18 Jan 2019capital raising announcement● Neutral
Rights issue closing date extended from 23 January to 4 February 2019, with issue now expected around 11 February. Administrative, though it may suggest slower uptake (inference).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2019capital raising announcement● Neutral
Confirms the rights issue timetable, with closing on 23 January 2019 and shortfall shares open to additional applications. Repeats earlier dates; no new substance.
24 Dec 2018regulatory community update▼ BadMajor
Winchester is reviewing the status of the Arledge and McLeod leases, about 7,200 of its 17,000 acres, though US lawyers say both remain in good standing. If not, rights issue money would go only to Spitfire and Mustang. This raises a risk to the El Dorado prospect.
17 Dec 2018capital raising announcement● Neutral
Administrative notice that the rights issue offer documents have been sent to eligible shareholders (A$0.02, 1-for-2, about A$2.85m). No new information.
11 Dec 2018investor presentation● Neutral
Presentation supporting the rights issue repeats the 7.8 million barrel prospective resource and a three-well program from February 2019. It shows cash of A$0.8m at 30 September 2018, no debt and about 285m shares, rising to 428m if the raising is fully taken up. Nothing new.
7 Dec 2018capital raising announcement● Neutral
Shareholder notice for the A$2.85m rights issue at A$0.02: up to 142.6m new shares, with A$2.3m for prospect drilling and A$439,988 for working capital. CPS Capital manages the shortfall, with a 30m-share top-up to CPS if shortfall is smaller. Offer closes 23 January 2019.
7 Dec 2018capital raising announcement● NeutralMajor
Winchester launches a 1-for-2 non-renounceable rights issue at A$0.02 a share to raise about A$2.85m, far below the A$0.10 placement of Nov 2017. Funds mainly go to drilling the Mustang, El Dorado and Spitfire prospects (A$2.3m), with first well planned for early February 2019.
14 Nov 2018well test result▼ Bad
After about a month shut in for the pressure test, White Hat 39#1L restarted at 30 bopd and has declined to about 11 bopd. Data suggests a frack may help; likely January 2019. USEC's Thomas 119-1H dropped the Odom Lime test and awaits a frack crew, expected December.
15 Oct 2018resource reserve update▲ GoodMajor
Independent consultants Mire & Associates estimate gross prospective resources of 7.796 million barrels (best estimate) across El Dorado, Mustang and Spitfire, unrisked and undiscovered. Net to Winchester is 4.870 million barrels. This replaces the retracted larger targets.
12 Oct 2018well test result● Neutral
White Hat 39#1L produced 1,000 barrels over 10 days from the acidised Strawn, now stabilised at 40-50 barrels of fluid a day with a 50% oil cut. Oil is from near the wellbore only; a pressure test will decide between frack or bigger acid job.
9 Oct 2018joint venture update● Neutral
US Energy has re-entered Thomas 119-1H to test the Odom Lime, then frack the Lower Penn Shale of Wolfcamp 'D'. Winchester has a 12.5% back-in right once USEC recovers completion costs. This follows the December 2017 USEC deal.
5 Oct 2018well test result▲ GoodMajor
After simple perforation and acid across 20 ft of Strawn, White Hat 39#1L swabbed at up to 200 bopd, without a frack. It follows the failed Ellenburger lateral; the rate needs to persist. The 38#3ML Strawn frack awaits stabilisation.
24 Sept 2018drilling progress report● Neutral
A workover rig has arrived at White Hat 39#1L ahead of a Strawn frack scheduled for the following week. Winchester holds 31.5% before payout and 40.6% after, with CEGX at 50% under its farm-in.
13 Sept 2018half year report▼ BadMajor
Half-year report to 30 June 2018 shows a strategy change: after the second short-radius Ellenburger horizontal failed expectations, focus shifts to vertical drilling in stacked targets. A cost reduction program is in place and farm-in partners are sought for the 17,402 net acres.
