16 Aug 2021other● Neutral
Registered office and principal place of business moved to Level 1, 10 Outram Street, West Perth. Administrative notice with no operational or financial content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2021well test result▲ GoodMajor
White Hat 2106 swabbing produced about 65 bbl oil in ten hours (156 bo over 24 hours), with oil cut reaching 80%. The well is flowing on its own; pump and gas metering are being mobilised, with oil sales within a week.
30 July 2021quarterly activities report▲ Good
June quarter revenue was A$661,805, up 25%, on 130 boepd net production (down from 144), with oil averaging US$64.74. Drilling of White Hat 2106 and McLeod 1705 is reported; both await completion.
28 July 2021agm notice● Neutral
Venue for the general meeting on 19 August 2021 changed to 10 Outram Street, West Perth. Time and notice contents unchanged. This is the meeting expected to approve Tranche 2 of the placement. Administrative only.
23 July 2021drilling result▲ GoodMajor
White Hat 2106 reached 6,820 ft and found a potential 84 ft oil pay zone (6,637-6,721 ft) in the Ellenburger, with strong oil shows and vuggy porosity. Casing is underway ahead of flow testing; the Ellenburger was only a secondary target.
14 July 2021drilling spud● NeutralMajor
White Hat 2106 has spudded at Mustang field (100% WI), targeting the Fry Sand to a planned 6,800 ft, about 10 days to depth. This is the Mustang well planned for Q3 and is the seventh Winchester well in the field.
28 June 2021drilling result▲ Good
Logs show 8 ft gross (5 ft net) pay in the Strawn Sands at McLeod 1705, the same interval said to have produced over 200,000 bbl nearby at Bast. Perforation and fracture stimulation planned for late July; Upper Cisco may follow.
23 June 2021drilling result● NeutralMajor
McLeod 1705 (100% WI) reached 7,835 ft with strong oil and gas shows over 50 ft of Strawn Sands, the interval producing at the nearby Bast Field. The deeper Cambrian target had only modest gas shows and minor fluorescence; logs will decide what to test.
18 June 2021security holder rights change● Neutral
Issued 2,500,000 options to COO Doug Holland, exercisable at A$0.054 until 31 December 2025, following the 14 May 2021 AGM. Routine remuneration-related issue; the text gives no further value.
15 June 2021drilling progress report▲ Good
McLeod 1705 is drilling at 5,645 ft with intermittent strong gas shows and fluorescence over 500 ft of the Upper Cisco Sands. The Cambrian target is expected within days; no test results yet.
4 June 2021drilling spud● NeutralMajor
McLeod 1705 has spudded to test the Cambrian Sands at Bast Deep (best estimate 948,000 boe gross), planned to 7,800 ft and about 10 days to reach depth. Gas will also be monitored for helium, after earlier samples showed up to 0.11%. Shares on issue are now 863.8m.
31 May 2021drilling progress report● Neutral
The Blue Line Rig No. 7 reached the McLeod 1705 site and is rigging up, with spud expected mid-week. The 7,800 ft well (100% WI) will test the Cambrian Sands at Bast Deep.
26 May 2021capital raising announcement● NeutralMajor
Placement of 312.5m shares at A$0.016 raises A$5m, a 19% discount to the 15-day VWAP. Tranche 2 (139.7m shares plus 37.5m broker options) needs shareholder approval. Funds go to Bast Deep, workovers, a Mustang well and the Spitfire prospect. Cash was A$1.1m.
What it means for a shareholder
313m new shares at A$0.016 to raise about A$5.0m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.00904% to 0.00623% of the company. To keep it you'd need 28,263 more shares - about A$452 at the issue price.
Create a free account to see this worked out for your own holding.
20 May 2021well test result▲ Good
After an electric submersible pump was installed, Bast #1 now makes 545 barrels of fluid a day including 25 barrels of oil, from a ~US$120,000 workover. Four more wells are candidates, and Bast Deep is still due to drill in June.
30 Apr 2021quarterly activities report● Neutral
March quarter net revenue was A$527,831 on 144 boepd, down from 187 boepd, though oil averaged US$56.99. Drilling of Bast Deep and a Mustang well is planned for the June and September quarters. Cash figure not visible in the text.
