Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2021drilling progress report▼ Bad
The cement bond log confirmed where cement sits in the annulus, and a remedial cementing job is planned. Production testing of Lockyer Deep-1 is targeted for late Q4 2021 but may slip to early Q1 2022, a possible delay.
12 Oct 2021drilling progress report▲ Good
Milling cleared cement from the 5-1/2" casing, and a significant amount of cement is now confirmed to have been displaced into the annulus, easing the earlier concern. A cement bond log will decide any further remedial work before testing.
27 Sept 2021drilling progress report▼ Bad
Cement was not displaced into the annulus when the production casing was run, so it is being milled out and re-cemented. Extra cost for the joint venture is up to A$5 million (Norwest share up to A$1 million). Production test is still targeted for Q4 2021.
27 Sept 2021annual report● Neutral
Annual financial report for the year to 30 June 2021, listing the board and officers already known. Provided text is truncated, so no financial results can be reported from it.
22 Sept 2021resource reserve update▲ GoodMajor
Logs confirm 20.2 m net gas pay in the Kingia, 16% porosity and ~500 mD permeability, with a gas column up to 800 m. Norwest expects resources to exceed the 1.12 Tcf pre-drill high case; well being completed for testing. High Cliff is not pay at this location.
8 Sept 2021drilling result▲ GoodMajor
Lockyer Deep-1 reached 4,274 m, with preliminary results indicating a significant gas discovery in good-quality Kingia Sandstone and no gas-water contact seen. Wireline logging is under way; this is the first drilling success after the long search for a rig. Norwest holds 20%.
30 Aug 2021capital raising announcement▲ GoodMajor
Completed a placement of up to 343.75 million shares at 0.8c to raise up to $2.75 million, significantly oversubscribed, with the four largest holders (Mineral Resources ~19.7%) taking part. Funds production testing, seismic and working capital.
What it means for a shareholder
344m new shares at A$0.008 to raise about A$2.8m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00244% to 0.00229% of the company. To keep it you'd need 8,393 more shares - about A$67 at the issue price.
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30 Aug 2021drilling progress report▲ Good
Final-section drilling began 28 August. Oil shows were seen across a 158 m interval in the Dongara and Wagina formations, with gas readings up to 19.6%. These are secondary targets; net oil pay is too early to call pending logs.
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.
30 July 2021quarterly activities report● Neutral
June quarter: Lockyer Deep-1 spudded 18 July; drilling paused while the rig's blowout preventer was readied. Six-month EP368 extension confirmed. Norwest nearing completion of reinterpretation of EP368/426 seismic, with a prospectivity update due Q3. EP413 assignment to AWE ($100,000) approved initially, completion expected shortly.
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.
30 Apr 2021quarterly activities report● Neutral
March quarter: cash $4.072M after the $2M placement. Rig sharing agreement with another operator is well advanced, targeting Lockyer Deep-1 in Q3 2021. EP413 sale to AWE announced; Strike's West Erregulla-4 appraisal reported successful.
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.
29 Jan 2021quarterly activities report● Neutral
December quarter: Lockyer Deep-1 rig slot now expected September to November 2021, later than the H1 2021 target, subject to a rig sharing agreement. Cash $2.629M. Strike's West Erregulla-3 found gas; Norwest is reviewing the effect on chance of success and resources.
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 2020agm notice● Neutral
Cover letter for the AGM on 27 November 2020 in West Perth, with social distancing and a teleconference option. Shareholders are encouraged to lodge proxies. Administrative only.
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.
