Past year: ▲ 60%(3.50c – 6.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2015capital raising announcement● Neutral
Entitlement offer closed with applications for only 98.9m shares, plus 37.7m shortfall shares, raising $273,306. Underwriter Argonaut will take the remaining 273.5m shares, so about $820,000 is still raised. Shareholder take-up was weak.
10 Dec 2015capital raising announcement● Neutral
Offer document and entitlement forms dispatched to eligible shareholders; the offer opens today and closes 21 December. Administrative timetable update.
3 Dec 2015security holder rights change● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand that they are excluded from the entitlement offer. Administrative.
3 Dec 2015security holder rights change● Neutral
Letter to eligible shareholders on the 1-for-4 offer at 0.2c: about 410.1m new shares, closing 21 December, total shares about 2.05bn afterwards. Those who do not take up are diluted. Administrative.
2 Dec 2015capital raising announcement▼ Bad
The entitlement offer is revised the same day: price cut to 0.2c from 0.25c, ratio changed to one new share for every four held, still raising $820,228. The placement stays at 0.25c, with total about $1.32m.
2 Dec 2015security holder rights change● Neutral
Revised option holder letter reflecting the new terms: 1-for-4 at 0.2c, about 410.1m new shares. Options still carry no participation right unless exercised by 8 December. Administrative.
2 Dec 2015security holder rights change● Neutral
Letter to option holders: options do not carry rights to join the entitlement offer unless exercised before the 8 December record date. Standard notice.
2 Dec 2015capital raising announcement● NeutralMajor
Norwest plans to raise about $1.32m: a $500,000 placement of 200m shares at 0.25c, plus an underwritten entitlement offer of about $820,228, both via Argonaut. Funds are to bring Lockyer Deep-1, Xanadu-1 and Arrowsmith-3 towards drill-ready status. The raise price is below June's 0.4712c.
What it means for a shareholder
200m new shares at A$0.0025 to raise about A$500,000. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0203% to 0.0184% of the company. To keep it you'd need 40,639 more shares - about A$102 at the issue price.
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30 Nov 2015investor presentation● Neutral
Investor presentation: 1,440.5m shares, market cap $5.8m at 0.4c, cash $0.7m at 30 Sept 2015, no debt. Pitches three potential near-term wells (Lockyer Deep-1, Xanadu-1, Arrowsmith-3). Mostly restates known projects. Text is truncated.
11 Nov 2015investor presentation● Neutral
AGM presentation repeating known points: EP413 3D seismic completed, Lockyer Deep identified, EP492 awarded and P2265 won. States TP/15 farm-out has not succeeded because of macro conditions, but remains a priority. Nothing new. Text is truncated.
11 Nov 2015other● Neutral
Chairman's AGM address: farm-out talks for TP/15 (Xanadu) have not progressed as quickly as hoped, though interest continues. Targets Arrowsmith-3 and Lockyer Deep wells in CY2016 and a Xanadu-1 farm-in partner. Text is truncated.
28 Oct 2015other▲ Good
Operator Empire notes AWE's Waitsia-1 flowed over 50 mmscf/d combined from the Kingia and High Cliff formations, next to EP368 (Norwest 20%). Empire intends to drill Lockyer Deep-1 in 2H 2016, subject to JV approval and funding. This is Empire's release, not Norwest's.
7 Oct 2015annual report● Neutral
2015 annual report. Chairman targets Arrowsmith-3 and Lockyer Deep wells in CY2016 and a farm-in partner for Xanadu-1. Restates known projects, with about 3,100 km2 of net Perth Basin acreage. Text is truncated.
7 Oct 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the statement is on pages 26-30. Administrative compliance form with no new information.
1 Oct 2015security holder rights change● Neutral
1,850,000 unlisted employee options were cancelled, leaving 42,650,000 outstanding. Administrative notice.
29 Sept 2015annual report● Neutral
Statutory accounts for the year to 30 June 2015: loss per share 0.27c versus 0.21c the prior year, with five employees (four the year before). Directors hold interests as listed. Text is truncated, so the full financial figures are not seen.
