3 Aug 2020other● Neutral
Cleansing prospectus offering up to 1,000 shares at 18c (about $180) solely to lift on-sale restrictions on previously issued shares. It raises no meaningful money; it fixes a paperwork gap on the tranche 2 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2020investor presentation● Neutral
CEO Dennis Donald's EGM presentation on West Erregulla restates the 18 May RISC certification (513 Bscf gross 2C) and the strategy of turning drilling success into production. No new figures are evident in the readable text.
16 June 2020drilling scheduled▲ Good
Warrego confirms the Ensign 970 rig for WE-3 (2H 2020, subject to permitting) and WE-4, with WE-5 possible. It puts WE-3's chance of success at 65%, which RISC agrees with. A further 3D seismic survey is planned for Q2 2021.
15 June 2020contract award▲ GoodMajor
Strike, for the joint venture, contracts Ensign Energy's rig 970 for up to three West Erregulla wells. WE-3 is due to spud in Q3 2020, WE-4 to follow, and a WE-5 decision is due by 30 November 2020.
12 June 2020other▲ Good
S&P index rebalance notice listing changes across ASX indices. For Warrego, it shows addition to the All Ordinaries index effective 22 June 2020. Otherwise no company-specific information.
28 May 2020regulatory community update▲ Good
Strike announces West Erregulla has been awarded Lead Agency Status by the WA Premier, giving government case-management and coordinated approvals for the project. Helpful for permitting timelines at the field Warrego owns 50% of.
25 May 2020capital raising announcement● NeutralMajor
Warrego raised $15m in a two-tranche placement at 13c, an 18.8% discount to the last close. Tranche one is 94.9m shares ($12.3m) and tranche two is 20.5m shares ($2.7m), which needs shareholder approval. The money funds WE-3 drilling and long-lead items for WE-4.
20 May 2020resource reserve update▼ BadMajor
Operator Strike publicly notes its November 2019 resource estimate differs from Warrego's RISC-certified figure. It says it has not received RISC's report and that seismic attributes were not used, implying the full dataset was not considered. It stands by its own modelling.
18 May 2020resource reserve update● NeutralMajor
Independent review by RISC certifies West Erregulla Central Area 2C contingent resources of 513 Bscf gross (257 Bscf net to Warrego), with 3C of 966 Bscf. Northern Area prospective resource is 102 Bscf. This is well below Strike's November 2019 1,185 BCF 2C figure.
27 Apr 2020joint venture update▲ GoodMajor
Operator Strike says the EP469 joint venture approved the West Erregulla appraisal plan and multi-year budget, adding WE-4 to the approved WE-3, with WE-5 contingent (decision by November 2020). Drilling is planned from Q3 2020, with a development decision (FID) targeted for Q4 2020.
27 Apr 2020joint venture update▲ Good
Warrego confirms the agreed appraisal plan: WE-3 and WE-4 approved, WE-3 to start 2H 2020, WE-5 decision by November 2020, plus 3D seismic over much of the rest of EP469. Repeats the operator's announcement of the same day.
24 Mar 2020director officer appointment● Neutral
Executive and senior pay and non-executive fees cut 50% from 1 April, citing economic conditions and COVID-19. Founder Duncan MacNiven (19.99% holder) leaves the board but stays as an executive; the Sydney office will close. The board again declines Strike's proposal.
23 Mar 2020business combination● NeutralMajor
Warrego rejects an unsolicited, non-binding all-scrip proposal from West Erregulla partner Strike: 1.2 Strike shares per Warrego share, which would give Warrego holders about 31% of the merged entity. The board says it undervalues the company and will not engage; RBC and Allens appointed advisers.
18 Mar 2020investor presentation● Neutral
Investor update presentation by the CEO and a director for 18-20 March 2020, with disclaimers and resource notices. The visible text carries no new results; the rest is truncated, so likely repeats known West Erregulla, Tesorillo and El Romeral information.
