Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2018director officer appointment● NeutralMajor
Norwest appointed KPMG Corporate Finance as corporate adviser to help maximise the value of its asset portfolio, alongside its 3C Group relationship. Bennett Greenhalgh replaces Jo-Ann Long as Company Secretary; she stays as CFO. KPMG's mandate is a strategy shift hint (inference).
13 Sept 2018investor presentation● Neutral
Perth conference presentation restating the Perth Basin portfolio and near-term work: Xanadu seismic, Lockyer Deep, Jingemia wells and the suspended EP413. Shows 0.2c share price, A$6.8m market cap, A$1.64m cash and no debt. No new results seen.
31 July 2018quarterly activities report● Neutral
June quarter cash report: cash fell to A$1.638m from A$1.865m, with operating outflow of A$227k and no share issues or debt. Estimated spending next quarter is A$377k.
31 July 2018quarterly activities report▼ Bad
June quarter report: Xanadu seismic slips again, now targeting Q4 2018 and still awaiting regulator approval. Jingemia has two wells online with two more planned for Q3. Lockyer Deep's EP368/EP426 extensions were approved; the well is expected mid-2019, subject to funding and approvals.
13 July 2018investor presentation● Neutral
June/July shareholder update presentation, spotlighting Xanadu. Shows 3,382,092,727 shares at 0.3c (A$10m market cap) and cash of A$1.865m at 31 March 2018, with no debt. Text is truncated; no new results seen.
8 June 2018security holder rights change● Neutral
ASX granted a waiver from Listing Rule 6.18 allowing 3C Group an anti-dilution right to join new share issues at the same price as third parties, to maintain its percentage. It lapses if 3C falls below 5% or exceeds 25%, or the relationship ends. Follows the 30 April quarterly.
11 May 2018joint venture update● NeutralMajor
RCMA Australia took over as operator of the Jingemia oil field (L14) from Cyclone Energy. Norwest keeps its 6.278% interest, alongside RCMA at 60% and Cyclone at 33.722%. The BP Kwinana sales contract remains in place.
30 Apr 2018quarterly activities report▼ Bad
March quarter report: Xanadu 3D seismic is delayed because further stakeholder consultation is needed before the regulator can consider the Environmental Plan, after hopes of starting by end of June quarter. Jingemia kept producing, with more wells planned. Operator MRL is seeking an EP368 extension for Lockyer Deep.
19 Mar 2018admin correction● Neutral
Notice that the registered office and principal place of business is now Level 2, 30 Richardson Street, West Perth. Phone and mailing details are unchanged. Administrative only, confirming the address shown in the March brochure.
14 Mar 2018other● Neutral
Corporate brochure describing Norwest as a junior explorer focused on the northern Perth Basin, with the Xanadu discovery driving a 2018 exploration program. Marketing material with no new information. The brochure shows a new address, 30 Richardson Street, West Perth.
14 Mar 2018investor presentation● Neutral
CEO presentation at a Brisbane investor conference, centred on the Xanadu discovery and the 2018 exploration program. Shows 3,382,092,727 shares at 0.3c (A$10m market cap), A$1.8m cash at 31 Dec 2017 and no debt. Text is truncated; no new results seen.
26 Feb 2018contract award▲ GoodMajor
A 40 km2 Xanadu 3D seismic contract was awarded to Synterra Technologies. Acquisition is now expected in the second half of the June 2018 quarter, later than the earlier late-Q1 hope. An appraisal well will be considered after processing, and a five-year permit renewal has been submitted.
13 Feb 2018capital raising announcement▲ GoodMajor
Joint venture partner 3C Group raised its holding to 9.9% by exercising 60m options and taking 66.5m more shares, all at 0.24c. Together this brings in about A$304k, for seismic, Xanadu wells, Lockyer Deep planning and Jingemia. This uses the rights from its February 2017 deal.
13 Feb 2018admin correction● Neutral
Section 708A cleansing notice for the shares issued to 3C Group: 60,000,000 on 6 February 2018 and 66,500,000 on 12 February 2018, both at 0.24c. Administrative, with no new business information.
31 Jan 2018quarterly activities report● Neutral
December quarter cash report: cash rose to A$1.802m from A$1.279m, helped by A$1.0m raised from shares. Operating outflow was A$367k, with A$245k of recoveries offsetting costs. No debt. Estimated spending next quarter is A$326k.
