Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2022quarterly activities report▲ Good
June quarter: cash $33.7m (from $36.15m). Highlights are the WE-3 success and 422 PJ 2P upgrade, with well test set for August. EPA decision expected Q3 and approval Q4 2022. Mitsui farm-out and EPA-0127 Native Title still pending, now targeted by end of 2022.
28 July 2022resource reserve update▲ GoodMajor
NSAI lifts West Erregulla 2P reserves 41% to 422 PJ gross (211 PJ Warrego share) from 300 PJ, after WE-3 extended the field north-west. 2C contingent resource falls to 30 PJ gross from 128 PJ, consistent with some volumes moving into reserves.
28 July 2022admin correction● Neutral
Replacement of the same-day 2P reserves upgrade release. The figures shown are unchanged (422 PJ gross 2P); the visible differences are minor wording in the company description. No new information.
18 July 2022investor presentation● Neutral
Investor update repeating known points: first gas late 2024, WE-3 results (38m net pay), flow test planned August 2022, NSAI review under way, and Erregulla Deep. No new figures in the visible text.
12 July 2022other● Neutral
Warrego adopts the World Economic Forum's 21-metric ESG framework and subscribes to Socialsuite's reporting platform. It also updates solar projects at El Romeral in Spain and says the blue hydrogen/CCS study is in final review. No new financial result.
1 July 2022drilling result▲ GoodMajor
WE-3 confirms the field extends north: 38m net pay in a 60m gross Kingia gas column, 13.8% average porosity, no gas-water contact. Reservoir is the best in the field; the High Cliff was poor. NSAI will review reserves; production test next month.
28 June 2022director officer appointment● Neutral
Shannon Coates replaces John Newman as Company Secretary from 1 July 2022. Newman moves to New Ventures and ESG lead and stays General Counsel. Administrative change.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter: cash $40.2m, down from $49.4m. The WE-3 re-entry moves to Q2 2022, WE-5 recompletion to H2 2022, and an extra production well WE-6 is agreed. AGIG agreements are nearing finalisation and bank due diligence is underway. The Mitsui farm-out is reported.
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 2021agm notice● Neutral
AGM results: the remuneration report passed with about 95.6% support. David Biggs was re-elected as director with about 72.3% in favour, a notable 27.8% vote against. Both resolutions carried.
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.
28 Oct 2021quarterly activities report● Neutral
September quarter: cash $49.4m after the placement. Warrego expects to mandate banks shortly for project finance for its 50% share. WE-5 recompletion is now planned with the WE-3 re-entry in first half 2022. A preferred farminee for EPA-0127 has been selected.
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.
