Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2020security holder rights change● Neutral
Prospectus for up to 617M free options (exercisable at 0.6c, expiring 24 Jan 2022) for placement and SPP participants, plus 100M to Hartleys and 9.03M to 3C. Delivers the options promised with the November raising; no cash raised.
16 Jan 2020asset acquisition disposition▲ GoodMajor
The sale of the 6.278% L14 Jingemia interest to RCMA completed after DMIRS approved the title transfer. Norwest received the $630,000 balance of the $700,000 price. Resolves the pending sale thread.
20 Dec 2019resource reserve update▲ GoodMajor
Norwest raised Lockyer Deep-1's geological chance of success from 29% to 38% after Beach's Beharra Springs Deep gas flow (up to 46 MMscfd). Resource range unchanged at up to 1.12 Tcf gross. Operator signing of the drilling resolution awaits Mineral Resources board approval of its 2020 program.
18 Dec 2019capital raising announcement▲ Good
The share purchase plan closed with $795,100 raised, above the roughly $500k target, with no scale-back. Combined with the $3.3M placement, it funds the Lockyer Deep-1 well in H1 2020. Completes the November raising.
18 Dec 2019director officer appointment▲ GoodMajor
Bruce Clement joined the board as non-executive director on $36,000 a year, plus 15M incentive options subject to shareholder approval. He is the former AWE CEO who oversaw the Waitsia gas discovery, adding Perth Basin experience ahead of the Lockyer Deep well.
9 Dec 2019drilling scheduled▲ GoodMajor
Norwest approved the joint venture resolution to drill Lockyer Deep-1 in EP368 in H1 2020, about 15 km east of Waitsia, resolving the well-location question. Target depth about 3,900 m, up to 1.12 Tcf gross prospective gas; rig still being sourced; fully funded at 20%.
29 Nov 2019investor presentation● Neutral
AGM presentation by the Managing Director restating known points: the H1 2020 EP368 gas well, the completed Xanadu 3D seismic, the $700,000 L14 sale and the recent raising funding the full 20% interest. No new figures.
28 Nov 2019capital raising announcement● Neutral
Share purchase plan offer letter: eligible holders can buy $2,000-$30,000 of shares at 0.35c, a 22.3% discount to the 5-day average. The placement was increased to $3.3M, with the plan targeting $500k. Directors intend to put in up to $60,000 in the placement.
11 Nov 2019capital raising announcement▲ GoodMajor
Norwest raised A$3.25M via a placement at 0.35c per share with one free 0.6c option per two shares, plus a share purchase plan of up to $500k. Funds its full 20% share of the H1 2020 EP368 well. Sundowner loan to be partly repaid ($750k) and $250k converted.
1 Nov 2019annual report● Neutral
Corporate governance statement checklist (Appendix 4G) lodged with the annual report, pointing to pages 18-23. Administrative filing with no new business information.
30 Oct 2019annual report● Neutral
2019 Annual Report with chairman's letter: Xanadu updip potential is limited, a disappointment, while EP368 gas prospects are billed as a potential 'company maker' well in H1 2020. Text is truncated, so no financial figures are available.
28 Oct 2019resource reserve update▲ GoodMajor
Norwest raised prospective gas resources at Lockyer Deep to a high case of 1,122 Bcf gross (224 Bcf net at 20%), with North Erregulla Deep upgraded to drillable. Chance of success is 29% and 21%. EP368 well location decision due within weeks.
24 Oct 2019drilling result▼ BadMajor
The new 3D seismic shows the Xanadu-1 oil discovery's updip area is smaller than expected, with likely marginal commerciality. Downdip potential is larger but in one sand and higher risk. More studies are needed before any appraisal well. Resolves the October results thread negatively.
18 Oct 2019security holder rights change● Neutral
Norwest awarded incentive options under its employee plan: 30M per tranche to MD Iain Smith, 5M each to chairman Ernie Myers and director Dave Kennedy, and 12M to 3 staff, with exercise prices of 0.89c-1.07c and a 4-year expiry. Director grants need AGM approval.
17 Oct 2019asset acquisition disposition▲ Good
RCMA has received FIRB approval to buy Norwest's 6.278% Jingemia (L14) interest for A$700,000. Only DMIRS title-transfer approval remains before completion and receipt of the balance; the $70,000 deposit is already held.
