27 Sept 2017annual report● Neutral
Re-lodgement of the 30 June 2017 full-year statutory accounts, apparently the same document as the earlier filing with different page numbering. No new substance visible in the text provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2017drilling result▲ GoodMajor
Oil was recovered to surface at Xanadu-1, confirming a discovery. The Irwin River Coal Measures show three oil sands, with 4.6 m net pay in the top sand at 66% saturation. Dongara Sandstone was absent. A side-track appraisal well is planned and a discovery notice will be lodged.
25 Sept 2017drilling result▲ Good
Whitebark's own release repeating Norwest's Xanadu-1 oil discovery: 4.6 m net pay in the top sand, a Cliff Head analogue, and a planned side-track. Its MD calls it proven movable oil. Nothing beyond Norwest's announcement.
25 Sept 2017drilling result▲ Good
Triangle's own release repeating the Xanadu-1 oil discovery: three oil sands (A, B, C) with 4.6 m net pay in sand A, and a lowest known oil of 871.8 mTVDSS. It notes the Arrowsmith plant could take Xanadu crude. Nothing beyond Norwest's earlier announcement.
22 Sept 2017drilling progress report● Neutral
Short note that the Xanadu-1 wireline logging program is continuing, with an update promised once complete. No results are given.
18 Sept 2017drilling result▲ Good
Triangle's own release repeating Norwest's report that Xanadu-1 hit hydrocarbon-bearing reservoirs and reached 2035 m, with logging next. Nothing beyond Norwest's announcement.
18 Sept 2017drilling result▲ GoodMajor
Xanadu-1 reached a deepened 2035 m and found hydrocarbon-bearing reservoirs, shown by elevated gas, oil shows and fluorescence. Wireline logging with fluid sampling follows. It is an early encouraging sign, not yet a confirmed discovery; the 7-inch casing is on its way in case logs are positive.
14 Sept 2017director officer appointment● Neutral
Jo-Ann Long becomes Company Secretary and CFO as Emma Curnow starts maternity leave on 15 September 2017. Long previously worked at Woodside and at Transerv, now Whitebark, a TP/15 partner. Curnow is expected to return.
13 Sept 2017investor presentation● Neutral
RIU Good Oil conference presentation, a near copy of the 6 September update. It repeats the 160 MMbbl target, 3.0 billion shares, 0.4c share price and A$0.5m cash, and now lists Jim Tarlton as Board Advisor. No new results.
12 Sept 2017drilling progress report● Neutral
Whitebark Energy's own update, repeating Norwest's Xanadu-1 progress (975 m, drilling ahead) for its 15% interest, alongside its Canadian wells. Nothing new about Xanadu beyond Norwest's announcement.
12 Sept 2017drilling progress report● Neutral
Xanadu-1 has been drilled to 975 m and 244 mm casing cemented, with geology in line with pre-drill expectations. Primary and secondary targets are expected to be reached later this week. No hydrocarbon result yet.
6 Sept 2017investor presentation● Neutral
Company update presentation after spud, repeating known facts: Xanadu-1 spudded 4 September targeting 160 MMbbl, and a three-well 2017/18 program. Shows 3.0 billion shares, 0.4c share price, A$12m market cap, A$0.5m cash at 30 June plus $1.05m raised, no debt.
5 Sept 2017drilling spud▲ GoodMajor
Xanadu-1 began drilling at 3pm on 4 September 2017, about 11 days ahead of the earlier forecast. Planned depth is about 1863 m, taking roughly 23 days, targeting 160 MMbbl unrisked. This is the first Norwest-operated exploration well in years.
30 Aug 2017director officer appointment● Neutral
Jim Tarlton, Technical Director of Tamarind Resources, is appointed a non-voting independent Board advisor. Tamarind is a strategic partner of TP/15 partner Triangle, and took $475k of Norwest's August placement. The company says it gives Tamarind no board control.
28 Aug 2017drilling scheduled▲ Good
Xanadu-1 spud brought forward to 5 September 2017 from the second half of September, with Enerdrill Rig-3 already on location. Drilling is expected to take 23 days, targeting 160 MMbbl unrisked recoverable oil; Norwest stays free-carried for 25% as operator.
