Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2024director officer appointment● Neutral
Zane Lewis resigned as company secretary; Daniel Smith and John Kay became joint company secretaries from 1 November 2024. The registered office moved to Level 8, 99 St Georges Terrace, Perth. Administrative change.
20 Sept 2024other▼ BadMajor
Petra Cotes, a shareholder controlled by executive director Rory McGoldrick, gave notice of a resolution to remove director Larry Liu at a general meeting. This signals a board dispute following Liu's staying on despite the June announcement.
13 Sept 2024half year report● Neutral
Half-year report to 30 June 2024: net production averaged 101 boepd and realised oil price was US$81.79, with no hedges. Board now includes McGoldrick, Smith, Garzon Rangel, Flint and Liu. Financial statements are truncated, so no profit or cash figures are given here.
9 Sept 2024director officer appointment● Neutral
Larry Liu did not step down on 31 August 2024 as stated in the 12 June announcement; he remains a non-executive director. This corrects the earlier board restructure announcement.
9 Aug 2024regulatory community update▼ BadMajor
Westex Resources sued Winchester in Nolan County, alleging it failed to perform farm-in work commitments on the Group Prospect (75% WI acquired June 2022) and claiming US$413,500. Winchester says it will defend the claim.
18 July 2024capital raising announcement● NeutralMajor
Entitlement offer closed with applications for $343,791 (114.6M shares at $0.003), well short of the roughly $765,000 maximum. About 140.5M shares remain as shortfall, which the board may place within three months.
What it means for a shareholder
115m new shares at A$0.003 to raise about A$343,791. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0386% to 0.0341% of the company. To keep it you'd need 44,223 more shares - about A$133 at the issue price.
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28 June 2024capital raising announcement● Neutral
Offer document opens the 1-for-4 non-renounceable entitlement offer at $0.003 per share, to raise up to about $765,000. It closes 12 July 2024. Terms repeat the 19 June announcement.
19 June 2024capital raising announcement● NeutralMajor
Company raised $750,000 via a placement of 250M shares at $0.003, plus a 1-for-4 entitlement offer at the same price to raise up to about $765,000. Funds go to lifting production, new opportunities and working capital. Holland also resigned from the board on 14 June.
What it means for a shareholder
250m new shares at A$0.003 to raise about A$750,000. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0386% to 0.0299% of the company. To keep it you'd need 96,472 more shares - about A$289 at the issue price.
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12 June 2024director officer appointment● NeutralMajor
Lloyd Flint becomes Non-Executive Chairman and Ricardo Garzon Rangel joins the board. COO Doug Holland's employment ended 7 June; Larry Liu to step down 31 Aug. Director fees cut to $36,000 a year; McGoldrick becomes part-time executive director at $1,250/day.
5 June 2024auditor change● Neutral
Hall Chadwick replaced BDO as auditor from 5 June 2024, after BDO resigned with ASIC consent. The company says the change is part of a review of corporate administration costs.
3 June 2024director officer appointment● NeutralMajor
Rory McGoldrick (lawyer, long-term shareholder) and Iain Smith (petroleum geoscientist, ex-Norwest Energy) joined the board after the 31 May AGM. Tony Peng, John Kenny and Zane Lewis left the board. A significant board overhaul.
28 Mar 2024annual report● Neutral
Appendix 4G checklist for the year ended 31 December 2023, pointing to the governance statement on the website, signed by Zane Lewis. Administrative filing with no new information.
28 Mar 2024annual report● Neutral
Corporate governance statement current at 28 March 2024, accompanying the FY2023 annual report. It notes departures from recommendations, including no women on the board and a full-board nomination committee. Administrative; no operational news.
28 Mar 2024annual report● Neutral
FY2023 working-interest sales revenue was US$2,771,659 on net production of 44,579 boe, with the December quarter averaging 93 boepd. Cash at year end was about $219,000. JVU#6 at Varn kept showing zero decline, and the waterflood expansion was still only planned.
