10 Feb 2017other● Neutral
ASX lifted the trading suspension after Norwest released its TP/15 farmout and share placement announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2017other● Neutral
Norwest requested a voluntary trading suspension pending an announcement on the TP/15 farmout and a potential capital raising, expected by 10 February 2017.
23 Dec 2016farm in farm out agreement● Neutral
Transerv and Triangle agreed to extend the Xanadu-1 term sheet deadline from 31 December 2016 to 15 February 2017, giving Norwest more time to fund the remaining 40%. The application to drill has been lodged with the regulator.
23 Dec 2016farm in farm out agreement● Neutral
Triangle's own release repeating the extension of the Xanadu-1 term sheet end date to 15 February 2017. Nothing new beyond Norwest's announcement.
23 Dec 2016farm in farm out agreement● Neutral
Transerv's own release confirming the Xanadu-1 farmout deadline extension to 15 February 2017 and the lodged drilling application. Nothing beyond Norwest's announcement.
30 Nov 2016investor presentation● Neutral
AGM presentation repeating the three-well program and Xanadu (160 MMbbl, ~A$6M, drilling mid-2017). Shows cash of A$0.7m at 30 September 2016, no debt, and $1.2M annual admin savings. Nothing new beyond known facts.
28 Nov 2016security holder rights change● Neutral
34,150,000 unlisted employee options (exercise price 11.55c) expired. 20,000,000 employee options at 0.6c, expiring 2020, remain. Housekeeping with no cash or share-count effect.
21 Oct 2016annual report● Neutral
Corporate governance checklist lodged with the 2016 annual report, pointing to the governance statement on pages 22-26. Administrative compliance form with no new operational or financial information.
21 Oct 2016annual report● Neutral
2016 annual report. The Chairman's letter repeats known points: net acreage fell from 3,100 to 2,841 km2 after Empire relinquished EP426 blocks, the Xanadu term sheets, the Jingemia restart plan, and Munachen's departure. Three wells are planned within 12-18 months, subject to funding.
23 Sept 2016farm in farm out agreement● Neutral
Triangle's own release: it would earn up to 30% of TP/15 by funding 40% of Xanadu-1 well costs, with caps. It is not binding until Norwest finalises the joint venture, expected by December 2016. Triangle paid a refundable $25,000.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Term sheets signed for the Xanadu-1 well in TP/15: Transerv pays 20% of costs for a 15% interest, Triangle Energy pays 40% for 30%. This funds 60% of the well. The deal lapses unless 100% of costs are funded by 31 December 2016.
23 Sept 2016farm in farm out agreement● Neutral
Transerv's own release repeating Norwest's term sheets: it earns 15% for 20% of Xanadu-1 costs, Triangle earns 30% for 40%, so 60% of the well is funded. Deadline of 31 December 2016 for full funding applies. Nothing new beyond Norwest's announcement.
21 Sept 2016annual report● Neutral
Statutory accounts for the year to 30 June 2016, showing a loss of 0.14 cents per share versus 0.27 cents the prior year. Confirms Currie became a director on 31 March and Curnow became Company Secretary on 18 July. Financial detail is truncated.
14 Sept 2016investor presentation● Neutral
Good Oil conference presentation repeating the three-well program for 2017/18 and the Transerv alliance. Shows 2.47bn shares, 0.3c price, $7.4m market cap, cash $0.335m at June and no debt. Nothing new.
9 Sept 2016asset acquisition disposition▲ GoodMajor
Sale agreement for the Jingemia oilfield (L14) lodged for government approval: Cyclone Energy (33.722%, operator) and RCMA (60%) would take over from Origin and others, aiming to restart production in first half 2017. Norwest keeps 6.278% and expects about $200,000 in start-up costs.
26 Aug 2016investor presentation● Neutral
General meeting presentation repeating the three-well program (Xanadu, Lockyer Deep, Arrowsmith) and Transerv alliance. Shows 2.27bn shares, 0.2c price, cash $0.335m at June 2016 and no debt. Well timing now shown as 2017/18, later than earlier 2016 targets.
