Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2018other● Neutral
Managing Director's post-AGM letter says two Dorado appraisal wells are planned for 2019, aiming for a final investment decision by 2020, with early Caley oil a focus. Apus needs 3D seismic. Santos-Quadrant deal awaits ACCC review. No new figures.
9 Nov 2018investor presentation● Neutral
AGM presentation restates Dorado as a world-class discovery, citing 362 MMboe gross 2C with Roc and potential early oil cash flow to fund larger development. Mostly repeats known material; no new announcement.
9 Nov 2018agm notice▲ Good
Chairman's AGM address calls the year landmark, citing the Dorado discovery, positive early talks with Santos as incoming Phoenix partner, and ongoing Buffalo approvals and treaty ratification. Speech recaps known items with no new figures.
16 Oct 2018investor presentation● Neutral
October investor presentation states over 60% of CVN's 104 MMboe contingent resource is oil. It lists about 1,190m shares at 41c (A$488m market cap), A$50m cash at 30 September and A$438m enterprise value, with no debt.
15 Oct 2018resource reserve update▲ GoodMajor
Carnarvon assessed three oil prospects near Dorado: Roc South (56 MMbbl gross Pmean recoverable, 63% chance of success), Pavo (82 MMbbl) and Apus (612 MMbbl). They are prospective, undrilled resources. Delivers the follow-up details promised after Dorado.
11 Oct 2018quarterly activities report● Neutral
Quarter to 30 September 2018: cash was A$49.5m after A$15.7m exploration spend, down from A$63.6m at June. Dorado appraisal planning began and Phoenix South-3 sidewall cores are being assessed. Buffalo PSC talks are advancing, with a well targeted for late 2019.
10 Oct 2018annual report● Neutral
The 2018 annual report is released. The readable chairman's review restates the Dorado discovery, Phoenix South-3 hydrocarbons with commerciality still being evaluated, Buffalo progress under the Timor-Leste treaty, and Gavin Ryan's board appointment. Financial pages are not readable here.
9 Oct 2018regulatory community update▲ Good
Field surveillance at Buffalo in early October found no impediments to the preferred well locations targeting the attic oil. An Environmental Plan for up to three wells was submitted. Carnarvon is engaging both governments to drill in Timor-Leste jurisdiction in Q3 next year.
17 Sept 2018investor presentation● Neutral
Proactive Investors CEO series presentation reuses the Good Oil slides: Dorado as third largest NWS oil discovery, Roc gas and the portfolio. No new information beyond already announced results.
12 Sept 2018investor presentation● Neutral
Good Oil conference presentation repeats known material: Dorado as third largest North West Shelf oil discovery, Roc gas, Buffalo and the 20-30% Phoenix interests. It shows CVN's net 2C resources of 39 MMboe for Dorado oil, 31 MMbbl at Buffalo and 34 MMbbl for gas and condensate. No new announcement.
30 Aug 2018investor presentation● Neutral
Managing Director letter and shareholder update restate Dorado as the breakthrough discovery, with follow-on targets to be presented shortly. Buffalo PSC talks with Australian and Timor-Leste governments are described as making solid progress. AGM set for November. Mostly repeats known items.
28 Aug 2018annual report● Neutral
Annual report for the year to June 2018 is largely unreadable in this extract (garbled text). Readable parts note the Dorado oil discovery, Phoenix South reaching target depth in August with hydrocarbons, Buffalo redevelopment progress, and Gavin Ryan joining the board.
28 Aug 2018annual report● Neutral
Appendix 4G confirms Carnarvon's corporate governance statement for the year to 30 June 2018 is on its website and was board-approved as at 28 August 2018. Administrative filing accompanying the annual report; no new business information.
23 Aug 2018other▲ GoodMajor
Carnarvon commented on Santos's planned US$2.15bn cash acquisition of Quadrant, its Phoenix partner holding 70-80%. It welcomes Santos as incoming partner, notes the value attributed to Phoenix is not disclosed, and cites Dorado 2C oil as third largest on the North West Shelf.
22 Aug 2018listing compliance notice● Neutral
Carnarvon replied to an ASX aware query about the timing of its 13 August Phoenix South-3 update. It noted the share price rose from 17.5c on 13 July to an intraday high of 69.5c on 8 August, with volumes far above normal. Compliance matter; outcome not stated here.
