Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2017annual report● Neutral
2017 annual report restates the A$36.9m loss and known project progress. Chairman cites 2C contingent resources of 20.3 MMboe and 2.5 billion boe mean prospective resources, notes no cash bonuses were paid, and says Ted Jacobson retired as a director.
12 Sept 2017investor presentation● Neutral
September 2017 corporate presentation repeating known facts: market value A$90m (8.8c/share), cash A$53m, no debt, Buffalo 31 MMbbl (2C) audited, and 2018 Phoenix South-3 and Dorado-1 wells. No new results.
6 Sept 2017asset acquisition disposition● NeutralMajor
Loyz announces it will settle its US$3.95m debt to Carnarvon by issuing 331.65 million new Loyz shares at S$0.01615, about 17.85% of the enlarged company, subject to Loyz shareholder approval. This is the share fallback rather than the cash payment, and Carnarvon's 30 June deadline had earlier been extended.
5 Sept 2017regulatory community update● Neutral
Q&A answering shareholder questions on Buffalo: facilities were removed so redevelopment is effectively new; oil is light 53° API; economic at 1C with US$50 oil. Regulators NOPTA (production licence) and NOPSEMA are being engaged. No new resource figures.
30 Aug 2017annual report▼ Bad
Full-year loss of A$36.9m, driven by the A$22.1m Loyz impairment and A$10.1m Outtrim East-1 write-off already booked in December. Cash is A$53m. Loyz settlement of US$4m has been extended to 31 October 2017.
30 Aug 2017other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, pointing to the governance statement on the website. Administrative; no company substance.
28 Aug 2017resource reserve update▲ GoodMajor
Independently audited Buffalo (100% CVN) contingent resource is 31.1 million barrels best estimate (2C), range 15.3 to 47.8 million. Scoping work says redevelopment is economic even at 1C. A production licence and development plan are still needed before reserves.
31 July 2017regulatory community update▲ Good
Carnarvon says new imaging technology gives strong evidence that the Buffalo field (100% CVN) has recoverable oil the original development missed. An independent estimate is due in the second half of August. No volume yet.
21 July 2017resource reserve update● Neutral
Carnarvon outlines the Belgravia Triassic prospect in WA-155-P(1) (CVN 28.5%): 440 Bcf gas and 18 MMbbl condensate (91 MMboe) gross mean, 29% chance of success. Unproven; a result from Woodside's nearby Swell-1 well would be a relevant test.
18 July 2017drilling scheduled▲ Good
Quadrant has signed Transocean's GSF Development Driller-1 semi-submersible to drill Phoenix South-3, starting between 1 February and 1 April 2018. Insurance proceeds are still expected to cover most of the cost. Resolves the rig-tender question from the 29 June update.
29 June 2017drilling scheduled● NeutralMajor
Dorado-1 is pushed from 2H 2017 to mid-2018 to align with the operator's 2018 campaign; Phoenix South-3 redrill is expected early 2018. An insurance claim on Phoenix South-2 is expected to cover most of that cost. Roc pre-FEED work has begun.
23 June 2017joint venture update▲ Good
Carnarvon starts a data-sharing project with Northern Oil & Gas Australia, operator of the adjacent Laminaria and Corallina fields, to build a combined 3D dataset over Buffalo (WA-523-P, 100% CVN). Follows the May reprocessing; no new resource figure.
13 June 2017resource reserve update▲ GoodMajor
Interpretation of reprocessed seismic on 100%-owned WA-521-P identifies prospects totalling about 1.5 billion barrels unrisked mean prospective resource. Labyrinth (420 MMbbl) and Mouse (361 MMbbl) are the largest; chance of discovery is 34% and 26%. Unproven prospects, not discoveries.
30 May 2017investor presentation● Neutral
Investor conference presentation covering the portfolio, Roc and Phoenix resources, Dorado-1 (rig tenders being sought) and the Phoenix South-3 re-drill. Uses figures already announced; no new information.
15 May 2017regulatory community update▲ Good
Seismic reprocessing of the 100%-owned Buffalo permit (WA-523-P) is complete, with much clearer imaging and a possible undrilled fault block east of the old Buffalo field. Interpretation continues through 2H 2017; partners to be sought only if drill targets emerge.
