Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2020capital raising announcement● Neutral
Tranche 2 of the placement will settle on 30 November, with shares quoted 1 December. A separate issue of 1,000 securities under an August cleansing prospectus will not proceed. Administrative update to the October raising.
25 Nov 2020investor presentation● Neutral
AGM chairman's address and presentation recap the year: 513 Bscf 2C resource, Alcoa agreement, Strike alignment and 80 TJ/d Phase 1, with FID by end Q1 2021. Says a WE-3 success would likely raise booked 2C resources. Spanish approvals are delayed. Largely known facts.
23 Nov 2020drilling progress report▲ Good
The new slip and seal assembly was installed and pressure tests passed. Drilling of WE-3's second intermediate section is resuming, targeting 3,750-4,150m. This resolves the wellhead delay reported on 16 November.
16 Nov 2020drilling progress report▼ Bad
Pressure testing of the WE-3 wellhead seals failed because the 13-3/8 inch casing slip and seal assembly failed. A replacement is due in about a week and the rig stands by. Another short delay to WE-3.
12 Nov 2020drilling progress report▲ Good
WE-3's first intermediate section was drilled to 2,462m and cased and cemented without issue. Hydrocarbon shows in the upper Cattamarra Coal Measures are similar to WE-2. Strike says it has identified the root causes of the earlier assembly failures.
6 Nov 2020capital raising announcement● Neutral
The share purchase plan closed having raised $780,000 at 21c, with all applications filled in full and no scale-back. Shares are to be issued 11 November. This is far below the $4m cap, completing the October $32m placement.
26 Oct 2020drilling progress report▼ Bad
Strike reports a second mud motor failure in WE-3 at 1,629m. Fishing was judged unlikely to succeed, so the well was cemented and side-tracked again. Strike has added experienced Perth Basin drilling engineers. A further delay to the first appraisal well.
23 Oct 2020annual report● Neutral
Re-lodgement of the FY20 annual report with chairman's and CEO's commentary, now updated for the Alcoa agreement, the Strike alignment and the 80 TJ/d plant. Repeats known facts; the financial results were already summarised on 29 September.
23 Oct 2020annual report● Neutral
Corporate governance statement for FY20, reporting compliance against ASX recommendations; the company says full adoption is not currently practical given its size. Administrative filing with no new events.
23 Oct 2020annual report● Neutral
Appendix 4G, the checklist pointing to Warrego's governance statement on its website, authorised by company secretary John Newman. Administrative filing with no substance.
22 Oct 2020capital raising announcement● Neutral
Application form for the share purchase plan, with parcels from $2,500 to $30,000 payable by BPAY or cheque, closing 5 November 2020. Administrative document with no new information.
22 Oct 2020capital raising announcement● Neutral
Share purchase plan booklet for eligible Australian and New Zealand holders: apply for parcels of $2,500 to $30,000 at 21c, the same as the placement. Offer opens 22 October, closes 5 November, with possible scale-back. This implements the plan announced 14 October.
14 Oct 2020capital raising announcement● NeutralMajor
Warrego raises $32.0m in a two-tranche placement at 21c, a 14.3% discount to the last close, to fund WE-4 and WE-5, 3D seismic and working capital. Tranche 2 ($6.0m) needs approval at the 25 November meeting. A share purchase plan capped at $4m is also offered at 21c.
14 Oct 2020drilling progress report▼ BadMajor
Warrego relays Strike's update: while drilling the first intermediate section of WE-3, the drill assembly broke and the bit and motor were left in the hole. Fishing failed, so the well will be cemented and side-tracked. A setback and delay for the first appraisal well.
8 Oct 2020joint venture update▲ GoodMajor
Warrego and Strike sign a binding Heads of Agreement for joint West Erregulla development: Phase 1 plant raised to 80 TJ/d, FID targeted by end of Q1 2021, first gas mid-2022, and WE-5 added to the drilling campaign. Strike's FID target thus moves from Q4 2020 to align with Warrego's.
8 Oct 2020other● Neutral
Text not readable.
29 Sept 2020drilling progress report● Neutral
WE-3 surface hole drilled to 1,210m and 20-inch casing is being run. The next section will drill to about 2,740m. This is routine progress with no new result.
29 Sept 2020contract award▲ Good
Re-issue of the 28 September announcement: Warrego's binding 155 PJ gas sales agreement with Alcoa, starting 1 January 2024 and subject to a positive FID expected 1H 2021. Adds the company's view that no further sales agreements are needed for FID.
29 Sept 2020annual report● Neutral
FY20 annual report: net loss $4.49m (FY19: $7.53m), no impairment. Total assets rose to $37.5m on $9.0m of EP469 exploration spend and $23.6m of net capital raised. Liabilities were $2.8m. The report recaps the WE-2 discoveries and 69 MMscf/d flow test.
28 Sept 2020contract award▲ GoodMajor
Warrego signed a binding 155 PJ gas sales agreement with Alcoa, starting 1 January 2024 and subject to a positive FID expected in 1H 2021. The company said the deal is large enough that no further sales agreements are needed to support FID.
21 Sept 2020drilling spud▲ GoodMajor
Operator Strike reports Rig 970 is rigged up and West Erregulla 3 begins drilling on 21 September, starting with a 26-inch surface hole to about 1,200m. This is the first appraisal well since WE-2 and the northern-area test.
18 Sept 2020listing compliance notice● Neutral
ASX lifts Warrego's suspension immediately after the company announced the outcome of the Federal Court proceedings. This ends the 17 September halt.
18 Sept 2020listing compliance notice● NeutralMajor
Warrego explains that an administrative error left the 27.6m tranche 2 shares (issued 22 July) without a cleansing notice until 3 August. The Federal Court has cleared the roughly 7m shares sold meanwhile. Trading resumes 21 September.
17 Sept 2020listing compliance notice● Neutral
ASX pauses trading in Warrego shares pending a further announcement. The text gives no reason.
17 Sept 2020listing compliance notice▼ BadMajor
ASX suspends Warrego shares until court orders are granted, linked to the timing of a cleansing prospectus. This follows the missed cleansing notice for the tranche 2 placement shares.
9 Sept 2020auditor change● Neutral
BDO Audit Pty Ltd replaces BDO East Coast Partnership as auditor from 9 September, because BDO restructured its audit practice. Shareholders will be asked to confirm the appointment at the AGM.
31 Aug 2020director officer appointment● Neutral
Owain Franks steps off the board on 1 September but stays as CFO, restoring a balance between executive and independent directors, as flagged on 3 August. The board becomes four, two independent. General counsel John Newman replaces Ian Kirkham as Company Secretary.
20 Aug 2020regulatory community update▲ Good
Warrego says new WA limits on exporting onshore gas do not affect its plans, as its West Erregulla marketing targets domestic buyers. It remains in advanced gas sales talks and notes neighbouring Waitsia is exempt.
17 Aug 2020other● Neutral
Text not readable.
3 Aug 2020director officer appointment● NeutralMajor
Non-executive director David Biggs becomes Executive Director and CEO Australia from 1 August 2020 on A$400,000 salary, leading the Perth team on West Erregulla. Dennis Donald focuses on Europe and Spain. The board now has an executive majority, which the company says it will address.
