Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2019quarterly activities report● Neutral
June quarter report restating the completed Xanadu seismic, with results due October 2019, and the Springy Creek oil prospect in EP368. It also notes the Jingemia workover programme and the WA fracking implementation plan. No new figures beyond earlier announcements.
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.
30 Apr 2019quarterly activities report● Neutral
March quarter report: Xanadu 3D seismic now due to start by end May after a minor environmental plan resubmission; results Q4 2019. A new 9 km2 oil prospect was found in EP368. Jingemia averaged 257 bopd gross (about 16 net).
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.
31 Jan 2019quarterly activities report● Neutral
December quarter report: Jingemia workovers lifted output to four wells and 310-350 bopd (20-22 net to Norwest). Xanadu seismic approval is still pending, with a March window. Lockyer Deep is now expected in Q4 2019, pending approvals and funding, later than the earlier mid-2019 target. Fracking inquiry report finalised.
28 Nov 2018agm notice● Neutral
AGM results: remuneration report, the incentive option and performance rights plan, and the 10% placement facility were all carried. The Fry re-election resolution was withdrawn.
28 Nov 2018director officer appointment● NeutralMajor
Chairman Michael Fry, a director since June 2009, left the board at the AGM without seeking re-election. Ernest Myers, an executive director of Pancontinental Oil and Gas, was appointed a director after the meeting.
28 Nov 2018other▲ Good
AGM address: chairman Mike Fry will step down and Ernie Myers will join as chairman. The WA Government is lifting its fracking moratorium, which the CEO calls positive for the suspended EP413 Arrowsmith permit. Jingemia workovers are under way, targeting four wells.
31 Oct 2018quarterly activities report● Neutral
September quarter report: Xanadu seismic still awaiting regulator approval, next window March 2019. Jingemia produces over 200 bopd from two wells, with two more planned. Whitebark is selling its 15% of TP/15 to Triangle for up to $5M, taking Triangle to 45%.
24 Oct 2018annual report● Neutral
2018 annual report. The chairman says Xanadu 3D seismic is now targeted from March 2019 after regulator delays, with follow-up wells still possible in the second half of 2019. Lockyer Deep is expected in the second half of 2019. Text is truncated, so no financial figures.
24 Oct 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on pages 21-26. Administrative only, no new substance.
24 Oct 2018agm notice● Neutral
Notice of the 28 November 2018 AGM. Items: remuneration report, re-election of chairman Michael Fry, a new employee incentive option and performance rights plan, and a 10% placement capacity. Administrative notice.
5 Oct 2018regulatory community update▼ BadMajor
Xanadu 3D seismic is delayed again because regulatory approval is unfinished; the next opportunity is March 2019, versus the earlier late-2018 target. The board has started a project and corporate review, and EP413 work may resume as the fracking inquiry nears its findings.
28 Sept 2018annual report● Neutral
Annual financial report for the year to 30 June 2018. Confirms Bennett Greenhalgh as Company Secretary from 18 September 2018, with Jo-Ann Long remaining CFO. Text is truncated, so no financial figures are available here.