12 Mar 2020half year report● Neutral
Half-year accounts to 31 December 2019 show a net loss of $2.5m, with no impairment, and $12.0m net raised from a placement and share purchase plan. Operations section restates West Erregulla-2 results and the 69 MMscf/d flow test. No new operating results.
12 Mar 2020security holder rights change● Neutral
Warrego notifies that 318,980,258 vendor shares from the March 2019 reverse takeover will be released from escrow on 22 March 2020. This is the escrow expiry flagged earlier; those holders can then sell.
20 Jan 2020director officer appointment● NeutralMajor
Warrego will open a Perth office, with CEO Dennis Donald relocating from the UK. It appoints Cathy McKeagney as General Manager Commercial to market West Erregulla gas in 2020. David Casey, CEO Australia and Asia-Pacific, retires in January 2020.
17 Dec 2019asset acquisition disposition▲ GoodMajor
Warrego agrees to buy at least 50.1% of El Romeral, a producing gas and power project in southern Spain with three producing wells, via its 85%-owned Tarba. Initial price is €750,000, funded from cash. Partner Prospex has 90 days to take up to 49.9%.
27 Nov 2019investor presentation● Neutral
CEO's AGM presentation repeats known facts on West Erregulla and the board. It says the market cap grew from $56m at the March reverse takeover to about $150m, and that 2020 work plans include drilling, seismic and gas commercialisation. No new results.
11 Nov 2019resource reserve update▲ GoodMajor
Operator Strike books an initial 2C contingent resource of 1,185 BCF (gross) for the Kingia and High Cliff sandstones at West Erregulla, and updates the Wagina prospective resource. Warrego holds 50%. This resolves the resource booking awaited since the flow test.
11 Nov 2019resource reserve update● Neutral
Text not readable. Strike's West Erregulla resource statement came through only as bullet markers. Warrego's own release of the same day gives the figures.
1 Nov 2019admin correction● Neutral
Re-lodged governance checklist (Appendix 4G), now pointing to the governance statement on the company website instead of attaching it. Administrative, no new substance.
28 Oct 2019annual report● Neutral
Warrego's 2019 annual report repeats known facts: the 5,100m well, three discoveries and the 69 MMscf/d flow test. The chairman says the share price is up 220% since the reverse takeover, and that Uruguay was discontinued. Seismic and Tesorillo appraisal planning continues.
28 Oct 2019other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, stating the governance statement is current at 28 October 2019. Administrative, no new information on operations.
25 Oct 2019flow test result● Neutral
Text not readable. Strike's announcement titled 'Outstanding West Erregulla Flow Test Results' came through only as bullet markers. The figure is given in Warrego's own release the same day.
25 Oct 2019flow test result▲ GoodMajor
West Erregulla-2 flowed gas at a maximum 69 MMscf/d from the Kingia Sandstone on a 2-inch choke, over one hour. This is the flow test awaited since September. Warrego expects to update contingent resources soon, and plans 3D seismic and more wells in 2020.
22 Oct 2019flow test result● Neutral
Text not readable. Strike's flow test update; only bullet markers came through, so no content can be stated.
10 Oct 2019drilling progress report● Neutral
Strike says the rig has left West Erregulla-2 and the flow test equipment is being moved to site. A multi-stage Kingia production test will follow, with flow rate possibly limited by the tubing size. No results yet.
1 Oct 2019annual report● Neutral
Statutory accounts for the year to 30 June 2019: net loss $7.53m including $3.46m impairment, total assets $16.6m, liabilities $2.9m. Recognises $7.05m goodwill from the reverse takeover. Notes WE-2 reached 5,100m with three discoveries after year end.
24 Sept 2019drilling progress report▲ Good
Strike perforated the Kingia, ran the 3-1/2in production tubing and released the Easternwell 106 rig, completing West Erregulla-2 drilling. The flow test was expected to start in early October and take about two weeks to gather flow and pressure data.