30 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 30 July Jingemia-12 update. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2009drilling progress report● Neutral
AWE's cover note forwarding Origin's 23 July Jingemia-12 update (drilling at 675 m). Nothing new.
23 July 2009drilling spud● Neutral
Origin, as operator, relays that the Jingemia-12 development well began drilling on 18 July 2009 and was at 675 m. Norwest holds 1.278% of the Jingemia field.
23 July 2009drilling progress report● Neutral
Norwest's re-release of Origin's 23 July Jingemia-12 update: drilling began 18 July and the well was at 675 m. No new information.
22 June 2009farm in farm out agreement▲ GoodMajor
Norwest gained the right to earn 60% of the Hurst Castle permits (PEDL 089 and P1153) in southern England by part-funding a 2009 work programme estimated at GBP60,000, and will become operator. The permits lie between its Dorset and Isle of Wight licences.
2 June 2009drilling result▲ GoodMajor
Puffin-13 found live oil in both main reservoir sands at depths consistent with Puffin-9, showing the oil-bearing structure is continuous. The rig is being demobilised. The JV will evaluate combined pools and development options, which matters for Norwest's 1.25% royalty.
26 May 2009drilling progress report● Neutral
The Puffin-13 appraisal well, which tests updip of the Puffin-9 oil discovery, is being drilled and had reached 1940 m. No results yet.
19 May 2009drilling result● NeutralMajor
Great Auk-1 finished at 3522 m. The hydrocarbon found was a wet gas with high condensate, the first gas discovery on the Puffin permit, but AED says volumes are unlikely to be commercial at this stage. The rig moved to the Puffin-13 appraisal well.
12 May 2009drilling progress report● Neutral
Great Auk-1 reached 3520 m and passed through the Vulcan formation without finding hydrocarbons. Drilling continues to deeper sands, and testing of the earlier hydrocarbon interval is planned at total depth.
7 May 2009drilling result▲ GoodMajor
AED reports Great Auk-1, drilled by the Puffin JV, found a 6-7 m hydrocarbon column in the first target sand at 2200 m. Drilling continues to deeper targets, and a second well may be an appraisal updip of Puffin-9. Norwest holds a 1.25% royalty over the permit.
12 Feb 2009farm in farm out agreement● Neutral
Empire's own release on the EP368/EP426 equity swap. It would be operator of the combined venture and plans to mature the North Erregulla prospect for an updip North Erregulla-2 well. Confirms the heads of agreement signed 6 February.
10 Feb 2009farm in farm out agreement● NeutralMajor
Norwest signed a heads of agreement with Empire Oil & Gas to swap equity so it holds 20% of both EP368 and EP426. ARC and Origin intend to assign their EP368 interests to Norwest, and the deal needs WA regulator consent. EP368 permit expired 10 Feb; renewal sought.
9 Jan 2009drilling result▼ BadMajor
Puffin-12 ST3 hit oil-bearing LK1A sand at about 2033 m, but the oil column is too thin to complete, with oil price and economics also considered. The NE well will be suspended. Remediation of Puffin-7 and possibly Puffin-8 is likely in Q2 2009. Negative for the royalty.
12 Dec 2008drilling progress report● Neutral
Puffin-12's last pilot hole found residual oil in an isolated block far to the east, completing the appraisal objective. The well will now be sidetracked to drill a horizontal production section. No commercial result yet.
8 Dec 2008drilling progress report● Neutral
Puffin-12's first pilot hole found only residual oil in a downthrown block to the south-east. The well is sidetracking north for more appraisal before a horizontal production section. A mildly disappointing early result for the royalty.
24 Nov 2008drilling progress report● Neutral
Puffin-12 has set casing at 950 m and its pilot hole to the first target was at 2,005 m on 21 November. Drilling is on plan. No results yet for Norwest's 1.25% royalty.
17 Nov 2008drilling progress report● Neutral
Puffin-12, the second well in the Puffin programme, has spudded in the north-east and was at 491 m on 13 November. Progress is on plan. Norwest's 1.25% royalty applies to the field.
6 Oct 2008drilling result▲ Good
Puffin-11 found a new oil zone with a gross column of about 25 m, the thickest seen in the Puffin field, in high-permeability rock. The well is being sidetracked to test deeper targets and drill a horizontal production section. Builds on the 30 September oil strike.
1 Oct 2008resource reserve update▲ GoodMajor
An independent review puts Cobra's most likely gas in place above 300 BCF. Half or more may be recoverable, subject to successful flow testing. This follows the April-May well that did not flow commercially; the joint venture is weighing options to reach commercial rates.
30 Sept 2008drilling result▲ GoodMajor
Puffin-11 hit an oil-bearing sand at 2013 m with a movable oil column over 20 m, reported by AED. Rock quality is still being assessed. Norwest's 1.25% royalty applies, so this is a positive first sign for the Puffin royalty after the Wisteria dry hole.
16 Sept 2008drilling result▼ BadMajor
Wisteria-1 reached 3,281 m and found no significant hydrocarbon shows in the Plover, the last target. The joint venture will log, plug and abandon it. A dry hole for Norwest's 15%, about 6% of cost.
8 Sept 2008drilling progress report▼ Bad
Wisteria-1 at 2,886 m has drilled through the Montara sandstone with no reservoir-quality sandstone or significant shows. Only the deeper Plover target remains.
8 Sept 2008drilling spud▲ Good
Puffin-11 has spudded, starting a roughly 100-day program with Puffin-12 in the north-east. Puffin-11 tests two earlier discoveries in the south-west. Norwest's 1.25% royalty applies to any resulting production.
1 Sept 2008drilling result▼ Bad
Bounty repeats the Wisteria-1 update: no reservoir-quality Puffin sandstone or significant shows, drilling on to the deeper Montara and Plover targets. Partner re-release of known news.
1 Sept 2008drilling result▼ BadMajor
Wisteria-1 passed through the main Puffin Formation target (the 174 mmbbl P50 case) without reservoir-quality sandstone or significant hydrocarbon shows. At 2,019 m, it continues to the deeper Montara and Plover targets (21-32 mmbbl P50).
1 Sept 2008drilling result▼ Bad
Adelphi repeats that Wisteria-1 found no reservoir-quality Puffin sandstone, calling it a disappointment that suggests the play edge lies further west. Deeper Montara and Plover targets remain. Duplicate of Norwest's update.
27 Aug 2008drilling progress report● Neutral
Wisteria-1 spudded 22 August and is at 1,670 m, preparing to set casing before drilling on to 3,323 m. No results yet.
22 Aug 2008drilling spud▲ GoodMajor
The West Atlas rig is on location to spud Wisteria-1 on 22 August, in 97 m of water to about 3,323 m. Targets total over 200 million barrels potential (Puffin P50 174 mmbbl). Norwest's 15% costs about 6% of dry-hole cost.
20 Aug 2008drilling scheduled▲ Good
Reversing the delay, Wisteria-1 could now spud as early as 23-24 August, due to weather and Montara scheduling. Dates depend on operator Coogee's rig schedule.
4 Aug 2008drilling scheduled▼ Bad
Partner Adelphi reports Wisteria-1 delayed from early August to Q1 2009, because operator Coogee needs the rig for urgent work on the Montara platform. Adelphi says it is virtually free-carried.