2 Aug 2017capital raising announcement▲ GoodMajor
Norwest raised A$1.046 million at 0.32c: $510,000 from the share purchase plan and $536,000 from a placement. Malaysia-based Tamarind Classic Resources took $475,000 of the placement. Shares are due to be allotted 4 August 2017.
13 July 2017drilling scheduled● Neutral
Whitebark Energy's own release (it holds the 15% interest previously described as Transerv's) repeating the Xanadu-1 spud in the second half of September. It will fund its share from cash. Nothing beyond Norwest's announcement.
13 July 2017drilling scheduled● Neutral
Triangle's own release repeating that Xanadu-1 will spud in mid to late September 2017. It names Whitebark as the 15% partner, an inference that this is the former Transerv. Nothing beyond Norwest's announcement.
13 July 2017capital raising announcement● Neutral
The share purchase plan closing date is extended two weeks to 28 July 2017, giving shareholders time to weigh the Xanadu-1 spud date. Price stays at 0.32c; allotment moves to 4 August.
13 July 2017drilling scheduled▲ GoodMajor
Xanadu-1 spud scheduled for the second half of September 2017, after AWE's Waitsia wells, using Enerdrill Rig-3. This firms up the earlier 'H2 2017' timing. Lockyer Deep-1 now second half of 2018; Arrowsmith-3 late 2018/early 2019; Jingemia oil sales expected Q4 2017.
20 June 2017other● Neutral
Administrative notice under ASIC Class Order 09/425 that the company is making the share purchase plan offer, and that it has no undisclosed excluded information. No new substance.
20 June 2017capital raising announcement● Neutral
Offer booklet for the $1 million share purchase plan at 0.32c, up to $15,000 per holder, closing 14 July 2017. Sets out terms and the same use of funds; no new information beyond the 19 June announcement.
19 June 2017capital raising announcement● NeutralMajor
Norwest offers a share purchase plan to raise $1 million at 0.32c, a 20% discount to the five-day average price. Funds go to the EP368/EP426 well, Jingemia restart, Norwest's TP/15 share after Xanadu, and working capital. A placement at the same price is possible.
30 May 2017farm in farm out completion● Neutral
Transerv's own release confirming the TP/15 joint venture operating agreement is signed, with Xanadu-1 to be drilled in H2 2017. Transerv's net cost is expected at A$1.5 million. Repeats Norwest's announcement.
30 May 2017farm in farm out completion▲ GoodMajor
Full farm-out agreements signed for Xanadu-1, turning the February term sheets into binding deals: 3C and Triangle 30% each, Transerv 15%, Norwest free-carried for 25% as operator. Rig letter of intent issued to Enerdrill; EPA ruled no assessment needed; heritage approval signed.
14 Mar 2017half year report● Neutral
Half-year to December 2016: net loss $615,972, down from $1,041,982 a year earlier. Norwest's TP/15 interest falls from 100% to 25% after the farmout, and EP492 was surrendered. Financial statements are truncated here.
14 Feb 2017security holder rights change● Neutral
10,000,000 unlisted employee options at 0.6c lapsed on 10 February 2017. 10,000,000 of the same options remain, expiring 2020. Administrative.
13 Feb 2017farm in farm out agreement● Neutral
Transerv's own release on the finalised farmout: it funds 20% (about A$1.25m) for 15% of TP/15, with Xanadu expected to be drilled in the second half of 2017. Repeats Norwest's announcement.
10 Feb 2017farm in farm out agreement● Neutral
Triangle's own release confirming the farmout is complete: 3C Group, Triangle 30% each, Transerv 15%, Norwest free-carried for 25% and operator. Nothing beyond Norwest's announcement.
10 Feb 2017farm in farm out agreement▲ GoodMajor
Xanadu-1 is fully funded: 3C Group takes 30% of TP/15 for 40% of well costs, completing the farmout. Norwest keeps operatorship and a free-carried 25%. 3C also buys 208m shares at 0.24c to raise A$500,000, with 60m options.