Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2020investor presentation● Neutral
Presentation for the 15-16 September 2020 Resurgence Conference. Repeats known facts: 310 bopd gross and A$707K revenue in the June quarter, 11.2 mmboe reserves and resources, no debt, and 18,400 net acres. No new information visible in the readable text.
11 Sept 2020half year report● Neutral
Half-year report to 30 June 2020: average net oil output was 249 bopd. Operations review repeats the recompletion program, 3D seismic reprocessing and talks on new opportunities. Financial figures were truncated and not seen.
31 July 2020quarterly activities report▼ Bad
June quarter net revenue fell to A$707,000 (US$488,000) on net output of 226 bopd and an average oil price of US$27.50. Management expects better cashflow this quarter on cost cuts and oil above US$40; recompletions to begin.
27 July 2020drilling scheduled▲ Good
White Hat 2004 (now WEL 100% after agreement with CEGX) will be re-entered to test 35 ft of potential net Cisco pay at about US$75,000 cost. Four wells will also connect to gas sales; McLeod 1703 tie-in costs about US$5,000, with payback expected in 14 days.
11 June 2020production update▲ Good
Winchester says lifting costs are down to US$2.46/barrel and it stored oil from 15 May to sell from 1 June, expecting about US$15/bbl more on 222 bopd net May production. It plans low-cost recompletions and is reviewing new project opportunities.
3 June 2020security holder rights change● Neutral
New company constitution lodged, adopted by special resolution at the 29 May 2020 AGM. Text shown is the document itself, with no stated change to shareholder economics.
25 May 2020resource reserve update▲ GoodMajor
Independent audit by Mire & Associates (as at 31 Dec 2019) puts net reserves and resources at 11.2 mmboe: 3P reserves 1.65, contingent 6.72, prospective 2.82 mmboe. Best-estimate resources are up 49% on the previous estimate, the first reserves booking in this story.
8 May 2020agm notice● Neutral
The 29 May 2020 AGM will be online only because of COVID-19 restrictions; shareholders are urged to lodge proxies. Administrative notice.
30 Apr 2020quarterly activities report▼ Bad
March quarter net revenue was A$1.4m (US$854k), with net output 272 bopd versus 312 in December; average oil price fell to US$45.85 from $55.83. Cash was A$5.4m. White Hat 20#4, 39#2 and McLeod 17#3 are shut in pending review; cost cuts under way.
2 Apr 2020agm notice● Neutral
Annual general meeting set for 29 May 2020, with director nominations closing 9 April 2020. Administrative notice only.
1 Apr 2020other● Neutral
Corporate governance statement as at 27 March 2020, an administrative filing. It notes some departures from ASX recommendations, including no women on the board and a nomination committee of two directors.
1 Apr 2020annual report▲ Good
Annual report for 2019: net oil output was 66,239 barrels, with sales revenue of US$2.76m (A$4.57m). Describes 2019 as transformative, with most oil now from the Mustang field and Lightning Cisco results encouraging. Lease area stated as 17,137 acres.
1 Apr 2020other● Neutral
Appendix 4G governance checklist as at 27 March 2020, lodged with the annual report. Administrative filing with no new operational or financial information.
1 Apr 2020investor presentation● Neutral
Presentation prepared for a cancelled investor conference, framing Winchester as positioned for tough times: over A$6.5m cash (29 Feb 2020), no debt, and stated profitability at $25 oil. Largely repeats previously known facts.
26 Mar 2020director officer appointment● Neutral
Non-executive director John Kopcheff, a former chairman, resigns effective 31 March 2020 but stays as unpaid technical advisor. James Allchurch, who has provided corporate and investor services to Winchester since late 2016, joins as non-executive director from 1 April 2020.
25 Mar 2020production update● Neutral
White Hat 20#6 is on pump after fracking at 104 bopd and 26 bwpd (80% oil cut), with Mustang gross output over 130,000 barrels. Lightning is weaker: Arledge 16#2 averaged only 28 bopd over its last 30 days and McLeod 17#3 is flowing at low rates.
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.
29 Jan 2020quarterly activities report▲ Good
December quarter net revenue was A$1.79m (US$1.23m), up 50%, with net oil output of 312 bopd versus 223 bopd in September. Mustang wells have produced over 110,000 gross barrels; Arledge 16#2 testing continues and McLeod 17#3 awaits completion.
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.