8 May 2017regulatory community update▲ Good
Western Australian regulator approved suspending and extending the Year 3 work commitments for the Cerberus permits, allowing time to find a partner and prepare a contingent 2018 well. A new Triassic play is identified; prospects total 624 MMbbl unrisked mean.
2 May 2017asset acquisition disposition▲ GoodMajor
Carnarvon settles the Thai sale deferred consideration with Loyz for a US$4.0m (about A$5.3m) lump sum due by 30 June 2017, plus 12% of any sale proceeds above US$45m. Shares in Loyz's parent are the fallback. Replaces a receivable written down to nil in December.
21 Apr 2017admin correction● Neutral
Registry provider Link announces a new Perth office address for shareholder enquiries from 24 April 2017, covering many listed clients including Carnarvon. Administrative notice with no company substance.
28 Mar 2017resource reserve update▲ GoodMajor
Phoenix South Caley prospective resource raised 32% to 489 Bscf gas and 57 MMbbl condensate (143 MMboe, gross mean), due to higher pressure and more liquids seen in Phoenix South-2. Delivers the update promised after that well; Carnarvon holds 20%. A possible stratigraphic upside needs more drilling.
15 Mar 2017investor presentation● Neutral
Euroz conference presentation shows market value ~A$100m, cash ~A$60m, share price ~10 cents and board and management holding 74%. Restates four discoveries from four wells and Dorado in 2H 2017, using 14 November resource figures. No new information.
10 Mar 2017other▼ Bad
S&P Dow Jones index notice lists Carnarvon among removals from the All Ordinaries Index effective 20 March 2017. This is an index change, not company news; Carnarvon had been in the index since March 2015.
27 Feb 2017investor presentation● Neutral
Presentation on the half-year result restates the A$32.0m loss, made up of A$10.2m Outtrim East-1 and A$22.2m Loyz impairments, with an underlying loss of A$0.4m. Says Loyz still owes the money and Carnarvon is pursuing it. Repeats the 24 Feb report.
24 Feb 2017investor presentation● Neutral
Updated investor presentation restates market value of about A$100m and cash of A$60m. Shows a Dorado late-2017 drill and a further Phoenix South-3 prospect (470 Bscf, 25 MMbbl) labelled 2018. Mostly repeats known figures.
24 Feb 2017half year report▼ BadMajor
Half-year loss A$32.0m versus a A$3.3m profit a year earlier. It includes a A$22.2m non-cash write-down of the Thai sale receivable after Loyz missed its December payment and got a 12-month delay, plus A$10.3m written off for Outtrim East-1 with no further plans in that permit.
23 Feb 2017drilling scheduled▲ GoodMajor
The joint venture has committed to long-lead items for Dorado-1 in WA-437-P (Carnarvon 20%), with drilling expected in the second half of 2017. Primary Caley target is 545 Bscf gas and 31 MMbbl condensate (mean prospective). Could serve as a tie-in point for Roc and Phoenix South.
31 Jan 2017investor presentation● Neutral
Investor presentation puts market value at about A$100m and cash at A$60m at 31 December 2016. It restates four discoveries from four wells, the roughly 22,000 km2 basin and 2017 engineering work, citing 14 November volumes. No new information.
23 Jan 2017director officer appointment● NeutralMajor
Non-executive director Ted Jacobson retires immediately, citing health and family. He joined the board in 2005, led the Thailand oil development as former CEO and secured the Phoenix permits. He remains available for technical support.
16 Jan 2017drilling result● Neutral
Phoenix South-2 operations are finished and the rig has left. The well could not be suspended for later re-entry, so further Caley testing needs a new well. Company expects a positive impact on Caley volumes, with an update to follow.
19 Dec 2016drilling result▲ GoodMajor
Phoenix South-2 found a 39m gas and condensate zone (5,176-5,215m) near the top of the Caley, but high pressures stopped drilling. Up to 185m more potential reservoir is untested. Company says higher pressure may mean larger volumes; resources to be updated. Carnarvon holds 20%.
8 Dec 2016drilling progress report● Neutral
Phoenix South-2 has set the 9 5/8-inch liner and is drilling ahead at about 4,840m toward the Caley target. Final depth of about 5,500m is expected in 2-3 weeks. Caley mean prospective resource remains 470 Bscf and 25 MMbbl. No new results.
