11 Mar 2015other● Neutral
Winchester is changing its financial year end from 30 June to 31 December, with ASIC approval, to line up with its US operations. An annual general meeting for the December 2014 report is required by 31 May 2015.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2015quarterly activities report● Neutral
December 2014 quarter report: cash A$15.25m, net acreage 9,370 after the White Hat 20#1 purchase and surrounding 7,378 acres. Flow testing continues on Thomas 119-1H (toe, B, C, D intervals) and White Hat 20#1; no flow results yet. Repeats the earlier cash report.
29 Jan 2015quarterly activities report● Neutral
December 2014 quarter cash report: cash fell from $17.27 million to $15.25 million, including $1.55 million spent buying oil and gas leases. Net acreage rose to 9,370. Planned spend next quarter is $950,000.
23 Dec 2014asset acquisition disposition▲ GoodMajor
Winchester bought a 75% interest in 7,378 acres around the White Hat 20-1 well, lifting net acreage from 3,837 to 9,370 acres. The company says the oil price fell from US$91 to US$55 in 90 days and that this lowered lease costs. It is focusing on shallow conventional Ellenburger oil.
10 Dec 2014director officer appointment● Neutral
Larry Liu joined the board as a non-executive director. He is associated with China Leader Group and ESPB Investments, which together hold 25.62% of Winchester (55,192,837 shares). He is a former GE executive and now a professional investor.
4 Nov 2014farm in farm out agreement▲ GoodMajor
Winchester bought a 50% interest in the White Hat 20#1 exploration well from Carl E Gungoll Exploration (operator, keeps 50%), about 6 miles from Thomas 119-1H. Logs show Ellenburger pay zones, and the well is being prepared for flow testing. Net budgeted cost is A$1 million.
3 Nov 2014quarterly activities report● Neutral
September 2014 quarter cash report: cash rose to $17.27 million after the $18.4 million of IPO proceeds received. Operating outflow was $1.64 million. Next quarter's planned spend is $2.5 million. Acreage in Nolan County increased to 3,837 net acres.
3 Nov 2014annual report● Neutral
First annual report, for the period to 30 June 2014 (company incorporated March 2014). Repeats the $20 million IPO and the 50% interest in Thomas 119-1H, where completion operations have started. No new results in the text provided.
3 Nov 2014quarterly activities report● Neutral
Quarterly report: completed the purchase of an 80% interest in 4,647 acres in Nolan County, giving 3,837 net acres. Cash is about $17.27 million. Thomas 119-1H is being tested interval by interval; 3D seismic planning is under way.
23 Sept 2014drilling progress report▲ Good
Winchester confirmed 215,416,672 shares on issue (100,260,422 escrowed). The Thomas 119-1H horizontal well, drilled 2,500 feet into the Ellenburger, shows just over 700 feet of log-interpreted pay. Operator CraRuth is preparing the first of 20 test intervals; Winchester holds 50%, falling to 25% after payback.
19 Sept 2014other● Neutral
Pre-quotation disclosure confirms completion of the CEP Nolan Partners acquisition (51 million shares, 14 million options, 6,000 milestone notes issued to vendors). Also confirms a $400,000 secured loan was repaid and discharged. Administrative listing paperwork.
19 Sept 2014admin correction● Neutral
ASX notice confirming admission and quotation from 23 September 2014. States the company raised $20 million by issuing 100 million shares at $0.20, with 115,156,250 shares quoted and the rest escrowed. This is a template version with unfilled fields, later amended.
19 Sept 2014admin correction● Neutral
Amended version of the ASX admission notice, with the reference number and dates filled in. Content is otherwise the same: 115,156,250 shares quoted from 23 September 2014 after a $20 million raise at $0.20.
18 Sept 2014other● Neutral
Winchester Energy was admitted to the ASX Official List on 18 September 2014. Quotation of 115,156,250 shares at $0.20 starts 23 September 2014 under code WEL.
27 Aug 2014capital raising announcement● NeutralMajor
Winchester issued a prospectus to raise A$15 million at A$0.20 per share (75 million shares), with up to A$5 million more in oversubscriptions (A$20 million total), ahead of an ASX listing. Minimum subscription is A$10 million. The offer is described as highly speculative.
What it means for a shareholder
75.0m new shares at about A$0.200 to raise about A$15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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