31 Jan 2018quarterly activities report● Neutral
December quarter report: a Discovery Report for Xanadu was lodged and a 3D seismic survey is planned for late Q1 2018. Jingemia restarted, with the first oil delivered to BP in late December. Mineral Resources acquired Empire Oil & Gas, operator of EP368 and EP426, where Norwest holds 20% and 22.22%.
19 Dec 2017production update▲ GoodMajor
Jingemia oil field restarted on 16 December 2017 after being in care and maintenance since December 2012, with a BP Kwinana sales contract signed. Norwest's 6.278% share should bring revenue from Q1 2018. Resolves the restart thread; Xanadu seismic approvals are nearing completion.
29 Nov 2017agm notice● Neutral
All seven resolutions at the AGM passed, including the election of David Kennedy and approval of the 10% placement capacity. Resolution 7 approved a share issue to professional and sophisticated investors.
29 Nov 2017investor presentation● Neutral
AGM presentation by Managing Director Shelley Robertson. It restates the Xanadu discovery, the 2018 exploration plans and Jingemia revenue expected this quarter. Cash was A$0.9m at 28 November with no debt; 3,005,592,727 shares at 0.4c (A$12m market cap). Text is truncated; no new results seen.
14 Nov 2017well test result▲ Good
Triangle's release repeating the Xanadu update: oil matches Cliff Head and the JV has agreed to plan 3D seismic. Triangle adds that the crude could be processed at its Arrowsmith plant and that Xanadu-2 is currently planned in the northern up-dip area. Otherwise nothing new from Norwest.
14 Nov 2017well test result▲ Good
Full oil assay confirms Xanadu oil matches Cliff Head, 14 km away, as an analogue. The JV is planning a 3D seismic survey, possibly late Q1 2018, and a reservoir study in Q1 2018. A Discovery Assessment Report is due 26 December 2017. This follows the October first-phase results.
1 Nov 2017director officer appointment● NeutralMajor
CEO Shelley Robertson, in the role since 2016 and with Norwest since 2011, joins the board as Managing Director. Non-executive director Ron Currie, appointed March 2016, resigned effective 31 October 2017. Her service terms and pay are stated to be unchanged.
31 Oct 2017quarterly activities report● Neutral
September quarter report restating the Xanadu-1 discovery, 34.7 API oil and the Cliff Head analogue. It says the JV will decide the 2018 work program in November. EP368's commitment well is due by June 2018, and Jingemia approvals are nearly complete.
27 Oct 2017annual report● Neutral
2017 annual report. The chairman's letter notes Xanadu-1 was delivered ahead of schedule and under budget, and that the state fracking moratorium halts EP413 development. Lockyer Deep-1 is now described as planned for early 2018.
27 Oct 2017investor presentation● Neutral
CEO Shelley Robertson's presentation at the Mid West Economic Summit in Geraldton. Visible content covers board and management, strategy and the search for funding and partners. No new results seen in the text provided.
27 Oct 2017admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, signed by Jo-Ann Long. It points to the governance statement on pages 17-23. Administrative, with no new business information.
24 Oct 2017well test result▲ GoodMajor
First-phase oil analysis shows 34.7 API crude with no H2S and very low CO2, similar to Cliff Head, confirming the analogue. Early data also suggests oil down-structure. The JV is preparing a first-half 2018 program, possibly including 3D seismic and a sidetrack.
17 Oct 2017capital raising announcement● NeutralMajor
Norwest has commitments for a placement of up to about 250 million shares at 0.4c to raise up to $1 million. It funds Xanadu appraisal and the Lockyer Deep-1 well, but needs shareholder approval at the late-November AGM, with shares issued around 6 December.
What it means for a shareholder
250m new shares at A$0.004 to raise about A$1.0m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.00832% to 0.00768% of the company. To keep it you'd need 20,795 more shares - about A$83 at the issue price.
Create a free account to see this worked out for your own holding.
11 Oct 2017drilling progress report● Neutral
Whitebark's update, mainly on its Canadian wells. For its 15% Xanadu interest it says the JV is evaluating the discovery and planning scenarios including seismic and appraisal or development wells. Nothing new from Norwest.
10 Oct 2017drilling progress report● Neutral
Norwest has lodged the Xanadu Discovery Notice with the Minister for Mines. The oil assay promised last week is delayed by a laboratory backlog. This resolves the discovery notice thread, but the assay is still outstanding.
