Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2011drilling result▼ BadMajor
Red Hill South-1 reached 1,896m. Logs show hydrocarbons at three intervals (1,650.6-1,657.5m, 1,710m and 1,767m), but saturations are considered too low to be commercial. The well is being plugged and abandoned, ending the 9 MMbbl prospect hopes.
18 Mar 2011drilling progress report● Neutral
Red Hill South-1 at 1,880m in the Highcliff Sandstone, with trace moderately good hydrocarbon fluorescence at 1,710-1,716m and 1,766-1,780m. Total depth expected that morning, with logs to follow.
17 Mar 2011drilling progress report● Neutral
Red Hill South-1 drilling at 1,729m in the Irwin River Coal Measures with no significant gas shows. Total depth expected that evening, then wireline logging.
16 Mar 2011drilling progress report● Neutral
BOP testing passed and Red Hill South-1 is drilling the 8-1/2 inch section at 1,369m, having crossed the Beagle Fault at 1,314m. Target reservoir about 1,580m. No results yet.
14 Mar 2011drilling progress report▼ Bad
Red Hill South-1 has cased the 12-1/4 inch section at 1,304m, but equipment problems have delayed pressure testing of the BOP. CEO calls it a frustrating weekend and expects drilling to resume once the test passes.
10 Mar 2011drilling progress report● Neutral
Red Hill South-1 reached the 9-5/8 inch casing point at 1,309m, with directional drilling on target. Casing and blowout preventer (BOP) testing come next before drilling the final section. No hydrocarbon result yet.
3 Mar 2011drilling progress report● Neutral
Red Hill South-1 drilling ahead at 550m in the 12-1/4 inch hole section on 3 March. Target reservoir about 1,580m, total depth about 1,910m. No new result.
28 Feb 2011drilling spud▲ GoodMajor
Red Hill South-1 spudded on 28 February 2011, two weeks later than the 14 February date set in January. Targets Dongara Sandstone at about 1,587m, 9 MMbbl recoverable; total depth about 12.5 days away. Norwest and Bharat hold 50% each.
28 Feb 2011drilling spud● Neutral
Pre-spud notice: Red Hill South-1 expects to spud 28 February, after the final drilling approval on 25 February. Targets Dongara Sandstone at 1,580m, 9 MMbbl recoverable. Spud to total depth is expected to take about 12.5 days. Superseded by the spud report the same day.
21 Feb 2011drilling scheduled▼ Bad
Red Hill South spud slips again, to Saturday 26 February, with more than 90% of Hunt Rig 2 on site. Heavy rain is holding up the remaining equipment. This is the second delay from the original 14 February date.
9 Feb 2011drilling scheduled▼ Bad
Red Hill South spud pushed from 14 to about 21 February because wet weather has delayed Hunt Rig 2's transport. Norwest gives the prospect a one-in-four chance of success; Strachan Corporate says a 9 MMbbl discovery would be worth over A$100m to Norwest.
14 Jan 2011farm in farm out completion▲ GoodMajor
Drilling contract signed with Hunt for Rig 2, and WA mines department approved Bharat's transfers: 50% of TP15 and 27.803% of EP413. This was the last condition for Bharat to fund A$3m of the ~A$5m Red Hill South well. Spud still 14 February.
4 Jan 2011drilling scheduled● Neutral
Norwest swaps to Hunt Rig 2 for Red Hill South, saying it suits the well better than Rig 3. The 14 February 2011 spud date is unchanged. Formal contract still to be signed; Bharat's state approval still awaited.
29 Dec 2010drilling scheduled● Neutral
Red Hill South spud now set for 14 February 2011 with Hunt Energy; formal drilling contract slipped into early January after the holiday break. Target 9 MMbbl recoverable at 1,580m. Bharat's DMP approval still awaited. Repeats the A$2m raising announced the same day.
24 Nov 2010drilling scheduled▲ GoodMajor
Letter of intent with Hunt Energy for its rig 3 to drill Red Hill South, with spud targeted 1 February 2011, provided regulatory approvals come by 15 January. Resolves the long-running rig search. Bharat's TP/15 deal still awaits state approval and FIRB consent.
