Past year: ▼ 50%(0.10c – 0.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2026drilling spud● Neutral
Drilling began 18 March 2026 on JVU-4, the first water injection well in the Varn waterflood (Winchester 70%, operator). Target depth is 4,900ft, about 12 drilling days. Water injection follows completion, the next step in the waterflood plan.
22 Oct 2025drilling result▲ Good
JVU-5 reached 4,877ft on 19 October; logging showed oil and gas shows in the upper and lower Fry sands, in line with expectations and consistent with JVU-6. Completion comes next, then the JVU-4 injector in Q1 2026.
9 Oct 2025drilling spud▲ GoodMajor
Drilling began on 7 October on the JVU-5 production well, the second producer in the Varn waterflood and first well under the new joint venture. Target depth is 4,900ft, with about five drilling days expected.
16 Sept 2025farm in farm out agreement▲ GoodMajor
Winchester farmed out 30% of the Varn waterflood to a US investor group led by Production Lending, for US$112k upfront and 40% of further costs. Total cost is about US$5.6M, with the group committing about US$2.4M. This resolves the unfunded-waterflood thread; Winchester keeps 70% and operates.
20 Mar 2025farm in farm out agreement▲ GoodMajor
Non-binding term sheet with Jaguar Exploration to jointly apply for two offshore Peru exploration blocks (~8,060 km2). If granted, Winchester would operate with 80%, paying Jaguar US$270k cash plus US$300k in shares at 0.3c (~160M shares). Outcome expected in two to three months. This is the first step in the new-projects search.
3 Nov 2022drilling result▲ Good
Third Group Prospect workover, Group 15A, swabbed about 40 barrels of oil over nine hours at a 60-70% oil cut, and flowed briefly on its own. All three wells go on pump, with stable rates expected mid-November 2022.
24 Oct 2022drilling progress report● Neutral
A larger rig has moved onto the first Varn well, JVU#11WSW, the water supply well for the waterflood, and will take it to 4,900ft. Part of the 11-well programme; no new results.
20 Sept 2022drilling progress report● NeutralMajor
Varn waterflood drilling has begun: four surface wells are cased to about 300ft and a larger rig will deepen two to roughly 7,000ft. Locations are 90% ready, with production lines 75% and injection lines 30% done. Completion is now scheduled for December 2022; production is expected to contribute in 2023.
9 Aug 2022drilling result▲ Good
Oil and significant gas were recovered from the second Group Prospect workover, Group-23A, making two successes from two after Group-16A. Both wells go on pump with sales to start; flow rates are not yet given. Rig moves to Chapman-1 next.
20 July 2022drilling result▲ Good
Oil was recovered from the first Group Prospect workover well, Group 4000-16A, within three weeks of the farm-in. It goes on pump with sales starting, but no flow rate is given yet. The rig moves to the second well.
29 June 2022farm in farm out agreement▲ GoodMajor
Winchester farms in to Westex Resources' 1,760-acre Group Prospect, next to its 100% Whiteside Prospect, for US$411,400 upfront, taking 75%. Commitments are five workovers and three new wells at about US$600k each, with fees if work is missed. Westex backs in after payout.
24 Feb 2022drilling scheduled● Neutral
Varn site work starts soon, but the Railroad Commission unitisation hearing is set for 13 April 2022, with drilling after. The vendors must refund the US$415k if the unit cannot be formed or the interest placed by 1 September 2022. White Hat 3902 fell back to 70 bopd; a workover under US$80k is planned.
14 Oct 2021drilling progress report▲ Good
A roughly US$100,000 Ellenburger recompletion is underway at White Hat 3902, perforating 74 ft. White Hat 2106 averaged 375 boepd over the first 12 days of October, with no pressure decline. McLeod 1703 and 1705 are on production; results await.
10 Sept 2021drilling progress report● Neutral
McLeod 1705 (8 ft Strawn interval) and McLeod 1703 (Upper Cisco) were fracture stimulated, each for under US$100,000, and are moving to flow back. Results are due in coming weeks. Shares on issue are now 1,006,366,497, reflecting Tranche 2.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
