9 July 2018drilling progress report● Neutral
Dorado-1 has set its 9-5/8in liner at about 3,637 m MD and is drilling 8-1/2in hole at ~3,640 m. The Caley is expected before about 4,050 m MD. No hydrocarbon results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 June 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) is at 5,041 m MD, slower than planned due to inspection and maintenance and slow drilling through the seal rock. Caley now expected near 5,183 m MD, earlier than the ~5,360 m guided. Formations are close to prognosis and similar to PS-2.
22 June 2018drilling progress report● Neutral
Dorado-1 (CVN 20%) has drilled 12-1/4in hole to about 3,637 m MD; next it will run the 9-5/8in liner and drill 8-1/2in hole into the Caley target. Caley top was previously expected near 3,800 m. No hydrocarbon results yet.
15 June 2018drilling progress report● Neutral
Dorado-1 has set 13-3/8-inch casing at 1,162 m MD and is drilling 12.25-inch hole at about 1,250 m. The Caley top is expected near 3,800 m MD. No hydrocarbon results yet.
14 June 2018drilling progress report● Neutral
Phoenix South-3 has set the 11-3/4-inch liner at 4,619 m MD and is drilling 10-5/8-inch hole at 4,634 m. Caley top still expected near 5,360 m MD. No new results.
7 June 2018investor presentation● Neutral
Shareholder update says the A$20m raising brings total cash to A$65m and that Buffalo-10 is on track for 2019 drilling. It restates Buffalo (31 MMbbl 2C, over US$2.3bn revenue, under A$150m capex) and says positive Phoenix South-3 or Dorado-1 results could allow equity reduction. No new results.
5 June 2018drilling spud▲ GoodMajor
Dorado-1 (CVN 20%, operator Quadrant) has started drilling, with the 30-inch casing set and 17.5-inch hole next. It targets the Caley at 545 Bscf plus 30 MMbbl condensate (125 MMboe Pmean), under 20 km from the Roc wells.
4 June 2018capital raising announcement▲ Good
The share purchase plan was oversubscribed and will be scaled back pro-rata, completing the A$4m SPP. Together with the 11 May placement, this makes the A$20m raising complete. Allotment is 6 June.
31 May 2018drilling progress report● Neutral
Phoenix South-3 has drilled to 4,619 m MD and is preparing to run the 11-3/4-inch liner. Caley top still expected at about 5,360 m MD. No new results.
28 May 2018drilling progress report● Neutral
Phoenix South-3 is drilling at 4,352 m MD after setting 13 5/8-inch casing. The Caley depth is now expected at about 5,360 m MD (previously ~5,300 m). No hydrocarbon results yet.
23 May 2018drilling progress report● Neutral
The Ensco-107 rig is near the Dorado-1 site, waiting for swell to ease before moving on location, at no cost to Carnarvon. Spud is therefore not yet under way, against the before-end-May plan. Phoenix South-3 is setting casing at 3,733 m.
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.
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.
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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.
16 Apr 2018quarterly activities report● Neutral
March 2018 quarter: Phoenix South-3 rig arrived on location; Dorado-1 expected May. Cash was A$48.1m after A$2.1m exploration spend. Buffalo redevelopment moves to Timor-Leste jurisdiction, with a production sharing contract still to be finalised. Insurance claim to cover most of the PS-3 redrill cost.
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.