Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2019quarterly activities report▲ Good
September quarter net revenue was A$1.19m (US$806,218), up 65%, with net oil output averaging 223 bopd versus 133 bopd in June quarter. September alone reached 358 bopd including test sales. Debt-free; cash figure not shown in the truncated text.
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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30 July 2019quarterly activities report▲ Good
June 2019 quarter sales were US$488,020, up from US$192,198, with net oil output of 133 bopd versus 54 bopd, driven by White Hat 20#3. Mustang wells 20#4 and 20#5 now start mid-August; gas sales from 20#3 began 17 July at 180 mcf/d.
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.
17 July 2019investor presentation● Neutral
Noosa conference deck repeating known facts: Mustang development drilling pushed to late July/early August, exploration at Lightning, Spitfire and El Dorado, no debt. It also notes a Wolfcamp D shale frack on Winchester acreage, with horizontal drilling planned by a farminee.
16 July 2019drilling progress report▲ Good
Arledge 16#2 reached its 5,500 ft total depth with further oil shows in the Lower Cisco (5,020-5,050 ft and 5,080-5,120 ft). Wireline logging comes next; casing will be run if logs confirm commercial oil pay. Shows are not yet a result.
15 July 2019drilling progress report▲ Good
Arledge 16#2 found good to strong oil and gas shows over 61 ft of Upper Cisco sand (4,750-4,811 ft), 20 ft high to prognosis. Significance awaits wireline logs at 5,500 ft; the well is drilling on to the lower Cisco target.
11 July 2019drilling spud● NeutralMajor
Drilling of Arledge 16#2 began on 9 July 2019, targeting shallow Cisco Sands in the Lightning Prospect (1.95 mmbo P50, Winchester 100%) to 5,500 ft. This meets the spud deadline to extend the Arledge lease, though the well is an exploration test.
8 July 2019drilling scheduled● Neutral
Arledge 16#2 at the Lightning Prospect is to spud on 8 July 2019, to 5,500 ft, targeting Cisco Sands with 1.95 mmbo P50 prospective resource. It must spud before 17 July to extend the 3,342-acre Arledge lease a year. White Hat 20#4 now follows it.
8 July 2019director officer appointment● Neutral
Non-executive director Peter Allchurch, founding chairman who helped acquire the US assets, resigns for health reasons effective 31 July 2019. The board falls to three directors; no replacement is named.
26 June 2019production update▲ Good
White Hat 20#3 averaged 259 bopd over its first 30 days, down from the 306 bopd initial rate, plus 100-140 mcf/d of gas, now being prepared for gas sales. Across Winchester's wells, gross output was 386 bopd (255 bopd net) in the week to 23 June. White Hat 20#4 still due July.
25 June 2019drilling scheduled● NeutralMajor
Winchester will spud Arledge 16#2 in July 2019 at the new Lightning Prospect, targeting shallow Cisco Sands with 1.95 mmbo P50 gross prospective resource and a 22.5% chance of success. The well satisfies drilling commitments and extends the 3,342-acre Arledge lease a year.
25 June 2019investor presentation● Neutral
Gold Coast investor showcase deck repeating known facts: 17,000 net acres, White Hat 20#3 discovery, July Mustang appraisal drilling and no debt. It shows cash of A$1.6m at 31 May 2019 and 431m shares on issue at A$0.032 (A$13.7m market cap).
24 June 2019well test result▲ Good
Partner USEC fracked the vertical Thomas 119-1H in the Three Fingers Shale; it is producing 29 bopd and 450 mcf/d of gas. Winchester holds a 12.5% back-in after USEC recovers costs. It may support horizontal potential across 17,000 acres, but remains an early result.
21 June 2019resource reserve update▲ GoodMajor
After the 20#3 success, a plan was set for 9 central Mustang wells and up to 25 more at Mustang North and South (34 total). Mustang's gross prospective resource is now 2.03 mmboe (P50), with 10.8m barrels of oil in place; 20#4 spuds in July.