20 July 2016capital raising announcement▲ Good
First tranche of the July placement completed: 100m shares to Transerv and 115m to other investors, raising $430,000. A further $400,000 from directors and a related party awaits a late-August shareholder meeting; total is $830,000, up from the $800,000 first announced.
What it means for a shareholder
100m new shares at about A$0.0043 to raise about A$430,000. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (232,558 at the issue price), your slice goes from 0.0113% to 0.0108% of the company. To keep it you'd need 11,341 more shares - about A$49 at the issue price.
Create a free account to see this worked out for your own holding.
18 July 2016director officer appointment● Neutral
Financial Controller Emma Curnow, who joined in March 2015, is also appointed Company Secretary with immediate effect, keeping her existing role. She takes over from John Annand, who had held the secretary role since 2014.
15 July 2016director officer appointment● Neutral
Terms for new CEO Shelley Robertson, effective 11 July 2016: salary $340,000, temporarily cut to $240,000 since 1 January 2016, plus milestone bonuses and options (3m each) tied to Jingemia restart and Xanadu, Arrowsmith and EP368/426 wells. Terms are unchanged from her Asset Manager role.
11 July 2016material agreement▲ Good
Transerv's own release on the alliance: it will buy 100m Norwest shares for $200,000 and can earn a material interest in farm-out wells across the Perth Basin permits. It aims to finalise the Xanadu farm-out in 2016, with drilling in 2017. Repeats Norwest's announcement.
11 July 2016capital raising announcement▲ GoodMajor
Norwest forms a strategic alliance with Transerv Energy to farm out Xanadu and its Perth Basin permits. It raises $800,000 at 0.2c, including $200,000 from Transerv for 100m shares. Directors' shares need shareholder approval. Shelley Robertson is appointed CEO, replacing Munachen.
3 June 2016investor presentation● Neutral
PESA Deal Day presentation seeking joint venture partners for the three-well program: Xanadu (100%, 160 MMbbl), Lockyer Deep (20%, 25-256 BCF) and Arrowsmith (about 28%). Repeats known facts; no deal announced.
26 May 2016other● Neutral
500,000 unlisted employee options (exercise price 6.5c) expired. 54,150,000 unlisted options remain. Administrative.
17 May 2016investor presentation● Neutral
London oil scouts farm-out presentation repeating known material on the three drill-ready prospects. Cash is shown at $0.7m (March 2016), with 2.05bn shares and no debt. Nothing new.
8 Apr 2016investor presentation● Neutral
Singapore SEAPEX farm-out presentation repeating the three-well pitch (Xanadu, Lockyer Deep, Arrowsmith). Lists 2.05bn shares, 0.3c share price, $6.15m market cap, $1.3m cash at Jan 2016 and no debt. Nothing new.
31 Mar 2016director officer appointment● Neutral
Ron Currie, co-founder of rig transport firm Bonnie Rock Transport, joins as non-executive director. He holds an indirect interest in 90m Norwest shares. This fills the board seat left by Munachen's resignation, though the text does not say so.
24 Mar 2016director officer appointment● NeutralMajor
CEO and director Peter Munachen resigned, effective 31 March 2016. He had been CEO since 2008 and was on health leave from Sept 2015. John Annand stays as Acting CEO until a permanent appointment. This resolves the open question of his return.
10 Mar 2016half year report● Neutral
Half-year to 31 Dec 2015: net loss $1.04m (prior year $2.02m). DMP approved swapping EP413 work-program years, so an Arrowsmith well is not required until Year 4, from Feb 2017. Jingemia is now in care and maintenance, at end of commercial life.
16 Feb 2016joint venture update▲ Good
Operator Empire reinterprets Lockyer Deep and North Erregulla Deep as one 39.6 km2 closure in the high case, which Norwest (20% EP368, 22.22% EP426) shares in. Resource estimates are unchanged apart from the merged high case. Drilling is targeted 2016/17, subject to funding.
6 Jan 2016capital raising announcement● Neutral
Entitlement offer completed with 410,114,395 shares allotted. Issued capital is now 2,050,569,394 shares. Rey Cattamarra holds 53,056,027 (2.59%). Closes the December raise.