17 May 2018drilling progress report● Neutral
Phoenix South-3 reached 3,733 m MD in 17.5-inch hole and is setting 13 5/8-inch casing. Caley target still expected near 5,300 m. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2018capital raising announcement● Neutral
Offer documents for the share purchase plan (SPP) were sent to eligible shareholders, allowing up to A$15,000 each. The SPP closes 1 June 2018 with allotment on 6 June. This is the retail part of the 11 May raising; the price is not restated in this extract.
11 May 2018investor presentation● Neutral
Capital raising presentation repeating the placement and share purchase plan terms (13c). Shares on issue rise from 1,029.6m to 1,152.6m after placement; share price 17.5c, market cap A$180m, cash A$48m at 31 March. No new information.
11 May 2018capital raising announcement● NeutralMajor
Carnarvon raised A$16m via a placement of about 123m shares at 13c, a 25.7% discount to last close, plus a share purchase plan of up to A$4m. Funds Buffalo-10 drilling, now expected March to September 2019, and working capital.
What it means for a shareholder
123m new shares at A$0.130 to raise about A$16.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (7,692 at the issue price), your slice goes from 0.000747% to 0.000667% of the company. To keep it you'd need 919 more shares - about A$119 at the issue price.
Create a free account to see this worked out for your own holding.
11 May 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) is drilling the 17.5-inch hole at 3,114 m MD after setting 20-inch casing. The Caley target is expected at about 5,300 m. No hydrocarbon results yet.
3 May 2018material agreement▲ GoodMajor
Buffalo (100% CVN) redevelopment plan: Buffalo-10 production well to confirm attic oil, with three wells tied to a leased FPSO. Independent estimate puts capex below US$150m and 31 MMbbl (2C) at about US$2.2bn revenue at US$73 Brent. Dili office opened; funding not yet secured.
30 Apr 2018drilling scheduled● Neutral
The Ensco-107 jack-up has left Singapore for Dorado-1, due on location mid May with drilling before end May. Well now expected to take about 60 days (earlier ~45), reaching the Caley top in about 35 days. Caley target is 545 Bscf plus 30 MMbbl condensate (125 MMboe, Pmean).
27 Apr 2018other● Neutral
Corporate Governance Statement describing board practices against the ASX principles. Administrative document with no new project or financial information.
26 Apr 2018drilling progress report● Neutral
Phoenix South-3 has been drilled to about 1,500 m MD and is running 20-inch casing, with 17.5-inch hole next. No hydrocarbon results yet; the Caley target (489 Bscf plus 57 MMbbl condensate prospective) is still ahead.
23 Apr 2018resource reserve update● Neutral
Carnarvon states Phoenix drilling to date has delineated 332 Bcf gas and 27 MMbbl (gross, 2C). Phoenix South-3 and Dorado-1 are seeking to add 1.0 Tcf gas and 88 MMbbl (gross, mean). Mostly restates and reframes existing estimates ahead of the wells; no new drilling result.
17 Apr 2018drilling spud▲ GoodMajor
Drilling has started at Phoenix South-3 (CVN 20%, operator Quadrant), the rig having drilled the 42-inch hole to about 240 m. It targets the Caley gas-condensate (143 MMboe Pmean prospective) found in Phoenix South-2. About 90 days to roughly 5,500 m; no flow test planned.
9 Apr 2018investor presentation● Neutral
April 2018 corporate presentation says Phoenix South-3 is now drilling (April) with Dorado-1 to follow in May, both described as funded from existing cash. Repeats known resource figures; no new results.
4 Apr 2018drilling progress report● Neutral
The Development Driller-1 rig has arrived at the Phoenix South-3 location and will be anchored and ballasted over the next few days before drilling starts. Spud not yet announced.
29 Mar 2018drilling scheduled● Neutral
Cyclone Marcus has delayed the Phoenix South-3 rig slightly: arrival is now around 5 April and spud around 10 April 2018. Further slip from the late-March arrival previously advised; target volumes are unchanged.
14 Mar 2018investor presentation● Neutral
March 2018 corporate presentation: 1,028 million shares, 13.5c share price, A$139m market cap, A$49m cash. Lists Phoenix South-3 (April), Dorado-1 (May), Buffalo-10 well planning and farm-outs as 2018 focus. Largely repeats known facts.
