Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2020other● NeutralMajor
Citing the oil price fall and COVID-19, Winchester says it has over A$6.5m cash at 29 February and no debt. It paused heavy drilling before COVID, is reviewing costs, favouring low-cost behind-pipe options and farm-outs, and may seek bolt-on assets.
25 Feb 2020other● Neutral
Founding chairman Peter Allchurch, who led Winchester from 2014 until late 2017, died on 22 February 2020 after illness. No operational or financial impact is stated.
10 Feb 2020drilling result▲ Good
White Hat 20#6 (WEL 75%) reached 6,250 ft with 24 ft of net oil pay in the Fry Sand, better than the last three Mustang wells and comparable to White Hat 20#3 (28 ft, IP 306 bopd). Fracking is due within two weeks; drilled within budget.
3 Feb 2020asset acquisition disposition● Neutral
Winchester completed acquisition of a 92% interest in 320 acres (the Bast Oil Field) next to its McLeod acreage, with three old wells making about 10 bopd and no drilling commitments. White Hat 20#6 has started drilling; White Hat 39#2 is making only 20-30 bopd.
10 Jan 2020drilling result▲ GoodMajor
Second Lightning well McLeod 17#3 reached 5,692 ft; logs show up to 124 ft of net Lower Cisco pay versus about 25 ft at discovery well Arledge 16#2. But White Hat 20#4's frac failed to stimulate, with output only 27 bopd.
23 Dec 2019drilling result● Neutral
White Hat 39#2, the fifth Mustang well (WEL 50%, CEGX 50%), hit 7,061 ft with 30 ft of gross Strawn pay and good oil shows, to be completed as a producer. White Hat 20#4 is recovering 115 bpd of fluid at 30% oil; Arledge 16#2 produces 75 bopd.
11 Dec 2019well test result▲ Good
Interval 3 (25 ft) at Arledge 16#2 swabbed 100-125 bopd with no water, and the well is back on pump with intervals 1-3 comingled. White Hat 20#4 has been fracked and is swabbing; White Hat 39#2 to spud within a week.
27 Nov 2019drilling scheduled● Neutral
Plans set out: staged perforation above the producing zone at Arledge 16#2 starting with Interval 3, a Lightning step-out well in December, and White Hat 39#2 in December and 20#6 in January. CEGX did not join 20#4 completion, so Winchester goes to 100% WI there.
21 Nov 2019capital raising announcement▲ GoodMajor
Winchester raised A$6.4m via a placement of 128m shares at A$0.05, a 14% discount to the 10-day VWAP, led by Gleneagle and CPS Capital. Funds go to Mustang development, Lightning offsets and El Dorado/Spitfire drilling. Twice the August issue price of A$0.025.
What it means for a shareholder
128m new shares at A$0.050 to raise about A$6.4m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00358% to 0.00291% of the company. To keep it you'd need 4,577 more shares - about A$229 at the issue price.
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12 Nov 2019investor presentation● Neutral
Investor deck repeating known points: 381 bopd net, A$1.24m September-quarter net revenue, debt-free, and 9.8m barrel best-estimate prospective resource. It adds White Hat 39#2 planned for late November. No new results.
12 Nov 2019other● Neutral
Top 20 shareholder list following the August placement. Total shares are 559,259,095; China Leader holds 12.14% and Helios Energy 5.44%. Top 20 hold 55.52%. Administrative.
4 Nov 2019production update▲ GoodMajor
Record production: 506 gross bopd (381 bopd net to Winchester) for the week to 23 October, up from about 50 bopd net since April. Arledge 16#2 is on pump at 131 bopd; perforating a 340 ft interval above is being prepared.
31 Oct 2019drilling result● Neutral
White Hat 20#4 reached 6,206 ft; logs show 25 ft gross Fry Sand with no water, thinner than the 50 ft seen at 20#5. It will be cased and fracked when a crew is available. Mustang wells have produced 85,000 gross barrels.
21 Oct 2019drilling spud▲ Good
Drilling has started at White Hat 20#4, the fourth Mustang well (WEL 75%, CEGX 25%), to 6,200 ft in about 10 days. Gross Mustang production is over 80,000 barrels. Three more locations are being permitted.
17 Oct 2019drilling progress report● Neutral
Winchester has re-entered the Thomas Ranch #2 well (100% WI) on a new lease, drilling out plugs to test possible Cisco Sands near 4,900 ft, like those at Arledge 16#2. Fallback is a shallow sand near 1,500 ft. Early-stage; no results.
16 Oct 2019production update▲ Good
White Hat 20#5 was put on pump producing 192 bopd and 50 bwpd (82% oil cut), the third successful Mustang well, with the three wells producing over 76,600 gross barrels. Arledge 16#2 kept surging at about 9-10 barrels per hour, with 55 barrels in 6 hours, and a plunger was installed.
