Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2021half year report● Neutral
Results release: cash $33.4m, no debt. El Romeral acquisition completed 28 Feb 2021. EPA-0127 (100%, 2.2m acres) awaits Native Title agreements before grant, then a minority farm-out is intended. Strategic options for Spanish assets are under evaluation.
10 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020: net loss $3.28m (vs $2.50m prior year), with $33.3m net raised from the placement and SPP. Covers the Alcoa 155 PJ contract, Strike HoA and AGIG plant; first gas now expected late 2022/early 2023, later than the earlier mid-2022 target.
4 Mar 2021drilling progress report▲ Good
WE-4 finished its second intermediate section at 3,906m in the Kockatea Shale, with hydrocarbon shows throughout, similar to the WE-2 discovery well. Wireline logging, then 9-5/8 inch casing, come before drilling to the Wagina and Kingia/High Cliff targets.
3 Mar 2021asset acquisition disposition▲ GoodMajor
Warrego completed its acquisition of 50.1% of El Romeral, a Spanish gas and 8.1MW power operation, first announced December 2019. It runs at about 22% of nameplate. Warrego is examining ways to increase value from its Spanish assets, El Romeral and Tesorillo.
15 Feb 2021drilling progress report▲ Good
WE-4's first intermediate section reached 2,635m, and 13-3/8 inch casing is being run. Hydrocarbon shows in the Cattamarra Coal Measures are similar to WE-2 and WE-3.
8 Feb 2021drilling progress report▲ Good
WE-4 surface hole was drilled to 1,003m and 20 inch casing cemented. Normal operations resumed as WA lockdown restrictions eased. The 17-1/2 inch section is next, to about 2,550m.
1 Feb 2021drilling progress report● Neutral
WE-4 is at 707m in its 26 inch surface hole, after downtime from a failed mud system part. During the WA lockdown, Strike moved all needed staff to site so drilling continued.
25 Jan 2021quarterly activities report● Neutral
December quarter: cash was $33.7m after the $32.8m raise, funding WE-4 and WE-5. WE-3 was suspended after unexpected over-pressured gas, to resume later. AGIG supplementary FEED is due Q1 2021, and founders' stakes diluted from 39.8% to 30.3%.
25 Jan 2021drilling progress report● NeutralMajor
WE-3 was suspended with cement plugs after meeting an over-pressured gas column. The rig moved to WE-4, which has spudded. WE-3 will be completed later, so the northern-area result is delayed.
20 Jan 2021investor presentation● Neutral
Presentation by David Biggs to a Scottish Enterprise webinar. It shows 987.1m shares, market cap about $241.8m at 24.5c, and no debt, and repeats the certified resources (513 Bscf 2C) and West Erregulla focus. No new information.
4 Jan 2021drilling progress report● Neutral
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23 Dec 2020drilling progress report● Neutral
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15 Dec 2020drilling progress report▲ Good
WE-3 is at 4,024m with 9-5/8 inch casing cemented. Gas shows are consistent through the Dongara and upper Wagina sandstones, and the main Kingia and High Cliff targets are next. Shallower Jurassic and Triassic sands held only residual hydrocarbons.
4 Dec 2020drilling progress report▲ Good
WE-3's second intermediate section reached about 3,534m, shallower than planned because a fault was met higher than predicted. Hydrocarbon shows throughout are similar to WE-2. Wireline logging then casing come next before drilling to the main Permian targets.
1 Dec 2020director officer appointment● Neutral
Group Financial Controller Jani Surjan is promoted to CFO from 1 December 2020, replacing Owain Franks. Franks stays as a senior executive focused on European assets. The company ties the change to its Australian focus and Perth office.
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 2020agm notice▲ Good
All six AGM resolutions passed, including the remuneration report, Mark Routh's re-election, BDO's appointment as auditor, and approval of tranche 2 placement shares, including Chairman Columbus's participation. This clears the way for the $6.0m tranche 2.
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 2020quarterly activities report● Neutral
September quarter report: cash was $11.4m at 30 September, before the $32m placement. WE-3 spudded but is being side-tracked after the lost drill assembly. Repeats the Alcoa agreement and Strike alignment already announced.
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.
