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NWE, NORWEST ENERGY NL
diana
post Posted: Apr 11 2014, 12:28 PM
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I think the following sentence may have a bearing on Mr Markets sullen mood today ...




"Stock markets fell heavily across the board overnight with the DOW falling 266 points and a 2 percent decline in the S&P500."




R/Di






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"Adversity does not build character; adversity reveals character."
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bam_bamm
post Posted: Apr 11 2014, 11:29 AM
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In Reply To: alonso's post @ Apr 11 2014, 11:21 AM

that it has, but volume is low and a 15% gain from these levels is bugger all when taking into account the destruction of the shareprice over a number of years.
Exciting story, but it's just taking so long to play out.



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alonso
post Posted: Apr 11 2014, 11:21 AM
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In Reply To: bam_bamm's post @ Apr 11 2014, 11:15 AM

The sp has had a nudge, up 15% atm.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

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bam_bamm
post Posted: Apr 11 2014, 11:15 AM
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In Reply To: daggie's post @ Apr 11 2014, 11:08 AM

Details of juicy flow rates may have excited the market, but for now it is just more of the same. yawn.
Any good news will be heavily sold into, and I may join that little party if i can recover all my capital, to sink back into nwe later in the year.

Still no further info on the Oil discovery in the Kockatea either.



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daggie
post Posted: Apr 11 2014, 11:08 AM
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In Reply To: bam_bamm's post @ Apr 11 2014, 10:22 AM

It seems to me that Mr. Market is not impressed. No flows mentioned ... why?

 
bam_bamm
post Posted: Apr 11 2014, 10:22 AM
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Announcement out this morning.

Carynginia and Irwin River Coal Measures identified as dominant zones for gas production.

45% gas contribution from the Carynginia
44% from the IRCM
What was surprising was the High Cliff Sandstone only returned a 1% contribution.

Still no idea about co-mingled flow rates.

I must say though, this announcement reads and looks a heck of a lot better than previous announcements from Norwest. The consultant has done well.


"At present A2 is being monitored for fluid levels and pressure build up in the well."



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bam_bamm
post Posted: Mar 12 2014, 10:07 AM
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Peter is currently taking part in the following Panel Discussion at the Excellence in Oil and Gas conference in Sydney.

SHALE: THE BIG QUESTIONS ANSWERED!11.00PANEL DISCUSSION: Shale gas in Australia –the steps, costs, infrastructure plans, and lessons from the US experience
  • Commercialisation: plans for bringing shale gas to market, timeframes, and pipeline availability
  • Costs of production
  • Comparing licence conditions on Australian shale, with the US – eg: drilling activity required to maintain licences
  • Australian Shale price forecasts
Panel moderator:
Murray Meaton,
Director, AUSTRALIAN INSTITUTE OF ENERGY;
Director, ECONOMICS CONSULTING SERVICES

Panelists:
Elinor Alexander, Director Geology & Exploration, Energy Resources Division,
DEPARTMENT FOR MANUFACTURING, INNOVATION, TRADE, RESOURCES AND ENERGY (DMITRE)
Robbert de Weijer, CEO, ARMOUR ENERGY
Peter Munachen, MD, NORWEST ENERGY (NWE)
James Crowley, General Manager Exploration and Development, SENEX ENERGY (SXY)




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Boots
post Posted: Mar 7 2014, 01:14 PM
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In Reply To: bam_bamm's post @ Mar 7 2014, 12:41 PM

05 Mar 2014 by OIl barrel Staff

The saga of Norwest Energy's Arrowsmith-2 well in EP413 in the onshore Perth Basin of Western Australia is nearing its end. The ASX-quoted small cap first drilled this vertical well in 2011 to test its theory that these lands could host the kind of shale gas resources that have proved so transformative for early movers in the US.

Three years on and many starts, stops, highs and lows later, and Norwest has completed its field activities at this breakthrough well. Arrowsmith-2 intersected shale and tight gas horizons that stretched for more than 1,000 metres, with the key intervals being the Kockatea, the Carynginia, the Irwin River Coal Measures and the tight High Cliff Sandstone.