17 Sept 2010farm in farm out completion▲ GoodMajor
Norwest and Bharat PetroResources signed the formal farm-in for EP413 and TP/15, providing up to A$15m of exploration and drilling funding. Drilling at Arrowsmith (EP413) and Red Hill South (TP/15) is planned by end-2010 or early 2011, once a rig is found.
9 Sept 2010farm in farm out agreement● Neutral
Bharat executives will visit Perth on 17 September to sign the EP413 and TP/15 farm-in documents. This is still subject to Bharat finishing due diligence and WA mines department approval. Scheduling notice only.
19 Aug 2010farm in farm out agreement▲ GoodMajor
Letter of intent with India's Bharat PetroResources: up to A$10m to earn 50% of Norwest's 55.606% in EP413, and up to A$4.5m of Red Hill South costs to earn 50% of TP/15. Norwest also gets A$500,000 of past costs back. Subject to due diligence and state approval. Resolves the long-running farm-out search.
10 May 2010resource reserve update● Neutral
Re-release of the 10 May Empire announcement: remapping of North Erregulla (EP368/426, Norwest 20%) gives a conceptual 66m barrels of recoverable oil (9m Arranoo, 57m Dongara) plus ~300 Bcf gas potential. Conceptual only; Empire plans 3D seismic before drilling.
10 May 2010resource reserve update▲ Good
Operator Empire's remapping puts a conceptual 66m barrels of recoverable oil in the North Erregulla structure (EP368/426, Norwest 20%), if filled to the old well's oil/water contact. Empire plans a 3D seismic survey before drilling. Estimates are unconfirmed.
9 Apr 2010resource reserve update▲ GoodMajor
Evaluation of Norwest's three UK Wessex Basin permits identifies seven leads with unrisked P50 recoverable oil of 3.4-53.88m barrels. A study puts the commercial threshold for UK onshore finds at 400,000 barrels. These are leads, not drill-ready prospects.
18 Jan 2010drilling scheduled▲ Good
Detailed interpretation of the 2009 gravity survey confirms Xanadu (98m barrels in place, 27m recoverable) and Redhill South (27m in place, 7m recoverable) as TP/15 (Norwest 100%) targets. At least one well is planned for Q4 2010; farm-in talks described as advanced.
13 Aug 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 13 August updates: Jingemia-12 cased and completed as an oil producer (Norwest 1.278%), and a rig is moving to drill Redback South-1, in which Norwest has no stated interest. Nothing new for Norwest.
13 Aug 2009drilling result▲ Good
Origin reports Jingemia-12 was cased and completed as an oil producer and the rig was released on 9 August 2009. Norwest holds 1.278%. No flow rate given.
13 Aug 2009drilling result● Neutral
Norwest's re-release of Origin's 13 August update: Jingemia-12 was cased and completed as an oil producer and the rig released on 9 August 2009. Norwest holds 1.278%. Repeats the 13 August Origin report; no new information.
6 Aug 2009drilling result● Neutral
AWE's cover note forwarding Origin's 6 August Jingemia-12 result (about 15 m hydrocarbon column). Nothing new.
6 Aug 2009drilling result● Neutral
Norwest's re-release of Origin's 6 August Jingemia-12 result: about 15 m hydrocarbon column in the Dongara sandstone, well being prepared for completion. No new information.
6 Aug 2009drilling result▲ Good
Origin reports Jingemia-12 reached 2,709.5 m and intersected about 15 m of hydrocarbon column in the Dongara sandstone. It was cased and is being prepared as a producer, a modest positive for Norwest's 1.278% interest.
30 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's 30 July Jingemia-12 update: the Dongara Sandstone was reached at 2554.5 m. No new information.
30 July 2009drilling progress report● Neutral
Origin reports Jingemia-12 reached the Dongara Sandstone target at 2554.5 m, close to the planned depth of about 2550 m, and was drilling at 2608 m. No hydrocarbon result stated yet.
