Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2018quarterly activities report▼ Bad
June 2018 quarter gross oil production fell to 12,660 bo (from 15,277), with revenue of US$357,807. The 39#1L Ellenburger lateral's oil cut fell to trace, so work moves up-hole to the Strawn. The company plans to seek farm-in partners in the September quarter.
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.
30 Apr 2018quarterly activities report▼ Bad
March 2018 quarter gross oil production was 15,277 barrels, down from 17,164 in December; revenue US$381,765 at US$62.54/bo. The 38#3ML laterals likely hit already-drained reservoir. A 39#1 lateral and up to four Fry/Strawn recompletions are planned for the June quarter.
29 Mar 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website for its governance statement. Administrative; no new information.
29 Mar 2018annual report● Neutral
Annual report for 2017 lodged. The Chairman cites 56,865 barrels of oil sold and 17,402 net acres, and plans for horizontal well testing and shallow-zone completions in 2018. Financial statements were not in the extract.
9 Mar 2018drilling scheduled● NeutralMajor
Winchester abandons the deeper laterals at 38#3ML (best rate 40 bopd, now under 10) and plans to re-enter in early April 2018 to fracture-stimulate the Fry/Strawn (25 ft net pay). A 600 ft lateral in White Hat 39#1 is planned for mid-April, subject to partners.
5 Feb 2018well test result▼ BadMajor
White Hat 38#3ML is producing only 10 barrels of oil and 25 of water a day. Winchester says the three laterals likely hit reservoir already drained by nearby wells. It now eyes shallower zones (60 ft potential pay) and new laterals in 39#1 and 245#1.
31 Jan 2018quarterly activities report▼ Bad
December 2017 quarter gross oil production fell to 17,164 barrels from 27,806, with revenue of US$385,702. Attributed to normal decline, remedial treatment downtime and cold weather. Repeats the 38#3ML pump problems and the 245#1 result already announced.
29 Jan 2018drilling result▼ BadMajor
White Hat 245#1 reached 7,000 ft; a drill stem test in the Ellenburger recovered oil (40% cut) but showed low permeability. CEGX declined to complete it and handed its 50% to Winchester, which now holds 100% WI and operates. Net drilling cost was US$200,000.
