Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 Sept 2021agm notice● Neutral
Warrego will hold its 2021 AGM virtually on 24 November 2021. Director nominations from outside the board close on 6 October 2021. Administrative notice only.
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.
11 Aug 2021agm notice● Neutral
All EGM resolutions carried, including Tranche Two of the placement (80.2m shares, 98.8% for) and the Chairman's participation. The long-term incentive plan and executive performance rights passed with about 75-78% support, with roughly 22% against.
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.
22 July 2021quarterly activities report● Neutral
June quarter: cash $13.7m. WE-5 reached 5,015m with 183m gross Kingia and 32m net pay; WE-4 flowed 35 MMscf/d. NSAI reserves certification is due by late August. A three-bank project finance club of up to $75m is in advanced discussions.
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.
1 July 2021drilling progress report● Neutral
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25 June 2021capital raising announcement● NeutralMajor
Warrego raised $50m via a two-tranche placement at $0.22 per share, a 10.2% discount to the last close. It funds long lead items for the 87 TJ/d plant and gathering system, and the unbudgeted WE-3 re-entry. Tranche Two ($17.6m) needs shareholder approval.
21 June 2021drilling result● Neutral
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15 June 2021drilling progress report▲ Good
WE-5 is at 4,895m, having passed through the primary Kingia Sandstone (top at 4,771m) with significant gas shows and drilling breaks. Sand-handling equipment has arrived and WE-4 is being rigged up to resume clean-up.
26 May 2021drilling progress report● Neutral
WE-5 finished its intermediate section at 3,635m, with casing cemented and tested in under 17 days. De-sanding equipment for WE-4 is being procured, with the clean-up and flow test now expected to restart in early June.
19 May 2021drilling progress report▼ Bad
WE-4 clean-up was paused because sand was coming up in the production stream, and about two weeks were needed to procure extra equipment. WE-5 was drilling ahead at about 3,356m.
17 May 2021investor presentation● Neutral
UK investor presentation repeating known points: WE-4 results, WE-5 spudded, cash $24.0m at 31 March, no debt. It shows 989.2m shares and a market cap of about $257.2m at about 26c. No new information.
17 May 2021drilling progress report▲ Good
Strike reports WE-4 core results: permeability up to 430mD and porosity up to 19.9% in the Kingia, confirming high reservoir quality. The WE-4 flow test is still cleaning up, and WE-5 is drilling at about 2,785m after cementing its first casing string.
10 May 2021drilling spud▲ Good
WE-5, the third well of the campaign, spudded on 8 May 2021 and finished its first hole section at about 1,567m, using a design with one fewer casing string. The WE-4 flow test has started, with 75m of Kingia perforated.
21 Apr 2021quarterly activities report▲ Good
March quarter: cash $24.0m. Warrego is in advanced talks with banks on a project finance facility of up to $75m for its 50% Phase 1 share, with a banking club expected by end May 2021. WE-4 reached 5,069m; WE-3 re-entry options are being assessed.
19 Apr 2021drilling progress report▲ Good
WE-4 drilling is complete: 5-1/2 inch production casing is cemented and the rig is being packed down to move to WE-5. Early core data confirm high-quality Kingia sandstone. A roughly 5-day flow test is scheduled for early May.
8 Apr 2021drilling result▲ Good
Strike's release of the WE-4 result (same content as the Warrego-lodged copy): final depth 5,069m, Kingia 155m thick with 28m net pay, no gas-water contact, and gas down to extended 61m deeper. Results are above expectations and a flow test follows.
8 Apr 2021drilling result▲ GoodMajor
WE-4 reached 5,069m with the thickest Kingia seen in the basin (155m), porosity up to 19% and 6,821 psia pressure. No gas-water contact was found, extending the field. Strike says this materially de-risks Phase 1; a flow test is to follow. Warrego asked for its trading halt to be lifted.
31 Mar 2021drilling progress report▲ Good
About 45m of gas-bearing Kingia core was recovered to 4,931m and sent for lab testing. Drilling continues toward the High Cliff Sandstone, the last main target, where coring will be repeated.
25 Mar 2021drilling progress report▲ Good
WE-4 reached the top of the primary Kingia Sandstone target at about 4,870m, with gas shows and drilling breaks. Strike is now changing the drilling assembly to core a 45m interval of the Kingia.
22 Mar 2021drilling progress report▼ Bad
Wireline data confirm a large Dongara/Wagina gas column but show less net pay and lower permeability than the earlier real-time logs. Strike says this suits the field edge location. A resource update may need more WE-4 and WE-5 data. Drilling is at 4,400m.
18 Mar 2021drilling progress report▲ Good
WE-4 at 4,248m: real-time logs show 35-40m of conventional pay in a 206m gross gas column across the Dongara and Wagina sandstones, with no water leg yet. These are preliminary figures to be confirmed by wireline logging and gas sampling.
