Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2007drilling result▲ GoodMajor
AED reports Puffin-8 struck oil, with more than 73m of oil-bearing interval drilled in a near-horizontal section so far. Norwest holds a 1.25% royalty over the field, so this adds to the expected royalty income. Drilling continues.
21 Mar 2007drilling progress report● Neutral
Origin confirms Jingemia-11 reached 2,606m on 14 March and found 31m of oil-saturated sandstone, the lower 8m partly swept by existing wells. It is now preparing to perforate and connect to the facility. Repeats known results.
21 Mar 2007drilling progress report● Neutral
ARC Energy forwards Origin's 21 March Jingemia-11 update. Cover note with no new information for Norwest.
19 Mar 2007drilling result▲ GoodMajor
Wireline logs confirm Jingemia-11 found 31m of Dongara Sandstone: a 23m oil column over about 8m of partially swept oil. Top is 14m updip of the best producer. Casing is being run to complete it. Target output is ~5,000 bopd, from ~3,000 now.
15 Mar 2007drilling progress report● Neutral
Jingemia-11 is at 2,606m with wireline logging under way. Earlier results are repeated: the full 31m Dongara Sandstone is likely oil-saturated. No new result.
14 Mar 2007farm in farm out agreement▲ GoodMajor
Indian companies BPCL and Tata Petrodyne each fund 40% of an appraisal well, capped at US$23m, on UK Block 48/1b&2c to earn 25% each. Norwest drops from 50% to 25%. Well due before December 2008. Concludes the BPCL talks and farmout on this block.
14 Mar 2007drilling result▲ Good
Jingemia-11 reached total depth of 2,606m. Preliminary logs indicate the whole Dongara Sandstone is likely oil-saturated, with the top 10m updip of the previous best producer. Victoria calls the well very successful. Logging next.
13 Mar 2007drilling result▲ GoodMajor
Operator Origin reports good oil shows in the target Dongara Sandstone at Jingemia-11 (2,489-2,520m), drilling at 2,528m. Victoria says the well looks successful and could lift field output from 3,200 to about 5,000 bopd. Norwest holds 1.278%.
13 Mar 2007drilling progress report● Neutral
ARC Energy forwards Origin's 13 March Jingemia-11 update. Cover note with no new information for Norwest.
13 Mar 2007drilling result▲ Good
Origin confirms the Dongara Sandstone was hit at 2,489m, 10m updip of the previous highest well. Early logs suggest the full ~31m reservoir is oil-saturated. Drilling continues to 2,614m, then completion. Same result as Victoria's release.
12 Mar 2007drilling progress report● Neutral
Jingemia-11 changing the drill bit at 2,396m, near its planned 2,614m depth. Routine progress; no result yet.
9 Mar 2007resource reserve update▲ GoodMajor
AED estimated Puffin South West oil in place at 38-97m barrels (most likely 65m). Norwest adds this to NE1 and NE2 and raises its 1.25% royalty value estimate to A$65m from A$41m, assuming US$50 oil and 44% recovery. SW accuracy needs more drilling.
9 Mar 2007drilling progress report● Neutral
Jingemia-11 changing the drill bit at 1,711m. Routine progress; no result yet.
8 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 1,686m. Routine progress; no result yet.
7 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 1,149m. Routine progress; no result yet.
6 Mar 2007drilling progress report● Neutral
Jingemia-11 drilling ahead at 853m, per Victoria Petroleum. Routine progress; no result yet.
2 Mar 2007drilling progress report● Neutral
Victoria Petroleum reports Jingemia-11 preparing to set casing at 534m. Routine early progress with no result yet.
1 Mar 2007drilling spud● Neutral
Victoria Petroleum reports Jingemia-11 development well started drilling, planned to ~2,614m. Success could lift field output to about 5,000 bopd. Norwest holds 1.278%.
1 Mar 2007drilling spud● Neutral
Operator Origin reports Jingemia 11 started drilling on 28 February, targeting the Dongara Sandstone at ~2,490m, total depth ~2,614m. Norwest holds 1.278%. Same event as Victoria's release.
1 Mar 2007drilling spud● Neutral
ARC Energy forwards Origin's release on the start of Jingemia 11. A cover note with no new information for Norwest.
15 Feb 2007resource reserve update▲ GoodMajor
After AED added a Puffin NE2 area (11-30m barrels in place), Norwest raised its estimate of its 1.25% royalty value to A$41m from A$33m, using US$50 oil and a 44% recovery assumption. Later corrected (see 20 Feb).
7 Feb 2007farm in farm out agreement● Neutral
Partner Bounty Oil and Gas reports the same BPCL farm-in to AC/P32, with Bounty's share US$227,200. Repeats Norwest's own announcement; no new information.
7 Feb 2007farm in farm out agreement● Neutral
Partner Adelphi reports the same BPCL farm-in to AC/P32: US$1.42m for 20%, Adelphi's share about US$328,000. Confirms Norwest's holding becomes 24.08%. No new information for Norwest.
7 Feb 2007farm in farm out agreement▲ GoodMajor
BPCL farms into AC/P32, paying the joint venture US$1.42m (Norwest share US$427,420) for a 20% interest. Norwest's interest becomes 24.08%. BPCL gets first right to further interests. First formal deal from the BPCL talks; next-year entry from May 2007 remains optional.
24 Nov 2006resource reserve update▲ GoodMajor
After AED's reserve upgrade for Puffin North East (P90 22, P50 40, P10 67 million barrels), Norwest estimates its 1.25% royalty could be worth A$33m. That uses the P50 case and US$50 oil, up from the earlier $10-40m range.
5 Sept 2006resource reserve update▲ GoodMajor
Operator AED says oil in place at Puffin North East has risen from 13 to over 90 million barrels, with a reserves upgrade expected (current P90 10.4 million barrels). First oil is expected early 2007. Norwest's 1.25% royalty benefits.
5 Sept 2006drilling result● Neutral
ARC Energy forwards Origin's Jingemia 8 update: oil-saturated Dongara Sandstone, casing being run. No new information for Norwest holders.
5 Sept 2006drilling result▲ Good
Operator Origin confirms Jingemia 8 reached 2,565m, with the Dongara Sandstone oil-saturated and separate from the rest of the field. Casing is being run for completion. Repeats the partner announcement; Norwest holds 1.278%.
1 Sept 2006drilling result● Neutral
Victoria Petroleum repeats the Jingemia-8 result: 31m of indicated oil sandstone from 2,478 to 2,509m, needing confirmation by wireline logs. Nothing new for Norwest's 1.278%.
31 Aug 2006drilling result▲ Good
Jingemia 8 reached 2,565m. The Dongara Sandstone is interpreted at 2,478m, about 34m above the original oil-water contact, subject to wireline logs. Norwest holds 1.278%, so this is an encouraging but unconfirmed sign.
