Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2021drilling progress report▲ Good
Lockyer Deep-1 reached intermediate casing point at 3,097 m, about 300 m shallower than planned, with gas shows in non-target formations. The well will now be deviated to hit the main targets at the best location. No target results yet.
18 Aug 2021resource reserve update▲ Good
After seismic reprocessing, Norwest mapped six new Permian gas leads (A–F, 4 to 65 km2) across EP368 and EP426, in addition to Lockyer Deep. They need more seismic before becoming drillable; no resource volumes are given for the leads.
17 Aug 2021drilling progress report● Neutral
Drilling resumed 16 August from 1,205 m after a replacement blowout preventer was installed and tested, resolving the earlier delay. Next update at about 3,400 m. Prospect figures unchanged (1.12 Tcf high case, 38% chance).
5 Aug 2021drilling progress report▼ Bad
Lockyer Deep-1 drilling remains halted because the rig's blowout preventer failed testing; replacement parts are due within five days. The company says the delay will not materially affect well cost. No geological result yet.
23 July 2021drilling progress report● Neutral
Lockyer Deep-1 reached surface casing point at 1,205 m, with casing cemented. Operations paused three to four days due to Western Australia border restrictions; partners do not expect a material effect on cost or duration. No geological result yet.
19 July 2021drilling spud▲ GoodMajor
Lockyer Deep-1 was spudded at 23:00 on 18 July 2021, targeting the Kingia and High Cliff formations. Expected to take 35 days to reach 4,185 m TVDSS. Norwest holds 20%; gross high case 1.12 Tcf, 38% chance of success.
13 July 2021drilling progress report● Neutral
The Ensign 970 rig has finished mobilising to the Lockyer Deep-1 site and rig-up is under way. Next announcement will come at spud. Prospect figures unchanged.
7 July 2021security holder rights change● Neutral
Norwest set out a simpler way to exercise listed options (NWEOB): email the form and pay by bank transfer or PayID instead of mailing a cheque. Administrative notice with no new commercial information.
6 July 2021drilling scheduled▲ GoodMajor
Operator signed a rig sharing agreement with Strike and a drilling contract with Ensign for the Ensign 970 rig, to take over around 7 July. Spud expected in July 2021. EP368 year 2 end date extended six months to 29 December 2021. Resolves the long rig search.
6 July 2021drilling scheduled● Neutral
Operator parent Mineral Resources confirms its subsidiary has secured the Ensign 970 rig for Lockyer Deep 1, with drilling to start later in July. Repeats Norwest's own rig announcement from the same day; Norwest holds 20%.
30 Apr 2021asset acquisition disposition● NeutralMajor
Agreed to assign its 27.945% interest in EP413 to AWE Perth (Mitsui group) for $100,000 on completion, with AWE taking over operatorship and rehabilitation liabilities from 23 February 2021. Subject to regulatory approval; ends the third-party talks on EP413.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020: net loss $305,705, versus $5.94M a year earlier. Lockyer Deep-1 drilling now planned for September to November 2021. Resource figures (1.12 Tcf, 38% chance) unchanged.
19 Jan 2021capital raising announcement▲ GoodMajor
Raised $2 million via placement of 333,333,340 shares at 0.6c, with the top three shareholders (Mineral Resources c.17.0%, 3C c.7.8%, Sundowner c.5.7%) taking part. Funds Norwest's 20% share of Lockyer Deep-1; rig slot timing still under discussion.
What it means for a shareholder
333m new shares at A$0.006 to raise about A$2.0m. That's 6.6% dilution: every existing holder's slice gets 6.6% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00352% to 0.00329% of the company. To keep it you'd need 11,734 more shares - about A$70 at the issue price.
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27 Nov 2020investor presentation● Neutral
AGM presentation recapping the year: Lockyer Deep-1 to be drilled in the first half of 2021, zero debt, and Mineral Resources' stake diluted from 19.9% to 16.7%. Repeats the 1.12 Tcf high case; no new results.
28 Oct 2020admin correction● Neutral
Corrected re-release of the September quarterly report. It fixes the drilling start to by June 2021 (the original said June 2020) and changes the rig wording to 'Letter of Award issued by Operator'. Other content is the same.
26 Oct 2020annual report● Neutral
2020 Annual Report: the chairman says COVID-19 delayed the Lockyer Deep-1 rig and the company is working toward a first-half 2021 slot. Debt has been fully repaid, over $4M was raised, and Mineral Resources' 19.9% stake has since been diluted.
26 Oct 2020annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2020, pointing to the governance statement in the annual report. Administrative filing with no new business information.
30 Sept 2020annual report● Neutral
Statutory accounts for the year to 30 June 2020. The extract shows the board as Myers, Smith and Clement, with Kennedy having resigned on 31 March 2020. Text is truncated, so financial results are not shown.
17 Sept 2020other● Neutral
ASX paused trading in Norwest's shares pending an announcement, tied to the price and volume query issued the same day. Procedural notice only.
17 Sept 2020price query● Neutral
ASX queried a share price rise from 0.3c to 0.5c with heavy volume. Norwest said it knew of no undisclosed information and pointed to a sector-wide rally after the government's gas-led recovery announcement, noting Lockyer Deep drilling preparations. Nothing new disclosed.
21 July 2020drilling scheduled▲ Good
Operator lodged the Lockyer Deep-1 environmental plan on 10 July 2020 and ordered long lead items (casing and wellhead). The joint venture targets drilling in six to nine months, subject to a rig slot. Prospective resource is unchanged at up to 1.12 Tcf gross, 38% chance of success.
2 July 2020security holder rights change● Neutral
5,200,000 unlisted employee options (exercisable at 0.6c) expired on 30 June 2020. Administrative notice with no new commercial information.
21 May 2020regulatory community update▲ Good
Regulator approved a 12-month suspension and extension of EP368 commitments, so the permit year now runs to 29 June 2021, giving more time to drill Lockyer Deep-1. Rig still not secured; up to seven Perth Basin wells planned from Q3 2020. Resolves the extension application.
27 Mar 2020director officer appointment● Neutral
Founding non-executive director Dave Kennedy retires effective 31 March 2020. He remains a major shareholder, and his Sundowner loan support during 2019 is acknowledged. Board reduces to three directors (inference from the existing board list).
13 Mar 2020half year report▼ Bad
Half-year to 31 December 2019 shows a net loss of $5.94M versus $386k a year earlier. Text is truncated, so the cause is not shown. EP413 suspension extended to February 2021; Lockyer Deep-1 budget awaits rig and approvals.
10 Mar 2020debt financing▲ GoodMajor
After shareholder approval on 28 February 2020, Norwest paid Sundowner $750,000 and issued 100M shares to settle the convertible loan in full. The company says it is now debt-free and funded for its Lockyer Deep-1 share. Resolves the Sundowner thread.
4 Feb 2020admin correction● Neutral
Amended Appendix 3B clarifying which of the 726,187,131 listed options were issued with shareholder approval and which under the company's placement capacity. Administrative correction; no new commercial information.
30 Jan 2020security holder rights change● Neutral
Top holder list for the new listed options as of 29 Jan 2020. The largest holder has 6.84% of the roughly 626M options. Administrative report with no new business information.
30 Jan 2020security holder rights change● Neutral
Distribution report for the listed 0.6c options: 188 holders share 626,187,131 options, all in parcels above 100,000. Administrative filing with no new business information.
21 Jan 2020security holder rights change● Neutral
Re-lodged copy of the options prospectus with an amended header; the offer is the same (617M options at 0.6c expiring 24 Jan 2022, plus Hartleys and 3C options). No new information.
