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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 July 2020quarterly activities report● Neutral
June quarter: Lockyer Deep-1 environmental plan lodged and long lead items ordered; rig slot still being sought. Cash $3.055M. Seismic reprocessing began on EP368/426. Xanadu studies nearly finished, with two oil leads south of Xanadu upgraded.
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 Apr 2020quarterly activities report● Neutral
March quarter: Lockyer Deep-1 still has no rig, with COVID-19 delaying contracting; operator applied to extend the permit year past 30 June 2020. Cash was $3.057M after $1.267M placement Tranche 2, the $630k L14 balance and debt-free status. R&D refund of $191,789 received in April.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report restating the Lockyer Deep-1 well, GCoS lift to 38%, Clement's appointment and L14 sale completion. New: EP413 got a further 12-month suspension and extension. Nothing materially new on the well.
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.
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.
29 Nov 2019agm notice● Neutral
Chairman's AGM address restating that Xanadu updip potential is smaller than thought and the EP368 gas well in H1 2020 could be 'company maker'. Funds are raised to drill at the full interest. Well location decision still due shortly.
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.
31 Oct 2019quarterly activities report● Neutral
September quarter report restating the Lockyer Deep/North Erregulla Deep upgrade (1.1 Tcf high case), Springy Creek oil prospect and L14 sale, noting three drillable well locations under consideration for H1 2020. No new figures beyond earlier announcements.
31 Oct 2019quarterly activities report▼ Bad
Quarterly cashflow: cash fell from A$553k to A$175k at 30 September 2019 after $698k operating outflow, offset by $250k borrowings. Loan facility is $1.5M with $1.0M drawn. Next quarter's outflows are estimated at $434k.
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.