12 Sept 2018investor presentation● Neutral
Presentation by Managing Director Neville Henry at the RIU GoodOil Conference in Perth, restating the Ellenburger target of up to 10 million barrels and the 17,000 net acre Permian Basin acreage.
12 Sept 2018investor presentation▼ BadMajor
Replacement presentation after ASX removed the original. Financial forecasts on slide 22 were removed and potential resource targets retracted; investors are told not to rely on them. This walks back the earlier 10 million barrel target claims.
12 Sept 2018listing compliance notice● Neutral
ASX temporarily paused trading in Winchester shares pending a further announcement. Administrative; it coincides with the same-day conference presentation, though the notice itself gives no reason.
4 Sept 2018farm in farm out agreement● NeutralMajor
Ellenburger lateral at White Hat 39#1L could not sustain commercial flow; Strawn testing follows, with a frac planned late September. CEGX has farmed into the Strawn program (50% WI), leaving Winchester 40.6% and operator.
9 July 2018well test result▼ BadMajor
White Hat 39#1L's Ellenburger lateral gave 100-200 barrels of fluid a day, but the oil cut declined to trace levels over several weeks. Testing moves up-hole to the Strawn. The MD says this is the second short-radius lateral to underperform on pump. Winchester's lateral interest is 85%.
20 June 2018listing compliance notice● Neutral
ASX lifts the suspension from the start of trading on 21 June 2018 after the presentation was released. Administrative.
20 June 2018investor presentation● Neutral
Presentation lodged to end the suspension. It repeats the earlier showcase material: A$2.3m cash at 31 March, 285m shares, no debt, 17,000 net acres.
20 June 2018listing compliance notice● Neutral
ASX suspended trading in Winchester shares on 20 June 2018 pending lodgement of a presentation. A short-term administrative suspension.
20 June 2018investor presentation● Neutral
Presentation for the Gold Coast Investment Showcase repeats known facts. It shows a share price of A$0.035, about 285m shares, A$2.3m cash at 31 March 2018, no debt and a market value near A$10m.
13 June 2018drilling result▲ GoodMajor
The 39#1L lateral drilled 294 ft northwest, cutting fracture zones with elevated gas and oil shows over up to 115 ft, versus 20 ft of pay in the vertical. Drilling was curtailed; completion and testing are under way, with results due the following week.
8 June 2018drilling spud▲ GoodMajor
Lateral drilling began at White Hat 39#1L, kicking off at 6,708 ft and heading up to 700 ft northwest to cut seismic-identified fractures. Winchester holds 70% WI. The well is over 1.5 miles from producers, and the MD calls success a potential game-changer.
1 June 2018other● Neutral
Updated 2017 corporate governance statement, current at 23 May 2018. Administrative; it records departures such as no women on the board and a two-member nomination committee.
31 May 2018well test result▲ Good
After acid treatment of 16 ft of Strawn/Fry sands at White Hat 38#3ML, 49 barrels of oil were recovered, confirming the sands carry oil. A frack is expected in two to three weeks. The 39#1 rig is on site for a lateral.
25 May 2018drilling progress report● Neutral
A workover rig has arrived at White Hat 38#3ML to complete the shallow Strawn/Fry sands, targeting a 166 ft zone. Winchester's interest is now stated as 78.5% (earlier 60%). Initial pump results are expected in two weeks, with fracking later.
22 May 2018director officer appointment● Neutral
Director John Kenny will not stand for re-election at the 22 May 2018 AGM and leaves the board at its close. The board will not fill the vacancy, leaving five directors.
17 May 2018drilling scheduled● Neutral
A five-well program is outlined: one Ellenburger lateral at White Hat 39#1 from end May, plus four recompletions (three Fry/Strawn, one Ellenburger). The Chairman calls the 38#3ML horizontal result only partly successful, blames the share price on it, and says current net production is 177 bopd.