improvement in oil cut or gas, which was 45,000 scf/d. Well shut in to monitor pressure build-up and equipment demobilised; work resumes early January. Rates have not improved from the earlier 70,000 scf/d peak.
11 Dec 2012drilling progress report● Neutral
Partner AWE repeats the Kockatea shut-in: about 78% of frac fluid recovered, gas up to 70,000 scf/d, latest 45,000 scf/d. Testing resumes mid-January on the Carynginia, then IRCM and High Cliff, taking 3-4 months. Mentions a possible pilot horizontal well.
29 Nov 2012drilling progress report▲ Good
Swabbing at Arrowsmith-2 since 19 November lifted Kockatea recovery to 120-150 bpd of fluid, oil cut near 15%, and gas up to 70,000 scf/d. Over 66% of injected fluid is back; stable rates are expected near 80%. Program still seen at 3-4 months.
2 Nov 2012drilling progress report▲ Good
Flow back at Arrowsmith-2 restarted on the Kockatea Shale, producing oil, gas and frac water after the earlier shut-in. Testing of all zones is expected to take 3-4 months; a 3D seismic survey for early 2013 and a pipeline scoping study are being planned.
6 Sept 2012drilling result▲ GoodMajor
Arrowsmith-2 is declared a technical success, with all five zones producing hydrocarbons to surface. Kockatea flow back has resumed, to be followed by an extended production test and then a contingent resource estimate. This is the final weekly update of this phase. Commercial rates remain unproven.
3 Sept 2012drilling result▲ GoodMajor
The final Stage Five frac on the Kockatea Shale produced both oil and gas to surface, and the well was shut in after 10 hours because site storage was insufficient. Norwest says all five zones have now flowed hydrocarbons. This is the first oil sign in the program; commerciality is not yet known.