31 Aug 2006drilling result● Neutral
ARC repeats Origin's Jingemia 8 result (2,565m, sandstone top at 2,478m) and says the implications await logging. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2006drilling progress report● Neutral
Victoria Petroleum reports Jingemia-8 at 2,281m, preparing to drill ahead. It repeats its 4,000 bopd target and 4-8 million barrel potential. No new result.
24 Aug 2006drilling progress report● Neutral
ARC Energy repeats Origin's weekly report with Jingemia-8 at 2,264m. No new information for Norwest.
24 Aug 2006drilling progress report● Neutral
Origin's weekly report has Jingemia 8 drilling ahead at 2,264m, with 1,728m drilled in the week. Norwest holds 1.278%. No result yet.
14 Aug 2006drilling spud● Neutral
Partner ARC Energy repeats Origin's announcement that Jingemia 8 began on 13 August. No new information for Norwest holders.
14 Aug 2006drilling spud● Neutral
Partner Victoria Petroleum repeats the Jingemia-8 start, adding its view that the well should lift gross field output to a targeted 4,000 bopd. It sees potential for 4 to 8 million barrels recoverable. Norwest holds 1.278%.
14 Aug 2006drilling spud● Neutral
Operator Origin reports Jingemia 8 started on 13 August, planned to about 2,560m in about 20 days, targeting the Dongara Sandstone near the field's crest. Norwest holds 1.278%. This is the development well planned since the June quarter.
31 July 2006drilling result▼ BadMajor
Moondah-1 in TP/15 reached 1,450m without significant hydrocarbons and will be plugged and abandoned. A dry hole for the well flagged as a significant test; Norwest was earning 10%.
24 July 2006drilling spud● NeutralMajor
The rig is in position to drill Moondah-1 in TP/15, offshore Perth Basin, planned to 1,330m. Norwest is earning 10% and the CEO calls it a significant test. This is the TP/15 well flagged earlier.
12 May 2006drilling progress report▲ Good
AED has completed Puffin-7 and will flow test it, expecting over 15,000 barrels a day capacity. AED has hedged 1.2 million barrels for 2007-08 at about US$72. Norwest's 1.25% royalty is separate from a new 1.25% royalty granted to CEI.
9 May 2006drilling result▲ Good
AED drilled a 675m horizontal section in Puffin-7, 635m of it net oil sand. Reserves are said to equal or exceed the earlier P90 estimate of 7.6 million barrels, with scope to increase. An updated reserves statement is due within up to six months.
5 May 2006drilling progress report▲ GoodMajor
Operator AED reports Puffin-7 found excellent-quality oil sandstone at 2,514m, and the Puffin field production licence AC/L6 has been awarded. Flow testing is expected in about two weeks. Norwest holds a 1.25% overriding royalty.
5 May 2006drilling result● Neutral
All five Cornstalk wells in West Virginia are drilled, each intersecting the target Devonian and Rhinestreet shales. Flow rates are unknown until frac and completion. Ascent carries Norwest's costs on the first three wells; Norwest pays its 29% on the last two.
4 Apr 2006drilling result▲ GoodMajor
AED submitted a Notice of Discovery for Puffin-9: 6.0m of oil in the UK1a sandstone and 3.8m in the LK1a. Puffin-7 development drilling has begun. Norwest's 1.25% royalty gains support, though AED's reserves evaluation is still underway.
22 Mar 2006drilling progress report▲ Good
Operator AED reports Puffin-9 at 2,225m, with hydrocarbons in the first two of four targets, to be confirmed by wireline testing. Norwest has a 1.25% overriding royalty in AC/P22.
13 Mar 2006drilling spud▲ Good
The Puffin-9 exploration well in AC/P22 spudded, operated by AED, which holds 100% of the block. Norwest holds a 1.25% overriding royalty with no cost obligations; Puffin-7 was to be drilled next, with Puffin-8 later.
13 Mar 2006drilling result● Neutral
Partner Alto Energy repeats Norwest's report of the first Cornstalk well: 1,101m total depth, four cores bubbling gas. No new information.
10 Mar 2006drilling result▲ Good
The first Cornstalk well in West Virginia reached 1,101m and was cased, with four cores bubbling gas. It is the first in an approved five-well program; Norwest has 29%, and Ascent pays Norwest's costs on the first three wells.
22 Feb 2006drilling spud▲ Good
The first well of the Cornstalk project in West Virginia has spudded, planned to 1,158m targeting Devonian shale gas. Norwest holds 29% via a subsidiary; operator Ascent pays Norwest's and Alto's share of the first three wells.
3 Feb 2006drilling result▲ Good
The third Kentucky well reached about 688m with 148m of Devonian Shale and indications of free gas. The first two wells were fraced and flowed gas at modest, unstabilised rates. West Virginia drilling of the first three of up to seven wells is due this month.
3 Feb 2006drilling result● Neutral
Partner Alto Energy repeats Norwest's 3 February Little Sandy update: third well drilled with 148m of Devonian Shale, first two wells fraced. No new information for Norwest holders.
13 Jan 2006drilling result▲ Good
The second of three Kentucky shale gas wells at Little Sandy (Norwest 60%, operator) reached about 659m and intersected 144m of Devonian Shale. It is cased and awaiting fracing; logs are being evaluated and the rig has moved to the third well.
11 Jan 2006drilling result▼ BadMajor
Norwest confirms Magnolia-1 was a dry hole at 3,109m, with no hydrocarbon shows in any target. The CEO calls it disappointing but says Norwest's financial exposure was almost zero and the strategy is intact. Next: Perth Basin TP/15 in April, Kentucky and West Virginia drilling.
11 Jan 2006drilling result▼ Bad
Partner Bounty confirms Magnolia-1 reached 3,109m with no hydrocarbon shows and will be abandoned. Bounty calls it disappointing and says it was virtually free carried.
11 Jan 2006drilling result▼ Bad
Partner AWE confirms Magnolia-1 reached 3,109m on 10 January with all targets intersected without hydrocarbon shows; the well will be plugged and abandoned.
11 Jan 2006drilling result▼ BadMajor
Partner Adelphi reports Magnolia-1 reached 3,109m with no hydrocarbon shows in the Plover, so the joint venture will plug and abandon. Adelphi calls the result disappointing; it says too early to assess AC/P32's remaining prospectivity.
9 Jan 2006drilling progress report▼ Bad
Partner Bounty repeats the 2,987m Magnolia-1 update: no hydrocarbon shows in the Montara and Upper Vulcan targets, drilling on to the Plover. Duplicates Norwest's report.
9 Jan 2006drilling progress report▼ Bad
Partner AWE repeats that Magnolia-1 reached 2,987m, with the primary Montara target and one secondary target intersected without hydrocarbon shows. Duplicates Norwest's report.
9 Jan 2006drilling progress report▼ Bad
Norwest reports Magnolia-1 at 2,987m: the primary Montara and Upper Vulcan targets had no hydrocarbon shows. Drilling continues to the Plover, expected final depth about 3,200m. Norwest's cost exposure stays capped at US$8 million.
9 Jan 2006drilling progress report▼ Bad
Partner Adelphi reports Magnolia-1 at 2,987m, with the Montara Sandstone and Upper Vulcan targets intersected without hydrocarbon shows. The well continues to the deeper Plover target; an early negative sign for the 60-100 million barrel prospect.