In September 2012, the well was fracced in five zones, all of them flowing gas to surface, with testing of the shallowest, the Kockatea, taking the company by surprise when it yielded waxy oil. Flow rates were modestly encouraging for a vertical well through tight rocks but then they fell off a cliff and testing was put on hold while the company retrieved a stuck tool that had been obstructing the wellbore.

A final well test and production logging programme recorded gas at all zones in the commingled environment – the High Cliff Sandstone, the Irwin River Coals Measures and two zones from the Carynginia Formation – to complete the field work.

Now the number crunching begins on the reams of data recovered from this proof-of-concept well. This will help inform well planning for the first horizontal pilot well, Arrowsmith-3, which will be a key test of the commercial viability of the project.

Success here could unlock a significant resource. Norwest's partner AWE last month released a resources update for EP413, which attributed gross prospective gas resources to the permit of 2.7 TCF of gas and gross prospective NGL resources of 31 million barrels, slightly higher than the estimate released by Norwest in the summer of 2013. Norwest operates with a 27.945 per cent interest on behalf of farm-in partners AWE with 44.252 per cent and India's Bharat PetroResources with 28.803 per cent.

First, however, there are a number of hurdles to overcome. One is regulatory: it is never easy being a first mover, particularly when your project involves fracking and the company admits it has experienced delays in “navigating through uncharted territory” to gain the necessary state and federal environmental permits. The company has hired an environmental consultancy to get the permits for its planned 110 sq km 3D seismic survey around Arrowsmith: it has already conducted a spring botanical study, with a follow-up planned, and a Native Site Heritage Survey was completed in the December quarter.

The second big hurdle is funding. The small cap ended 2013 with around A$4 million in cash, which doesn't buy you much when it comes to horizontal wells and multi-stage frack jobs, particularly given the inflated costs of sourcing the right equipment in Australia's still immature shale industry.

The funding gap is likely to weigh on the stock, a fact already on the radar of company watchers. “What is clear is that Norwest does not currently have the balance sheet capacity to fully fund its 2014 exploration work programme, nor a field development scenario. We expect capital strategy to be a major focus for the company over the next few months, and we would expect a capital raise to be likely before the end of Norwest’s FY14,” said analysts at Edison Investment Research at the end of last year. Norwest has said it is reviewing a number of funding options, including seeking farm-in partners (with almost 28 per cent it certainly has room to manoeuvre), pre-paid gas sales agreements, debt facilities, and equity.

Despite these challenges, this is a highly promising, if long term position. The Edison analysts agree the company has a “a significant foothold in a potentially substantial unconventional gas region in a market context blessed by an enviable network of above-ground infrastructure and LNG-based gas pricing”. They conclude: “With multiple operators having demonstrated the presence of stacked tight gas formations along the length of the Perth Basin belt, it is looking increasingly possible that the region could become Australia’s next major development play.”



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bam_bamm
post Posted: Mar 7 2014, 12:41 PM
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Oilbarrel.com have another article on Norwest.

Norwest Energy completes field work at Arrowsmith-2...now comes the build-up to Arrowsmith-3
QUOTE
The saga of Norwest Energy's Arrowsmith-2 well in EP413 in the onshore Perth Basin of Western Australia is nearing its end. The ASX-quoted small cap first drilled this vertical well in 2011 to test its theory that these lands could host the kind of shale gas resources that have proved so transformative for early movers in the US. Three years on and many starts, stops, highs and lows later, and Norwest has completed its field activities at this breakthrough well. Arrowsmith-2 intersected shale...


I dont have access to the full article, but i'm sure it'll be posted to Norwest's website shortly.



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Boots
post Posted: Mar 5 2014, 10:50 AM
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In Reply To: alonso's post @ Mar 5 2014, 09:16 AM

That would have to be the blandest announcement yet.

Either PM is gun shy after the debacle following the last Trading Halt, or the initial results are very ordinary and they are trying to buy some time while they attempt to apply lipstick to the pig.

Either way, it's "as you were" for another couple of months now.

 
 


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