1 Oct 2019asset acquisition disposition▲ Good
The 28-day cooling-off period on the L14 sale to RCMA has ended. The $700,000 sale is now conditional only on FIRB and DMIRS approvals, with the $70,000 deposit received and completion expected by December 2019. Progresses the earlier agreement.
27 Sept 2019annual report● Neutral
Annual financial report for the year to 30 June 2019, with the directors' report and statements. The text is truncated, so no financial figures are available. It confirms Iain Smith joined as MD on 2 April 2019 and Jo-Ann Long is again Company Secretary.
11 Sept 2019investor presentation● Neutral
Good Oil Conference presentation. Snapshot: 3,382.1M shares, price 0.7c, market cap A$23.7M, cash A$0.55M at 30 June 2019 plus $700,000 L14 sale proceeds pending, and $0.75M Sundowner debt maturing April 2020. Mostly repeats known projects.
2 Sept 2019asset acquisition disposition● NeutralMajor
Norwest agreed to sell its 6.278% Jingemia (L14) interest to operator RCMA for A$700,000, with a $70,000 deposit. RCMA can walk away by 27 September. Completion is expected early Q4 2019. The company says this focuses funds on Xanadu and EP368/426.
2 Sept 2019investor presentation▲ Good
Following Strike Energy's West Erregulla-2 gas discovery just south of EP368, Norwest expects to raise prospective gas resources at Lockyer Deep and North Erregulla. The joint venture will pick a prospect for an H1 2020 well. Restates known points with an expectation of upgrades.
9 Aug 2019resource reserve update▲ GoodMajor
The EP368 joint venture will weigh Springy Creek oil against Lockyer Deep gas for a drilling commitment well in H1 2020. Lockyer Deep prospective gas resources were raised to up to 662 Bcf gross. This slips the earlier Q4 2019 Lockyer Deep timing.
12 July 2019drilling result▲ Good
Xanadu 3D seismic acquisition finished on 11 July 2019, with good coverage on both panels. Data is being processed in Calgary, and interpreted results are still expected by October 2019. This clears the way for an appraisal well decision.
8 July 2019resource reserve update▲ GoodMajor
Norwest identified a new Springy Creek oil prospect in EP368 (20% interest) with prospective recoverable resources of 8.6 to 61.1 MMbbl gross, at a 25% geological chance of success. These are unrisked, undrilled estimates. A joint venture decision on the next step is expected in July.
28 June 2019drilling progress report▲ Good
Xanadu seismic eastern panel, the harder one, was finished on 24 June despite wind and sea delays; the western panel is under way. Raw data quality looks good, and approval to run into July was obtained. Interpreted results are still expected by October 2019.
31 May 2019drilling progress report▲ Good
Synterra began acquiring the 40 km2 Xanadu 3D seismic survey, following regulator approval. Completion is expected by end June 2019 and early interpreted results by October 2019, after which the joint venture will consider an appraisal well. Norwest holds 25% and Triangle is now shown at 45%.
17 May 2019production update▼ Bad
Operator RCMA has suspended Jingemia production to fit electric submersible pumps on wells J4 and J10, replacing ageing jet pumps. J12 and J8 may follow from July. Norwest's share of committed cost is about $120,000. This interrupts the four-well output restored in December.
3 Apr 2019debt financing● NeutralMajor
Norwest signed a convertible loan with Sundowner, a related entity of director David Kennedy: up to $500,000, extendable to $1.5M, 8% interest, 12 months, conversion at $0.0025 (or $0.002 at Norwest's election). Bidders have discounted the company over its weak cash. CEO Shelley Robertson resigned; Iain Smith is the new MD.
15 Mar 2019half year report▼ Bad
Half-year to 31 December 2018: net loss of $385,624, against a $271,634 profit a year earlier. TP/15 was renewed for five years from 7 December 2018. Jingemia has four wells producing. Mr Myers replaced Mr Fry as chairman.
21 Feb 2019regulatory community update▲ GoodMajor
State approval granted for the 40 km2 Xanadu 3D seismic survey, ending the repeated delays. Mobilisation is expected mid-April, acquisition from early May 2019, with results in Q4 2019. A five-year TP/15 renewal was granted in 2018. An appraisal well will be considered afterwards.
11 Feb 2019resource reserve update▲ GoodMajor
An independent review by LEAP Energy for the operator RCMA identified four prospects and four leads within the Jingemia (L14) licence. This is the first remodelling since before 2012 and follows the earlier exploration-upside evaluation. Figures are preliminary prospective volumes, not reserves.
