Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 Apr 2020quarterly activities report● Neutral
March quarter report: West Erregulla officially declared a gas discovery, a step toward a production licence, and WE-3 is planned for 2H20. El Romeral share finalised at 50.1%. Cash fell to $5.938m from $9.111m. Warrego's own reserves certification is progressing.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report restates the 69 MMscf/d flow test, the 1,185 BCF contingent resource and the El Romeral acquisition, which still needs regulatory approval for title transfers. Cash was $9.111m at 31 December 2019. Mostly repeats earlier releases.
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 2019agm notice● Neutral
Chairman's AGM address repeats known results: almost 1.2 TCF gross 2C contingent resources from Kingia and High Cliff, and 273 BCF gross prospective resource in the Wagina. Says $23.8m was raised in the year. Nothing new.
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.
27 Nov 2019agm notice● Neutral
AGM results: all three resolutions carried, including re-election of chairman Greg Columbus and the share issue to unrelated parties. The remuneration report drew 69.23% of proxy votes in favour, with 29.85% left to the proxy's discretion.
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.
31 Oct 2019quarterly activities report● Neutral
September quarter report restates the three West Erregulla-2 discoveries and the 69 MMscf/d flow test. It notes the $12m placement at 29c and that appraisal planning and gas marketing are under way. Nothing new beyond earlier releases.
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.
20 Sept 2019director officer appointment● Neutral
Appendix 3Y notices: founders Dennis Donald and Duncan MacNiven each received 18m delayed reverse-takeover consideration shares, lifting holdings to about 141.6m each. They remain entitled to 145.2m consideration shares in total, issued in tranches.
16 Sept 2019drilling progress report● Neutral
Strike has run and cemented the final 5-1/2in casing at 5,090m, securing the Kingia and High Cliff discoveries. It will perforate the Kingia, run the completion, then flow test. Strike expects the Kingia alone to limit flow rate; High Cliff and Wagina tests come later.
16 Sept 2019capital raising announcement▲ GoodMajor
Warrego completes a $12m institutional placement at 29c per share (41.4m shares), a 4.9% discount to the last close. Funds go to EP469 appraisal, Spain, EPA-0127 and working capital. Follows the Aug cash query that flagged the need to raise capital.
11 Sept 2019resource reserve update▲ GoodMajor
Strike upgrades the Kingia discovery: net pay rises to 58m from 41m, with pressure of 6,814-6,828 psia and permeability of 102mD. Pressure suggests a 220m gas column. Contingent resource booking depends on a Kingia flow test within weeks. High Cliff pressure testing was hampered by hole washout.
11 Sept 2019investor presentation● Neutral
Conference presentation by David Casey repeats known facts: company history, Perth Basin context, and the Wagina, Kingia and High Cliff discoveries. Shows 631m shares and ~$7.3m cash at the June quarter. No new results.