17 Sept 2015director officer appointment▼ BadMajor
CEO Peter Munachen takes about three months' leave for personal health issues. John Annand, General Manager Corporate and Commercial, covers the CEO duties meanwhile. Board expects Munachen to return.
14 Sept 2015investor presentation▲ Good
Company update: Empire has identified the Lockyer Deep Kingia gas prospect in EP368 (best case 58 BCF, range 25-134 BCF), with a contingent rig slot mid-2016 subject to funding and approvals. EP413 3D preliminary results show better structural definition; final processing due October. Rey TP/15 talks continue.
25 Aug 2015security holder rights change● Neutral
5,150,000 unlisted employee options expired or were cancelled, leaving 44,500,000 outstanding. Administrative housekeeping.
12 June 2015admin correction● Neutral
Computershare, the share registry, notifies that its Perth office moves to Level 11, 172 St Georges Terrace from 15 June 2015. Administrative notice with no company-specific substance.
12 June 2015admin correction● Neutral
Duplicate of the Computershare notice that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative re-release with nothing new.
5 June 2015capital raising announcement▲ GoodMajor
The placement is completed, raising $500,000 at 0.4712c: 53,056,027 shares to Rey (about 3.68% post-placement) and a further 53,056,027 to Patersons' clients. Funds go to working capital. Follows the March share purchase plan at the same price.
What it means for a shareholder
53.1m new shares at about A$0.0094 to raise about A$500,000. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (106,112 at the issue price), your slice goes from 0.00795% to 0.00765% of the company. To keep it you'd need 4,219 more shares - about A$40 at the issue price.
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3 June 2015material agreement● Neutral
Rey Resources' own release confirms it bought 53,056,027 Norwest shares, about 4% of shares on issue, at 0.4712c for $250,000. Rey says it is seeking north Perth Basin opportunities. Repeats the Norwest announcement from the investor's side.
3 June 2015material agreement▲ GoodMajor
Norwest forms a strategic alliance with Rey Resources to explore Perth Basin opportunities, including the TP/15 (Xanadu) farm-out. Rey subscribes $250,000 at 0.4712c per share, 53,056,027 shares. Builds on the farm-out search; no farm-out terms are agreed yet.
8 May 2015joint venture update▲ Good
Empire (operator) reports airborne data over EP368 and EP426 is fully acquired; integrated results are due in the December 2015 quarter. Empire says AWE's Irwin-1 found Kingia reservoir thicker than at Waitsia-1, which it sees as an additional play in the permits.
6 May 2015drilling progress report▲ GoodMajor
The EP413 Arrowsmith 3D seismic acquisition (106 km2) is finished on time and within budget. Processing begins, with results expected in Q3 2015, to help choose the Arrowsmith-3 horizontal well location. Delivers the early-2015 survey flagged earlier.
6 May 2015joint venture update▲ Good
Operator Empire says the Black Swan airborne gravity survey over EP368/EP426 has started, with interpretation expected Q4 2015. It replaces the planned North Erregulla 3D seismic and will test whether the AWE Waitsia/Irwin gas fairway extends into EP368. Norwest holds 20% of EP368, 22.22% of EP426.
17 Apr 2015drilling progress report▲ GoodMajor
On-ground preparation is complete and the 106 km2 Arrowsmith 3D seismic survey is set to start within days, taking about 21 days. Processing results are expected in Q3 2015. This begins the work approved in March, ahead of the Arrowsmith-3 well.
27 Mar 2015admin correction● Neutral
Section 708A notice for 74,584,478 shares issued on 25 March 2015 at 0.4712c, confirming they can be freely traded. Administrative notice.
25 Mar 2015capital raising announcement● NeutralMajor
The share purchase plan closes with $1.0m raised, plus an $80,000 top-up placement, at 0.4712c per share, with about 229m new shares to be issued. Farm-out discussions continue. Completes the raising launched in February.