24 Jan 2024director officer appointment● Neutral
Edward J. May became Company Secretary on 24 January 2024, replacing Lloyd Flint, who ceased the same day. Administrative change; no reason is given.
13 Sept 2023half year report● Neutral
Half-year report to 30 June 2023: net production averaged 146 boepd and realised oil price was US$74.44. Directors now include John Kenny after James Allchurch's resignation. Financial statements are truncated, so no profit or cash figures are given here.
3 July 2023director officer appointment● Neutral
John Kenny, a lawyer, joined the board as non-executive director from 2 July 2023, replacing departed James Allchurch. His interest notice shows about 33M shares held through related entities (17.07M and 15.86M).
29 June 2023director officer appointment● Neutral
Non-executive director James Allchurch resigned from the board, effective 30 June 2023. The board thanked him for his service, and no reason was given.
31 Mar 2023annual report● Neutral
Appendix 4G checklist for the year ended 31 December 2022, pointing to the corporate governance statement on the company website. Administrative filing with no new information.
31 Mar 2023annual report● Neutral
Corporate governance statement, current at 28 March 2023, accompanying the annual report. It says the company departs from several recommendations, including no women on the board, no board skills matrix, and a nomination committee that is the full board. Administrative; no operational news.
31 Mar 2023annual report● Neutral
Annual report for 2022: WI sales revenue was A$8.56M (US$5.65M) and net production 73,210 boe, with December quarter at 130 boepd. Three Group wells are on sales at 35 bopd sustained, and Varn's first producer found unexpected primary oil. Largely restates known results.
15 Feb 2023production update▲ GoodMajor
Varn's first producer, JVU#6, unexpectedly made primary oil: about 80 bopd initially, settling at 30-40 bopd plus gas, in a field thought depleted of primary oil. Company says nearby producers may also yield bonus oil; the waterflood is still to start.
9 Feb 2023capital raising announcement● Neutral
10,202,115 shares were issued in lieu of cash to settle payment for services. No cash raised and no value or price stated in the text. Small issue, about 1% of shares on issue.
20 Jan 2023production update▲ Good
All three Group wells (15A, 16A, 23A) are now on sales, producing about 42 bopd combined. Total company production is currently 235 boepd net, up from 130 boepd in the December quarter. Gas to be measured for possible sales.
23 Dec 2022production update▲ Good
Group 15A is connected to sales and has produced 25-30 bopd over the past week, at a cost of about US$60,000. Wells 16A and 23A await power connection, expected within two weeks. A modest result compared with total production of 130-196 boepd.
3 Nov 2022drilling result▲ Good
Third Group Prospect workover, Group 15A, swabbed about 40 barrels of oil over nine hours at a 60-70% oil cut, and flowed briefly on its own. All three wells go on pump, with stable rates expected mid-November 2022.
24 Oct 2022drilling progress report● Neutral
A larger rig has moved onto the first Varn well, JVU#11WSW, the water supply well for the waterflood, and will take it to 4,900ft. Part of the 11-well programme; no new results.
20 Sept 2022drilling progress report● NeutralMajor
Varn waterflood drilling has begun: four surface wells are cased to about 300ft and a larger rig will deepen two to roughly 7,000ft. Locations are 90% ready, with production lines 75% and injection lines 30% done. Completion is now scheduled for December 2022; production is expected to contribute in 2023.
13 Sept 2022half year report● Neutral
Half-year report to 30 June 2022. Average net production for the half was 255 boepd, with quarterly net volumes falling from 28,313 boe (March) to 17,873 boe (June). Restates the 2H 2022 production forecast from Varn and Group. Financial statements are truncated, so no profit or cash figures are given here.
9 Aug 2022drilling result▲ Good
Oil and significant gas were recovered from the second Group Prospect workover, Group-23A, making two successes from two after Group-16A. Both wells go on pump with sales to start; flow rates are not yet given. Rig moves to Chapman-1 next.
