Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2022quarterly activities report● Neutral
June quarter WI revenue was A$2.63M with positive cash flow of A$718,840 and cash of A$4.46M, no debt. Net production fell to 196 boepd from 313. Varn infrastructure is 75% in place, with drilling due August 2022.
20 July 2022drilling result▲ Good
Oil was recovered from the first Group Prospect workover well, Group 4000-16A, within three weeks of the farm-in. It goes on pump with sales starting, but no flow rate is given yet. The rig moves to the second well.
18 July 2022investor presentation▲ Good
Operations update forecasts Varn and the Group Prospect lifting production 44% (base) to 100% (high) by end of 2022. April and May gross revenue was US$1.13M (A$1.67M), with White Hat 2106 briefly offline. Forecasts are company projections, not results.
7 July 2022regulatory community update▲ GoodMajor
The Railroad Commission of Texas granted the unitisation order for Varn, completing permitting. Drilling of 11 wells (six producers, five injectors) is to start around the end of July or August 2022. Resolves the unitisation thread, ahead of the 1 September vendor refund date.
29 June 2022farm in farm out agreement▲ GoodMajor
Winchester farms in to Westex Resources' 1,760-acre Group Prospect, next to its 100% Whiteside Prospect, for US$411,400 upfront, taking 75%. Commitments are five workovers and three new wells at about US$600k each, with fees if work is missed. Westex backs in after payout.
4 May 2022production update▲ Good
A US$52,000 workover lifted White Hat 2106, the best well, from 180 to 245 boepd (up 36%), with more expected as load water clears. The rig has moved to White Hat 3902, whose result is still pending.
29 Apr 2022quarterly activities report● Neutral
March quarter WI revenue was A$3.58M, up 14.7%, with positive cash flow of A$391,667, but net production fell to 313 boepd from 465. White Hat 3902 has declined to about 20 boepd. A$842,492 of casing and tubing has been pre-bought for Varn.
19 Apr 2022production update▲ Good
March gross revenue was US$899,917 (A$1.25M) at US$110.20 oil, with cash of A$3.8M and no debt. A multi-well workover programme has started. The Varn unitisation hearing is complete with no issues, awaiting final approval, which advances the open Varn thread.
31 Mar 2022other● Neutral
Corporate governance statement, current at 28 March 2022. It notes departures from ASX recommendations, including no women on the board and the full board acting as the nomination committee. Administrative only.
31 Mar 2022other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the website. Administrative notice with no operational or financial content.
31 Mar 2022annual report▲ Good
Annual report for 2021 calls it transformative: December quarter net revenue A$3.12M, up 430%, with year WI sales of US$3.53M. Varn drilling is due to start April 2022. Largely restates known results.
22 Mar 2022production update▲ Good
February gross revenue was US$813,652 (A$1.13M) at US$91.75 oil, despite a three-day icy-weather shut-in. The White Hat 3902 workover starts this week and Varn operations in two weeks.
18 Mar 2022investor presentation▲ Good
Winchester reports lifting costs of US$4.04/boe at its operated wells and restates positive cashflow of US$473,000 for the December quarter. The White Hat 3902 workover rig arrives next week, and Varn drilling is expected next month. Largely repeats known facts.
9 Mar 2022agm notice● Neutral
The next AGM is set for 6 May 2022, with director nominations closing 16 March 2022. Administrative notice only.
24 Feb 2022drilling scheduled● Neutral
Varn site work starts soon, but the Railroad Commission unitisation hearing is set for 13 April 2022, with drilling after. The vendors must refund the US$415k if the unit cannot be formed or the interest placed by 1 September 2022. White Hat 3902 fell back to 70 bopd; a workover under US$80k is planned.
16 Feb 2022production update▲ Good
January gross revenue was US$847,414 (A$1.19M) at an average oil price of US$81.98. Cheap workovers are to start shortly, and Varn drilling is now said to start late next month.
7 Feb 2022director officer appointment● NeutralMajor
COO Doug Holland joins the board as Executive Technical Director on US$22,550 a month. His package includes performance rights of up to 20m shares tied to production targets and 12m options at 3.5c and 6c, subject to shareholder approval.
28 Jan 2022quarterly activities report▲ Good
December quarter net revenue was A$3.12M, up 430%, on 465 boepd net (up 126%), with positive cash flow of US$473,000. Varn is to be waterflooded with 11 wells at about US$5.5M, and drilling awaits unitisation, which is over 90% complete.
22 Dec 2021production update▲ Good
November gross revenue was about US$1.04M (A$1.46M): US$996,507 from 12,863 barrels of oil plus roughly US$40,000 of accrued gas. Net of royalties and severance tax, about US$739,015. Varn drilling is planned for early next year.
20 Dec 2021other● Neutral
The share registry, Automic, has moved its Perth office to 191 St Georges Terrace. Administrative notice with no operational or financial content for shareholders.
3 Dec 2021asset acquisition disposition▲ GoodMajor
Winchester bought 100% of the Varn Oil Field, Taylor County, 18 miles east, with 2P reserves of 1.068 mmboe, for US$415,000 plus drilling costs (US$5.61/boe all-in), funded from cashflow. Also signed a non-binding MoU with CryptoTherm to study using Varn gas for crypto mining.
23 Nov 2021production update▲ GoodMajor
White Hat 3902 recompletion (about US$100k) is making 92 boepd, lifting net production to a record 611 boepd. McLeod 1703 and 1705 together add only 20 boepd. October sales receipts were US$950,000 (A$1.28M). Resolves the 3902 open thread.
28 Oct 2021quarterly activities report▲ Good
September quarter revenue was A$589,382 on 206 boepd net, up 58% on June. White Hat 2106 only started late in the quarter and is now over 375 boepd, having paid back its US$785k cost. White Hat 3902 recompletion results are pending.
14 Oct 2021drilling progress report▲ Good
A roughly US$100,000 Ellenburger recompletion is underway at White Hat 3902, perforating 74 ft. White Hat 2106 averaged 375 boepd over the first 12 days of October, with no pressure decline. McLeod 1703 and 1705 are on production; results await.
20 Sept 2021production update▲ GoodMajor
White Hat 2106 rose to 352 boepd (about 330 bo plus gas), taking Winchester to over 482 boepd. Drill and completion cost was US$785,000, with payback stated at under two months. A Ellenburger recompletion at White Hat 3902 follows.
10 Sept 2021half year report● Neutral
Half-year report to 30 June 2021 largely repeats operating news: White Hat 2106 at 217 bopd, Bast #1 at about 15 bopd, and McLeod 1705 logs. Financial statements were truncated, so no financial figures are available.
10 Sept 2021drilling progress report● Neutral
McLeod 1705 (8 ft Strawn interval) and McLeod 1703 (Upper Cisco) were fracture stimulated, each for under US$100,000, and are moving to flow back. Results are due in coming weeks. Shares on issue are now 1,006,366,497, reflecting Tranche 2.
26 Aug 2021production update▲ GoodMajor
White Hat 2106 is on pump making 217 bopd, lifting net production to 347 boepd from 130 boepd in the June quarter, a 2.6 times increase. Gas metering is pending; McLeod 1703 and 1705 completions follow in 2-3 weeks. Cash was A$1.0m.
