Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2008drilling progress report▲ Good
NSE-A4 comes on at about 830 bopd after losing over 64,000 bbls of fluid, and NSE-D1 rises to 1,063 bopd. Field output is approaching 14,000 bopd gross. NSE-D2 flows mainly gas and needs a sidetrack; NSE-D3 and NSE-C1 are about to be tested.
29 Oct 2008drilling progress report● Neutral
NSE-D1 tests at about 710 bopd and is expected to produce more with a larger pump. NSE-A4 hit severe mud losses and a stuck obstruction, and has tied up the rig for around two months, delaying other development work.
13 Aug 2008drilling progress report● Neutral
NSE-A4 hit a highly fractured upper volcanic, losing over 23,000 barrels of fluid, and is being completed as a producer. NSE-B1 is drilling, and L44-C reached 1,210 m with testing under way. No flow rates yet.
18 July 2008drilling result▲ GoodMajor
NSE-A1 finds a new upper oil zone, flowing a restricted 1,245 bopd at Na Sanun East, and may be extensive. L33-3 wildcat is abandoned without commercial oil, and NS9-H1 was also abandoned. Two further southern L33/43 exploration prospects are ready for drilling later in 2008.
9 July 2008drilling progress report● Neutral
Drilling is slower than expected because of minor operational issues. NSE-A1 needs a liner and L44-C is suspended at about 200 m. The CEO still targets 15,000 bopd gross by year end. NS9-H1 is testing and L33-3 testing continues.
13 June 2008drilling progress report● NeutralMajor
Full development of Na Sanun East begins, with NSE-A1 to spud within a week and up to 19 wells planned. L44H-D2 flows 600 bopd from the main zone; its deeper zones were not commercial. NS5-D1ST makes up to 140 bopd. Gross production is about 7,900 bopd. The operator admits a six-month approval delay forced less ideal flank wells.
28 May 2008drilling progress report● Neutral
NS3-D1ST tested about 1,650 bopd, but water cut rose and it is choked back to about 180 bopd. L44H-D2's two deepest zones tested tight or gas. NS5-D1ST had severe losses with oil shows; L33-3 wildcat is drilling.
7 May 2008drilling progress report▲ GoodMajor
POE-9A flows 682 bopd, restricted by slim casing. Environmental approval arrives for 32 drilling locations, resolving the open approval thread. L44H-D2 reached 2,357 m and has oil shows in deeper zones. Production fell to about 7,200 bopd gross because wells are shut in for sidetracks.
22 Apr 2008drilling progress report▲ Good
POE-9A found oil shows and losses in a new deep volcanic zone, with testing due in 7-10 days. L44H-D2 hit an unexpectedly thick 180 m main volcanic zone and is drilling to 1,800 m. NS3-D1 will be sidetracked horizontally next. No flow results yet.
16 Apr 2008resource reserve update▲ GoodMajor
Gaffney Cline's independent review lifts Carnarvon's net 2P oil reserves to 11.377 million barrels, over 300% above the earlier figure (2.83 MMbbl). Net 3P is 45.7 MMbbl, mostly Na Sanun East. This confirms the significant upgrade expected.
31 Mar 2008drilling result● NeutralMajor
L44-R is an oil discovery, but only modest: the shallow zone flowed about 29 bopd of 27 API oil. Two other tests recovered mostly water. The operator upgraded the Si Thep and Nong Bua prospects. Note NS1-D1 missed the main fracture network, so a sidetrack is planned.
4 Mar 2008drilling progress report● Neutral
Both drilling rigs are back in service. L44-R testing is due within two weeks; NS1-D1 and POE-9A appraisal wells are drilling. A third rig decision awaits environmental approval for 27 wells, expected within five weeks.
21 Feb 2008drilling progress report● Neutral
L44-R exploration well reached 1,277 m with three volcanic zones and mud losses; testing is due in about 21 days. Sales are about 9,500 bopd gross. Environmental approval for about 27 development locations is still awaited, and a third rig decision follows it.
16 Jan 2008drilling result▼ BadMajor
Wichian Buri-1 (Deep) is abandoned after testing only small gas and about 750 bbl/day of water, a dry exploration result. Gross production is 7,350 bopd (2,940 net), heading to about 10,000 gross by late Feb-early March; L44-R spuds in 5 days.
