Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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
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7 Oct 2020agm notice● Neutral
Warrego will hold its 2020 AGM virtually on 25 November 2020 at 4pm AEDT. Director nominations close 16 October. The notice of meeting will go out electronically only; this is where the BDO auditor appointment would be confirmed.
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.
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.
28 July 2020quarterly activities report▲ Good
June quarter report: cash was $15.262m at 30 June after the $15m May placement. Warrego joined the All Ordinaries, the Perth HQ move is nearly done, and WE-3/WE-4 approvals are well advanced. Gas buyer interest is described as growing; Spain approvals await.
17 July 2020agm notice▲ Good
All eight resolutions carried at the 16 July EGM, each with over 96% of votes cast in favour. This includes ratifying tranche 1 and approving tranche 2 of the May 13c placement, plus director participation and options.
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.