1 Oct 2019drilling progress report▲ Good
Arledge 16#2 (Lightning, 100% WEL) is intermittently free flowing 200-300 bopd on a 32/64 choke at 90% oil cut; about 1,700 barrels recovered, 540 sold. White Hat 20#5 finished testing with 80% oil cut; White Hat 20#4 to spud mid-October; Arledge 16#1 re-entry planned (US$60,000).
16 Sept 2019flow test result▲ GoodMajor
Arledge 16#2 is flowing unassisted at 250 bopd on a half-inch choke, double the earlier 125 bopd, with 80% of frac water still to recover. White Hat 20#5 was fracked on 12 September and is being swabbed, with oil cut rising. Production facilities are being mobilized.
13 Sept 2019half year report● Neutral
Half-year accounts to 30 June 2019, described by directors as transformative, with White Hat 20#3 lifting June-quarter net production 147% and revenue 154%. Text provided is truncated, so financial figures are not shown here. Mostly restates known drilling updates.
11 Sept 2019investor presentation● Neutral
Good Oil Conference deck repeating known facts: 17,000 acres, Mustang and Lightning discoveries, 9.8m barrel best-estimate prospective resource, and about 7 wells expected in six months. It cites June-quarter net revenue of A$695,102. No new results.
10 Sept 2019flow test result▲ GoodMajor
After fracking the lower two Cisco intervals at Arledge 16#2, the well flowed 103 barrels of oil in 20 hours on a quarter-inch choke, equal to 125 bopd, up from 80 bopd swabbed unfracked. About 1,400 barrels of frac water remain to be recovered; upper intervals not yet completed.
3 Sept 2019director officer appointment● NeutralMajor
Laurence Roe, founding managing director of Target Energy, became Non-Executive Chairman from 1 September 2019, and Tony Peng, CFO of Helios Energy, joined as a director. John Kopcheff steps down as chairman but stays on the board, which grows to five. Fills the Allchurch gap.
30 Aug 2019drilling scheduled● Neutral
A frac crew is scheduled for 4 September for the Lower Cisco at Arledge 16#2, and completion of White Hat 20#5 is due to start 12 September. Just scheduling; no new results.
27 Aug 2019drilling result▲ GoodMajor
White Hat 20#5 reached 6,300 ft; logs show 50 ft gross Fry Sand with 20 ft net oil pay and no water, similar to the 20#3 discovery well. Casing is being run, with a frac planned within two weeks. Several shallower zones show extra upside.
22 Aug 2019capital raising announcement● Neutral
The August placement is complete: 106.9m shares issued at A$0.025 (about A$2.7m at that price), lifting shares on issue to 538.2m, a dilution of 19.8%. Estimated costs are A$195,000; proceeds fund Mustang development drilling and working capital.
What it means for a shareholder
107m new shares at A$0.025 to raise about A$2.7m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.00776% to 0.00643% of the company. To keep it you'd need 8,299 more shares - about A$207 at the issue price.
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19 Aug 2019well test result▲ GoodMajor
Swabbing the bottom two of four Lower Cisco intervals at Arledge 16#2 (100% WEL) recovered about 80 bopd before any fracking. The first oil from the Lightning Prospect, it is an early result; a frac crew is expected within two weeks and the upper intervals are untested.
15 Aug 2019drilling spud▲ GoodMajor
Winchester has begun drilling White Hat 20#5, the first Mustang Field development well, targeting Strawn Fry Sand at about 5,960 ft, 400 m northwest of the 20#3 discovery. Total depth is 6,200 ft in ~10 days; success could lead to 9 central-lobe wells over 12 months.
12 Aug 2019drilling progress report▲ Good
Completion has begun on Arledge 16#2 at the Lightning Prospect. Using the FMI log, Lower Cisco net pay is recalculated from 20 ft to 50 ft; four intervals totalling 91 ft will be perforated and tested, with fracking if needed. Upper Cisco is held behind pipe.
7 Aug 2019capital raising announcement▲ GoodMajor
Winchester received firm commitments for a placement of about 100 million shares at A$0.025 to raise about A$2.5 million, managed by CPS Capital. Proceeds are for Mustang development drilling, assessing new prospects and working capital, lifting shares on issue to about 531 million.
What it means for a shareholder
100m new shares at A$0.025 to raise about A$2.5m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.00927% to 0.00753% of the company. To keep it you'd need 9,273 more shares - about A$232 at the issue price.
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17 July 2019drilling result▲ GoodMajor
Logs on Arledge 16#2 show 45 ft of calculated net oil pay in the Cisco sands (25 ft Upper, 20 ft Lower), close to prediction, and the well came in under budget. Casing is being run and a workover rig will test it; flow rates are unknown.