30 Apr 2021director officer appointment▼ BadMajor
Executive Chairman Laurence Roe resigned from the board with immediate effect, only three months after taking the executive role. The company credits him with streamlining operations. No reason is given and no replacement is named in the text.
27 Apr 2021well test result▲ Good
The Bast #1 workover (92% WI) produced 35 barrels of oil and 143 barrels of load water in its first 23 hours on pump, beating pre-workover estimates. Bast Deep drilling is now planned for June.
15 Apr 2021drilling scheduled▲ GoodMajor
Following its review, Winchester restarts field work in Q2 2021 after the 2020 Covid hiatus. First well is Bast Deep (100%, 7,700 ft, ~US$800k, P10 2.34 mmboe gross); a Mustang well follows in Q3, plus workovers. This delivers the promised work program.
31 Mar 2021other● Neutral
Corporate governance statement as at 24 March 2021, lodged with the annual report. It notes the board has no women and that the nomination committee does not meet independence recommendations. Administrative filing with no operational or financial news.
31 Mar 2021other● Neutral
Appendix 4G key to the corporate governance statement, current as at 24 March 2021, lodged with the annual report. Administrative filing with no operational or financial news.
31 Mar 2021annual report● Neutral
Annual report for 2020: net working-interest production was 80,321 boe, up from 66,239 bo in 2019, and sales revenue was US$2.22m (A$2.93m). The company called 2020 challenging because of Covid-19 and the oil price fall.
17 Mar 2021investor presentation● Neutral
Investor conference presentation repeating known facts: 187 boepd net, reserves and resources of 11.6 mmboe, no debt. It adds cash of A$2.07m, 691m shares and a share price of A$0.023 (market value A$15.9m), showing cash down from A$5.4m at March 2020.
16 Mar 2021resource reserve update▼ BadMajor
Independent audit as at 31 December 2020 puts 3P reserves at 496 mboe, down from 1,653 mboe a year earlier. Contingent resources (2C) are 4.35 mmboe and prospective (P50) 6.75 mmboe, a combined 11.1 mmboe. Contingent resources fell from 6.7 mmboe.
15 Mar 2021agm notice● Neutral
Next AGM set for 14 May 2021, with director nominations closing 22 March 2021. Administrative notice only.
28 Jan 2021quarterly activities report▼ BadMajor
December quarter net revenue was A$503,876 on 187 boepd, steady on the prior quarter. The White Hat 3801 Bonus Sands test found no commercial hydrocarbons and the well is shut in, resolving that thread negatively. A prospect review and 2021 strategy update are due soon.
18 Jan 2021director officer appointment● NeutralMajor
Founding Managing Director Neville Henry retires from 31 January 2021 and stays as advisor for 3 months. Chairman Laurence Roe becomes Executive Chairman, Doug Holland becomes COO, and CFO Hugh Idstein steps down on 31 March 2021.
29 Oct 2020quarterly activities report● Neutral
September quarter net revenue was A$671,299 on 192 boepd net, with oil price up 40% to US$38.54. Arledge 1602 and McLeod 1703 now sell gas, and the White Hat 3801 Bonus Sands test is under way. Revenue is below the March quarter's A$1.4m.
21 Oct 2020drilling result▼ BadMajor
The White Hat 2004 upper Cisco re-completion found too little oil to justify fracturing, at about US$35,000 cost, closing that open thread. Winchester now has 100% and operatorship of White Hat 3801 and starts the Bonus Sands test this week, budgeted under US$150,000.
1 Oct 2020admin correction● Neutral
Winchester has moved its Perth registered and principal office to 24 Outram Street, West Perth, with new phone and fax numbers. Administrative notice only.
15 Sept 2020drilling scheduled▲ GoodMajor
Plans a under-US$150,000 frac test of a 'Bonus Sands' zone in White Hat 3801, which Winchester says may span 5,000-7,000 acres. Also, White Hat 2004 Cisco re-entry results are pending, and shut-in White Hat 3902 is back on line at 45 bopd.