Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2022drilling progress report▲ Good
WE-3 drilled through the Kingia primary target at 4,806m; logging-while-drilling tools show thick clean sands that are gas bearing. Drilling continues to the High Cliff, followed by wireline logging. Early encouraging sign, with full results to come.
17 June 2022drilling progress report● Neutral
WE-3 reached section depth of 4,435m and the 7-inch liner is cemented. The operator will lighten the mud and then drill the Kingia and High Cliff targets. Progress report only; no reservoir result yet.
9 June 2022resource reserve update▲ GoodMajor
Warrego maps Erregulla Deep in north-east EP469 as an exploration target with unrisked prospective resources of 165-403 Bcf gross (82-201 Bcf net to Warrego). It is undrilled at Kingia depth and will be covered by the planned Natta 3D seismic.
2 June 2022drilling spud▲ GoodMajor
Warrego confirms WE-3 was re-entered and drilling resumed, targeting the Kingia and High Cliff reservoirs. The well was suspended in January 2021 by over-pressured gas. Drilling and completion take 45-55 days, then flow testing; the well will be completed for production.
31 May 2022drilling progress report● Neutral
Strike, as operator, reports the Ensign 970 rig is on site and WE-3 re-entry starts 1 June 2022. Drilling is expected to take about 45 days, using managed pressure equipment after the well was suspended earlier by an over-pressured zone.
28 Apr 2022quarterly activities report▼ BadMajor
March quarter: cash $36.15m (from $40.2m). The operator expects EPA approvals later than planned and now targets West Erregulla first gas in late 2024, a delay from 2H 2023. WE-3 re-entry set for June/July; WE-5 retest slips to 2023.
28 Mar 2022joint venture update● Neutral
Pilot reports its Mid West feasibility studies, with the Cliff Head CCS and blue hydrogen study, jointly funded with APA and Warrego, due within weeks. Pilot is not committed beyond feasibility. Warrego's study is not yet complete; no Warrego-specific result.
18 Mar 2022asset acquisition disposition● NeutralMajor
Warrego ends its Spanish divestment review and will keep Tesorillo (85%, 830 Bcf unrisked prospective) and El Romeral (50.1%), citing sharply higher European energy prices. This reverses the earlier sale discussions. Development options are to be chosen by end of the financial year.
9 Mar 2022half year report● Neutral
Half-year to 31 Dec 2021: net loss $2.42m (prior $3.28m), after $46.3m net raised in the placement. The operator applied to convert EP469 to a production licence in Jan 2022, awaiting EPA approval. Project finance is underway and tied to the Alcoa contract.
4 Mar 2022other● Neutral
S&P Dow Jones March 2022 quarterly index rebalance notice. The visible text does not mention Warrego; the list is truncated, so any effect on Warrego's All Ordinaries membership is not shown.
29 Dec 2021farm in farm out agreement▲ GoodMajor
Warrego agrees to farm out 50% of STP-EPA-0127 (2.2m acres) to Mitsui E&P Australia, which carries Warrego's year one and two exploration costs up to $1.5m. Mitsui may take operatorship from year three. Subject to permit grant and approvals. This resolves the farminee search.
20 Dec 2021director officer appointment● NeutralMajor
Executive Director David Biggs steps down from the board and CEO Australia role on 31 Dec 2021, weeks after being re-elected. MD Dennis Donald takes direct oversight of Australian operations. Michael Atkins joins as non-executive director, giving a majority of non-executive directors.
24 Nov 2021investor presentation● Neutral
AGM address and presentation. The chairman says AGIG and project finance agreements should be finalised shortly, WE-3 re-entry and WE-5 retest are due 1H 2022, and Warrego commits to net zero by 2050. Largely repeats known points; the net zero commitment is new.
4 Nov 2021joint venture update● Neutral
Pilot Energy's own release of the consortium with APA Group and Warrego to jointly fund the Mid West Blue Hydrogen and CCS feasibility study, due Q1 CY2022. Warrego's role is gas supply. Repeats Warrego's earlier same-day announcement; no development commitment.
4 Nov 2021joint venture update● Neutral
Warrego joined a consortium with APA Group and Pilot Energy to jointly fund a feasibility study of Mid West Blue Hydrogen and carbon capture and storage, due in the first quarter of 2022. It advances the carbon strategy flagged earlier; no development commitment yet.