20 Aug 2018resource reserve update▲ GoodMajor
Carnarvon booked Dorado gross contingent resources: 2C 171 MMbbl oil, 16 MMbbl condensate and 552 Bscf gas (283 MMboe); 1C 128 and 3C 566 MMboe. CVN's 20% net 2C is 57 MMboe. Resolves the pending Dorado resource revision.
15 Aug 2018other● Neutral
This is a third-party release by 3D Oil about its own permit WA/527-P, ~80 km from Dorado-1, saying Dorado results raise its oil potential. It carries no new Carnarvon information or change to Carnarvon's interests.
14 Aug 2018other● Neutral
Chair's letter to shareholders recaps strategy and Phoenix results, saying Dorado oil is now the focus over Phoenix South gas condensate. Restates Buffalo plans: 31 MMbbl mean recoverable volume, Buffalo-10 targeted 2019. Mostly repeats known items; no new announcement.
13 Aug 2018drilling result▼ BadMajor
Phoenix South-3 found a 131 m gross hydrocarbon column in the Caley, but only ~16 m net reservoir at 8% porosity. Sampling recovered no hydrocarbons, and permeability was at the low end of expectations. Core analysis over months must show whether it can flow commercially; rig being released.
9 Aug 2018drilling progress report▲ Good
Phoenix South-3 drilled to ~5,393 m MD through the Caley; logging-while-drilling showed porous sandstones with elevated gas and resistivity at ~5,200-5,300 m, indicating hydrocarbons. Wireline logging is next to confirm fluids and reservoir quality. Early positive sign, not yet confirmed.
8 Aug 2018drilling result▲ GoodMajor
Wireline logging at Dorado-1 found more light oil in the Crespin (22 m net) and Milne (18 m net) Members, lifting total net hydrocarbon pay to 132 m across four zones. Adds to the July Caley oil discovery; volume estimate to follow.
3 Aug 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) has set its 7-5/8in liner at ~5,205 m MD and is drilling ahead at ~5,210 m, expecting the Caley. It will go to ~5,500 m, with slower controlled drilling because PS-2 could not fully evaluate the Caley. No result yet.
1 Aug 2018director officer appointment● Neutral
Gavin Ryan, a lawyer with BHP Petroleum, BP, PTTEP and Shell experience, joined the board as a non-executive director (appointed 30 July 2018) with no CVN securities. The company says this adds legal and commercial skills, including PSC and Buffalo field experience.
31 July 2018drilling progress report▲ Good
Dorado-1 has set its 7in liner at ~4,044 m MD and drilled to ~4,620 m. Crespin and Milne sandstones show elevated gas and resistivity, indicating hydrocarbons. Total depth is raised to ~4,650 m, followed by wireline logging.
24 July 2018drilling result▲ Good
More wireline work confirmed Dorado-1's ~80 m net Caley oil column and found 10.5 m net pay of gas and condensate at the top of the Baxter, a separate stacked column. The Baxter result is interim, and drilling continues to ~4,550 m.
24 July 2018drilling progress report● Neutral
Phoenix South-3 has set 9-5/8in casing at ~5,165 m MD and drilled to ~5,208 m, with results consistent with PS-2. It is preparing a 7-5/8in liner, then 6-1/8in hole to ~5,500 m, with slower controlled drilling through the reservoir. No Caley result yet.
18 July 2018drilling result▲ GoodMajor
Dorado-1 found a significant oil discovery in the Caley: 79.6 m net pay in a 96.1 m column, light 49.6° API oil, no water contact. This was previously expected as gas-condensate; a revised contingent oil resource is promised after drilling. Baxter sands also hydrocarbon-bearing.
13 July 2018drilling progress report● Neutral
Re-release of the 12 July Dorado-1 update (same text, still dated 12 July): hydrocarbon indications in the Caley from logging-while-drilling, drilling at ~3,990 m MD. No new information.
12 July 2018drilling progress report▲ Good
Dorado-1 logging-while-drilling showed sandstones with elevated gas readings and higher resistivity from ~3,853 to 3,947 m MD in the Caley, indicating hydrocarbons. Definitive results need wireline logging. Early encouraging sign; the well continues to ~4,575 m.
10 July 2018quarterly activities report● Neutral
June quarter report: cash was A$63.6m after the ~A$20m raising, with A$3.9m exploration spend. Phoenix South-3 and Dorado-1 were near the Caley, results expected within weeks; Buffalo-10 preparations for 2019 continue. Mostly restates known items.