8 Mar 2018drilling scheduled● Neutral
The Phoenix South-3 rig is slightly behind schedule, now expected on location in late March and ready to drill in early April, rather than the March start planned. Target is unchanged: 489 Bscf gas and 57 MMbbl condensate prospective, about 560 m from Phoenix South-2.
7 Mar 2018regulatory community update▲ GoodMajor
Australia and Timor-Leste signed a maritime boundary treaty placing the Buffalo field (WA-523-P, 100% CVN) in Timor-Leste jurisdiction. Carnarvon says its title and rights are preserved on equivalent fiscal terms. A production sharing contract is now needed, and the treaty still needs ratification by both countries.
6 Mar 2018other● Neutral
Invitation to an investor open day on 22 March 2018 at the West Perth office, 11am-6pm. Administrative notice with no new project information.
26 Feb 2018half year report▲ Good
Half-year to 31 December 2017 shows a profit of A$391,000 versus a A$32.0m loss a year earlier. Holds CWX Global (formerly Loyz) shares worth A$2.86m, received in settlement of the Thai sale deferred consideration. Resolves the Loyz settlement thread. Admin costs fell to A$637,000.
20 Feb 2018regulatory community update▲ Good
A third round of seismic reprocessing (FWI) for Buffalo (100% CVN) gives clearer imaging of the Elang reservoir, including updip of the Buffalo-5 well where unproduced oil is expected. Carnarvon says the data is sufficient to take the project to drilling and development planning.
12 Feb 2018asset acquisition disposition▲ GoodMajor
Carnarvon is awarded permit AC/P63 (Eagle Project), 585 km2 in the Southern Vulcan Sub-basin in about 100-200 m of water, its second Vulcan permit after Condor. Jurassic and Cretaceous oil leads only; no resource figure given.
7 Feb 2018resource reserve update▲ GoodMajor
Carnarvon raised the Labyrinth (WA-521-P, 100% CVN) prospective resource after new petrophysical work, to over 1.5 billion barrels unrisked Pmean across eight prospects, led by the renamed Ivory prospect at over 420 MMbbl. Chance of discovery is 13-18% per prospect, and 3D seismic is expected to refine drilling locations.
1 Feb 2018other● Neutral
Notice that updated broker research reports from Euroz and Hartleys are available on the company website. No new company information in the announcement itself.
1 Feb 2018drilling progress report● Neutral
The Phoenix South-3 rig (Development Driller-1) has reached South Africa for scheduled maintenance before heading to the well site. The well will test the Caley gas-condensate found in Phoenix South-2 (489 Bscf gas, 57 MMbbl condensate prospective). Roc is noted as at the minimum economic field size.
24 Jan 2018investor presentation● Neutral
January 2018 corporate presentation: market cap about A$108m, cash A$49m, enterprise value A$59m. Lists 2018 priorities of Phoenix South-3 (March), Dorado-1 (May), Buffalo progress and farm-outs for Labyrinth and Condor. Largely repeats known facts.
22 Jan 2018drilling result● NeutralMajor
Woodside's Swell-1, next to Belgravia (CVN 28.5%), found about 450 m of gas in tight reservoir, not currently commercial. This resolves the awaited test: it shows a working Triassic system, and Belgravia is about 650 m shallower, so reservoir may be better. Further work is needed.
14 Dec 2017drilling scheduled● Neutral
After a 11 December joint venture meeting, Phoenix South-3 is still expected in March 2018 (about 90 days to roughly 5,156 m) and Dorado-1 in May 2018 (about 45 days to roughly 4,400 m). Confirms existing timing; adds well depths and durations.
17 Nov 2017investor presentation● Neutral
AGM presentation restating the portfolio and 2018 plan: Phoenix South-3 spud in March 2018 and Dorado-1 in May 2018, plus Buffalo, Labyrinth, Condor and Outtrim. No new results or figures.
13 Nov 2017drilling scheduled▲ GoodMajor
Quadrant has signed the ENSCO-107 jack-up for Dorado-1 (CVN 20%), expected to start around May 2018, with Phoenix South-3 around March 2018. The Caley primary target holds a mean 545 Bscf gas and 31 MMbbl condensate (prospective, unproven). Rigs are now secured for both wells.
3 Nov 2017asset acquisition disposition▲ GoodMajor
Carnarvon is awarded permit AC/P62 (Project Condor), 1,512 km2 in the Southern Vulcan Sub-basin, Bonaparte Basin, in about 100 m of water. It is the company's first Vulcan permit, with Jurassic oil leads identified. Early-stage; no resource figure given.