22 Oct 2021other● Neutral
Appendix 4G, the key to Warrego's corporate governance disclosures for the year ended 30 June 2021, pointing to the statement on its website. Administrative filing with no substance.
22 Oct 2021other● Neutral
Corporate governance statement for FY21. It says full adoption of the ASX recommendations is not currently practical given company size, and reports compliance recommendation by recommendation. Compliance document with no operational news.
22 Oct 2021annual report● Neutral
Warrego's 2021 Annual Report restates its strategy of developing West Erregulla, appraising and farming out exploration assets such as EPA-0127, screening new onshore acquisitions and progressing carbon management. It repeats FY21 results and known points; no new figures in the text provided.
11 Oct 2021resource reserve update▲ GoodMajor
NSAI certified West Erregulla Kingia 2P Reserves of 300 PJ gross (150 PJ Warrego share) with 3P of 372 PJ, plus 128 PJ 2C contingent and 198 PJ 2U prospective resources. Warrego says this is in line with the May 2020 RISC resource certification and supports its Alcoa gas contract.
30 Sept 2021admin correction● Neutral
Warrego released a copy of its updated Constitution, as approved at the recent EGM. Administrative only; no new substance beyond the constitution replacement already approved.
29 Sept 2021regulatory community update▲ Good
Warrego says the nearby Lockyer Deep-1 gas discovery supports its view that gas migrated through EP469, which is positive for the WE-3 appraisal (first half 2022) and 3D seismic over the remaining two-thirds of the permit. This is Warrego's own analysis, not a new result.
24 Sept 2021annual report● Neutral
FY21 statutory accounts: net loss $6.39m (2020: $4.49m); total assets $75.6m, driven by $36.3m of EP469 exploration spend and $34.1m of net capital raisings. WE-3 re-entry is expected in the second half of FY22.
9 Sept 2021regulatory community update▲ Good
Warrego has submitted a six-year work program and budget for STP-EPA-0127 (2.2m acres) to the WA regulator, with Native Title talks targeted to finish in the first half of 2022. Three parties have data room access, and Warrego is considering bringing the farm-in process forward.
8 Sept 2021investor presentation● Neutral
Good Oil Conference presentation by David Biggs. It says EPA-0127 Native Title talks are advanced, data room access has been given to three interested parties, and a 3D seismic survey over the remaining two-thirds of EP469 is planned for FY22. Largely repeats known points.
17 Aug 2021well test result▼ BadMajor
WE-5 flowed only 13.1 MMscf/d instantaneous and 5.1 MMscf/d sustained, which Strike attributes to near-wellbore skin and an ineffective completion. It plans a recompletion and retest. Pressures match other wells, and gas flowed to at least 4,670m subsea.
10 Aug 2021investor presentation● Neutral
CEO presentation for the 10 August EGM. The excerpt shows only standard compliance and safety material, with leadership and company background. It notes the 3-well appraisal results will feed an updated reserves and resources assessment. No new information in the text provided.
29 July 2021well test result● Neutral
Warrego confirms WE-5 was perforated over 6m and clean-up has begun, but calls the operator's early interpretations premature. The perforation sits below the possible gas-water contact seen at WE-4, and clean-up is incomplete. No flow result yet.
20 July 2021asset acquisition disposition● NeutralMajor
Strike, Warrego's 50% partner and operator, bought an 8.16% stake in Warrego for about $22m, lifting its economic interest in West Erregulla to 54%. It says it has formed no intention on any further transaction involving Warrego.
12 July 2021flow test result● NeutralMajor
WE-4 sustained 35 MMscf/d from the Kingia, with sand managed by conservative choke settings. Warrego says water entry at about 4,912m may indicate a gas-water contact, an interpretation that diverges from the operator's. Earlier reports found no contact.
5 July 2021material agreement▲ GoodMajor
Warrego has started paying AGIG to commit long lead items for the 87 TJ/d processing plant, funded from the June placement (its 50% share of up to $31.5m). Payments are refundable once the full agreement and project finance are in place. First gas is now targeted for mid-2023.