3 Jan 2008drilling progress report▲ Good
Wichian Buri-1 (Deep) reached 1,598 m, drilling 97 m into the roughly 220 m target volcanic from 1,501 m. Mud losses and live oil at surface were seen; testing follows within about 12 days. No flow result yet.
27 Nov 2007drilling result▲ Good
Operator Pan Orient reports L44H-D1 reached 1,217 m with over 200 m of volcanic reservoir and oil to surface, the structurally highest penetration yet. Testing is due within two weeks. The Wichian Buri-1 Deep exploration well, targeting a volcanic zone at 1,503 m, is planned.
5 Nov 2007drilling progress report● Neutral
NS5-D1 hit severe mud losses and what logs suggest is the best volcanic reservoir yet at Na Sanun East, plus a new porous tuff zone above it. NS6-D1 had to be sidetracked after crossing a fault early. L44H-D1 is about to spud.
9 Oct 2007drilling progress report● Neutral
Northern Na Sanun East wells L44G-D1 and L44-G tested tight, with only minor oil and some water, a disappointing result after earlier strong shows. L44-H stabilised near 1,280 bopd. Total Thai production is above 2,600 bopd; NS8-D1 and NS2-D1 tests are pending.
18 Sept 2007drilling spud● Neutral
NS8-D1, a deviated appraisal well in the southern Na Sanun East block about 600 m north of NS3-D1, has spudded. Testing of L44-H began in the last 48 hours, with oil and drilling fluids recovered and results pending.
11 Sept 2007drilling result▲ Good
Pan Orient reports L44-H hit the main volcanic zone at 866 m with lost circulation and free oil at surface. Testing is expected within seven days. L44G-D1 is drilling at 797 m.
23 Aug 2007drilling progress report▲ Good
L44-H and L44G-D1 spudded on 21 and 22 August. L44-G reached 1,027 m with at least 162 m of volcanics and fractures seen on logs. NS3-D1 reached 990 m. Both wells await testing, and L44-G's results are 4 to 5 weeks away.
13 Aug 2007drilling result● NeutralMajor
L33-D was plugged and abandoned for lack of reservoir. L44-G and NS3-D1 both showed strong oil shows and severe mud losses, so a sidetrack, L44G-D1, was added. L44-H is next.
19 July 2007drilling progress report● Neutral
L33-D reached 1,420 m with mud losses at an 11 m volcanic zone, and testing is due. The second rig, Aztec #14, has started L44-G, 7.3 km north of POE-9. NS-3D1, the first of four to five deviated wells, starts soon.
3 July 2007drilling progress report▼ Bad
NS-1RD reached 990 m but flows only about 20 bopd with a 76% water cut. It may be deepened to test four more zones. L33-D, the first well in permit L33/43, is drilling, and 3D seismic is due to finish in mid July.
19 June 2007drilling progress report▲ Good
NS-4 is flowing clean oil at about 720 bopd. NS-1RD is cased to 948 m with the volcanic section to be drilled next. The second rig is on site, with L44-G due to start in about two weeks.
24 May 2007drilling progress report● Neutral
NS-4 is cased after massive lost circulation slowed operations, with oil recovered at surface. Production testing is due, with results expected within 7 to 10 days.
14 May 2007drilling result▲ Good
NS-4 hit fractured volcanic reservoir at about 952 m with severe lost circulation and crude oil recovered at surface. The company is encouraged but says logging and testing are needed to evaluate it.
2 May 2007resource reserve update▼ BadMajor
Year-end 2006 2P reserves fall about 50% to 7.075 MMbbl gross (2.83 net) from 14.208 gross (5.683 net). Proved rises 34% to 0.853 MMbbl gross. Reserves moved to possible because of fault complexity; Carnarvon calls the estimates conservative and expects a revisit later in 2007.
1 May 2007drilling spud● Neutral
The NS-4 appraisal well in the Na Sanun field spudded on 30 April and had reached 68 m, with casing being run. It is the second Phase 2 well.
16 Apr 2007drilling progress report● Neutral
NS-3 is drilling at 821 m, about 140 m above the first volcanic target, and is slower than expected because of delays tied to new mud pumps. Test results are expected before month end.
