Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2019drilling progress report● Neutral
First intermediate section finished at 2,499m and 11-3/8-inch casing cemented at 2,481m. Rain caused road closures but no material impact on operations. Drilling of the next section toward 4,230m is about to start.
20 June 2019drilling progress report● Neutral
West Erregulla-2 passed through the minor Cattamarra oil target at about 2,280m. Shows were too weak to justify wireline logging or testing. Strike says the well remains broadly on schedule and within budget; the main gas targets are still ahead.
19 June 2019capital raising announcement● Neutral
Warrego extended the share purchase plan closing date to 28 June 2019, with shares issued 4 July. The stated reason is giving eligible shareholders more time to take up the offer.
14 June 2019drilling progress report● Neutral
West Erregulla-2 surface casing was cemented at 950m, but restart was delayed by several days of rig maintenance and severe weather. Drilling is now at 1,237m in the next section, which runs to about 2,550m.
7 June 2019director officer appointment● Neutral
Appendix 3Ys show Dennis Donald and Duncan MacNiven each received 20.4m delayed takeover consideration shares on 7 June. Each now holds about 121.9m including associates. Part of 145.2m shares each owed, issued in tranches to stay under 20% voting power.
6 June 2019drilling progress report● Neutral
Strike spudded West Erregulla-2 and finished the 17.5-inch surface hole at 950m. Casing is next, toward the planned 5,200m. Confirms the long-awaited spud; no result yet.
3 June 2019capital raising announcement● Neutral
Letter and terms for the $1m share purchase plan at 9.5c, a 24.6% discount to the five-day average. Parcels run $2,000 to $15,000; closes 21 June. Cites a 916 BCF gross prospective resource for West Erregulla-2 (Strike's estimate) and says drilling has begun.
31 May 2019drilling progress report▲ Good
Rig setup at West Erregulla-2 is complete after a 4,500km move, with spud expected Saturday 1 June 2019. It will drill the 17.5-inch surface hole to 1,000m, toward a planned 5,200m total depth.
31 May 2019investor presentation● Neutral
Presentation accompanying the capital raising: $6.1m placement done and $1.0m share purchase plan offered. Use of funds shows $7.1m raised against $7.8m EP469 spending, including $3.8m for post-West Erregulla-2 work. Mostly restates known facts.
31 May 2019capital raising announcement● NeutralMajor
Warrego completed a $6.1m placement at 9.5c per share (64.2m shares), a 24% discount to the last trade, plus a share purchase plan targeting $1m. This answers the ASX cash query. Chairman Columbus took $300,000, subject to shareholder approval.
29 May 2019material agreement▲ Good
Operator Strike granted CSBP an option over 80-100 PJ of West Erregulla gas for a $5m fee, conditional on a successful West Erregulla-2 result. Half the fee is refundable if the well fails. This is Strike's agreement; Warrego holds 50% of the permit.
28 May 2019listing compliance notice▼ BadMajor
ASX queried Warrego's cash after the March quarter showed $4.336m cash and $3.205m of expected outflows next quarter. Warrego says it expects to continue by raising capital in the short term, which it calls highly likely.
8 May 2019drilling progress report▲ Good
Civil works at the West Erregulla-2 site are complete and the Easternwell 106 rig has begun moving from Queensland, about 90 loads over 4,500km. Spud is expected toward the end of May, targeting 5,200m total depth.
6 May 2019other● Neutral
Strike says reprocessed Waitsia seismic shows strong similarities to West Erregulla, which it says raises its confidence in a discovery. This is interpretation, not a drilling result. West Erregulla-2 is due to spud in late May.
23 Apr 2019other● Neutral
Audit and Risk Management Committee Charter, adopted by the board on 17 April 2019 and released with the governance update. Administrative document with no new substance for shareholders.
23 Apr 2019other● Neutral
Board committees met and approved updated governance policies, including audit and remuneration charters. Remuneration for Dennis Donald, Duncan MacNiven and Owain Franks was finalised, closing that open item. The extract shows no figures.
23 Apr 2019other● Neutral
Warrego's new Anti-Corruption and Bribery Policy, released with the governance update. It takes a zero-tolerance stance and applies UK Bribery Act and US FCPA standards. Administrative document only.
3 Apr 2019investor presentation● Neutral
Strike's April presentation, as operator of the West Erregulla joint venture with Warrego's 50%. Shows the West Erregulla-2 spud and a July 2019 flow test as milestones. Mostly restates known plans; no new result.
1 Apr 2019investor presentation● Neutral
Post-takeover presentation restating known facts: West Erregulla-2 drilling from May 2019, cash about $4.4m, 507m shares issued, no debt, and over 51% insider ownership. 185m takeover shares are escrowed to March 2020. Nothing new announced.
29 Mar 2019other● Neutral
ASX changed the company's name and code from Petrel Energy (PRL) to Warrego Energy (WGO), completing the takeover steps. A new website was launched; focus is now West Erregulla-2 drilling, Strike's A$11m farm-in, and the new Perth Basin licence.
26 Mar 2019director officer appointment● Neutral
Final director interest notices for Alex Sundich and David Casey, who left the board on 21 March. They show pre-consolidation holdings; amended versions were filed the same day.
26 Mar 2019admin correction● Neutral
Amended final director interest notices restate Sundich's and Casey's holdings on a post-consolidation basis (Casey 5.23m shares directly, Sundich entities about 4.66m). Administrative correction only.
25 Mar 2019director officer appointment● Neutral
Initial director interest notices for new directors appointed 21 March. Dennis Donald and Duncan MacNiven each hold about 101.4m shares and are due a further 145.2m consideration shares, issued in tranches to keep voting power under 20%. Owain Franks holds 18.5m.
22 Mar 2019director officer appointment● NeutralMajor
The Warrego takeover has closed, with resolutions carried by 98% or more of votes cast by proxy. David Casey and Alex Sundich resign; Dennis Donald becomes CEO and Managing Director under Chairman Greg Columbus. Petrel is renamed Warrego Energy.
15 Mar 2019security holder rights change● Neutral
Update confirming shareholders approved the 1-for-20 share consolidation at the 15 March EGM. Timetable is unchanged, with normal trading resuming 28 March.
15 Mar 2019investor presentation● Neutral
Presentation to the EGM on the merged company: 1-for-20 consolidation, 399.9m new shares to Warrego holders, new name and board. Repeats known plans: West Erregulla-2 in May, Tesorillo drilling early 2020, and a Uruguay strategic review after the takeover.
14 Mar 2019half year report● Neutral
Half-year to December 2018 shows a net loss of $1.83m, including a $0.58m share of associate loss and a $0.40m impairment on the Uruguay receivable. Net raised $0.96m from the placement. Restates the takeover and says West Erregulla-2 spud is expected in late May 2019.
12 Mar 2019security holder rights change● Neutral
Petrel announced a 1-for-20 share consolidation, cutting shares on issue from 2,399,437,494 to 119,971,875, subject to the 15 March EGM vote. Trading on the new basis begins 19 March.
12 Mar 2019asset acquisition disposition▲ GoodMajor
Petrel exercised its option over Palatine Energy, which holds the EPA-0127 permit application (about 8,700 sq km, Perth Basin). Paid with $250,000 of Warrego convertible notes (face value $200,000), plus $100,000 in shares later once approvals and a work programme are in place.
11 Mar 2019business combination▲ Good
Warrego's own shareholders unanimously approved the takeover and due diligence on Petrel is complete. The only remaining material condition is the Petrel shareholder vote on 15 March. Greg Columbus is asked to stay as Chairman after completion.
