4 Aug 2008drilling scheduled▼ Bad
Norwest confirms Wisteria-1 is delayed from early August to Q1 2009, as operator Coogee needs the rig for Montara platform installation. Norwest still pays about 6% of dry-hole costs for its 15%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2008drilling scheduled● Neutral
Wisteria-1 is now scheduled to spud early August 2008. Norwest holds 15% in AC/P32 and pays about 6% of dry-hole costs.
30 May 2008drilling result▼ BadMajor
Origin reports Freshwater Point 1 plugged and abandoned on 29 May. Logs and the lack of shows indicate no hydrocarbons in the target sandstones. A dry hole for Norwest's 1.278% interest.
30 May 2008drilling result▼ Bad
Norwest re-releases Origin's 30 May report: Freshwater Point 1 found no hydrocarbons and was plugged and abandoned on 29 May. Dry hole for its 1.278%, closing the thread.
27 May 2008drilling result▼ Bad
Victoria Petroleum forwards Origin's update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows; logging being prepared.
26 May 2008drilling result▼ Bad
ARC forwards Origin's 26 May update: Freshwater Point 1 at 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Norwest re-releases Origin's 26 May update: Freshwater Point 1 reached 1,817 m with no hydrocarbon shows in the target sandstones.
26 May 2008drilling result▼ Bad
Freshwater Point 1 reached 1,817 m in basement on 25 May. The High Cliff Sandstone was hit at about 1,647 m, with no hydrocarbon shows in primary or secondary targets. Bad sign for Norwest's 1.278%.
22 May 2008drilling progress report● Neutral
ARC forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Victoria Petroleum forwards Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth in 2-3 days. No result.
22 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 22 May update: Freshwater Point 1 at 1,158 m, total depth expected in 2-3 days.
22 May 2008drilling progress report● Neutral
Origin's 22 May update: Freshwater Point 1 drilling at 1,158 m in the Kockatea Shale, total depth expected in 2-3 days. No result yet.
15 May 2008drilling progress report● Neutral
ARC forwards Origin's 15 May Freshwater Point 1 update: surface casing set at 412 m, drilling ahead soon. No result.
15 May 2008drilling progress report● Neutral
Norwest re-releases Origin's 15 May Freshwater Point 1 update: casing set at 412 m, about to drill ahead. No result.
15 May 2008drilling progress report● Neutral
Origin's own 15 May update: surface casing set at 412 m, preparing to drill ahead. No result yet.
15 May 2008drilling progress report● Neutral
Victoria Petroleum forwards the 15 May Origin update: surface casing set at 412 m, preparing to drill ahead. Routine progress, no result.
13 May 2008drilling spud● Neutral
Norwest re-releases Origin's 12 May notice that Freshwater Point 1 spudded on 11 May. No new information.
12 May 2008drilling spud● Neutral
Origin spudded the Freshwater Point 1 exploration well in EP413 on 11 May 2008, planned to 1,761 m in about 10 days. Norwest holds 1.278%, the interest it kept in the Jingemia area; this is the early-2008 well flagged earlier.
12 May 2008drilling spud● Neutral
ARC Energy (44.141% holder) forwards Origin's 12 May release that Freshwater Point 1 spudded on 11 May. Nothing new for Norwest's 1.278%.
12 May 2008drilling result● Neutral
Cobra 48/2c-5 reached 11,805 ft; logs show 408 ft of gas-bearing Rotliegendes sandstone, but of low quality like the 1984 discovery well. Testing will go ahead, with results in about 14 days. Commercial flow remains uncertain.
12 May 2008drilling spud● Neutral
Victoria Petroleum (5% holder) forwards Origin's news that Freshwater Point 1 spudded on 11 May. It quotes a mean prospect size of 9 bcf of gas or 6.1 million barrels of oil, a figure supplied by Victoria, not Norwest.
26 Mar 2008drilling spud● NeutralMajor
Drilling has started on the Cobra appraisal well (48/2c-5) in the Southern North Sea. Norwest, 22.5%, pays 6.5% of the cost up to a cap. It aims to show the reservoir can flow at commercial rates, beyond the 2.7 mmcfd of the 1984 well.
19 Mar 2008drilling result▼ BadMajor
Ithaca's Manuel well (Norwest 5%) found oil-saturated Jurassic sands of less than reservoir quality, with no oil sample recovered; it is being plugged and abandoned. A disappointing result for Norwest's new North Sea farm-in.
20 Feb 2008farm in farm out agreement● NeutralMajor
Norwest farms into Ithaca's Block 11/29 (Manuel prospect, Inner Moray Firth), paying 7.5% of the well cost to earn 5%. The well spudded 17 February 2008; estimated dry-hole cost is US$17m.
29 Jan 2008farm in farm out agreement● Neutral
Adelphi, a JV partner in AC/P32, announces the same Cosmo Energy farm-in; its own stake falls from 18.48% to 10%. Repeats the terms Norwest already announced; no new information on Norwest's position.
21 Jan 2008farm in farm out agreement▲ GoodMajor
Cosmo Energy farms into AC/P32 for 22.5% on a 2-for-1 promoted basis. Norwest drops from 24.08% to 15.0%, with exposure to the Wisteria-1 dry-hole cost of under 6%. Drilling expected Q3 2008. Resolves the search for a farm-in partner.
18 Dec 2007farm in farm out agreement▲ GoodMajor
ENSCO 80 rig contracted for the Cobra appraisal well (Block 48/2c), to drill Q1 2008. Norwest farms out 2.5% to Challenger Minerals, keeping 22.5%; its estimated exposure to total well cost is about US$3m. Resolves the rig-slot thread.
28 Nov 2007drilling result▼ BadMajor
AED suspended Puffin-10 in Puffin South West after more complex geology than expected and two extra sidetracks. Sands were thin (max 2.5m) but mostly oil-bearing. Further drilling, possibly re-entering Puffin-9, depends on vessels in H2 2008. SW production, earlier hoped for H1 2008, looks delayed.
16 Oct 2007drilling spud▲ Good
AED spudded Puffin-10 in the Puffin South West region on 14 October; 30" casing set at 153m. A horizontal section of 200m+ is targeted, about 55 days. SW production is expected first half 2008, on which Norwest's 1.25% royalty also applies.
3 July 2007resource reserve update▲ GoodMajor
Using AED's new Puffin South West estimate of 40.3m barrels recoverable, Norwest lifts total recoverable to 89.3m barrels. Its 1.25% royalty is valued at A$66-92m at US$50-70 oil and 0.85 FX, up from A$65m. AED expects Puffin NE1 production in August 2007.