Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2016drilling progress report▼ BadMajor
Phoenix South-2 drilled through the Barret sandstone with strong shows, but preliminary logs show no live oil column in this fault block. Barret oil volume range likely falls to about two-thirds of the 14 November range. Caley gas target is unaffected; Carnarvon holds 20%.
25 Nov 2016investor presentation● Neutral
CEO's AGM presentation shows market value A$115m, cash A$65m, enterprise value A$50m, and Roc-2 flow test and resource figures already announced on 14 November. No new information.
23 Nov 2016drilling progress report● Neutral
Phoenix South-2 reached about 3,700m and is setting 13 5/8-inch casing. The next section runs to about 4,700m, with Barret logging, then the Caley in the final hole section. Roughly three weeks to the Barret evaluation. No results yet.
18 Nov 2016investor presentation● Neutral
Euroz conference presentation repeats the 14 November resource update and Roc-2 flow test. Shows market value A$115m, cash A$65m and a 12-permit, ~36,000 km2 portfolio. No new information.
14 Nov 2016resource reserve update▲ GoodMajor
Roc, Phoenix and Phoenix South gross 2C contingent resources are 109 million boe (332 Bscf gas, 20 MMbbl condensate, 31 MMbbl oil), around minimum economic levels. Phoenix South-2 targets 470 Bscf and 25 MMbbl in the Caley, mean prospective. Carnarvon has 20%.
4 Nov 2016drilling progress report● Neutral
Phoenix South-2 began drilling on 30 October and is at about 1,500m, setting 20-inch casing. The next section runs to about 3,500m, with no reservoir expected. Routine progress update.
27 Oct 2016investor presentation● Neutral
Shareholder update presentation: market cap A$137m, cash A$65m, 1.02 billion shares, share price 13.5c (24 Oct). Outlines Roc-2 significance, tie-back targets and a preliminary development concept costing A$1-2bn. Mostly repeats known facts; updated volumes promised shortly.
26 Oct 2016annual report● Neutral
Re-lodged 2016 annual report (the 26 Aug release is the earlier one). Chairman's review notes first full year as a pure North West Shelf company and bonuses and employee shares approved. Ernst & Young is auditor. No new substance beyond the earlier report.
25 Oct 2016drilling scheduled▲ GoodMajor
Phoenix South-2 will start within about 7 days, using the Ocean Monarch rig straight after Roc-2. It targets the Phoenix South oil field and the deeper Caley gas-condensate, to about 5,500m. Carnarvon pays the first A$5m of an expected A$20m net well cost, with a small promote offset against future production.
19 Oct 2016flow test result▲ GoodMajor
Roc-2 flowed up to 51.2 million scf/day of gas and 2,943 bbl/day of condensate (about 11,500 boe/day), limited by test equipment. Company says results exceeded expectations. It says a development well could exceed 100 MMscf/day. Resolves the Roc-2 flow test thread positively; Carnarvon holds 20%.
4 Oct 2016drilling progress report● Neutral
Roc-2's 7-inch liner is set across the Caley formation and the well is being cleaned out. A drill stem test string will then be installed, taking over a week. Flow test results are now expected in about two weeks. No new results.
23 Sept 2016drilling result▲ GoodMajor
Roc-2 wireline logs confirm 60m gross gas and condensate sands, 30m net reservoir, with 100-350 mD permeability. Condensate is about 50-60 bbl per million cubic feet, similar to Roc-1. Pressure data suggests Roc-1 and Roc-2 are separate structures in some sands. Flow test expected in about three weeks.
20 Sept 2016asset acquisition disposition▲ GoodMajor
Carnarvon is awarded WA-524-P, a 1,210 km2 permit on the Enderby Terrace near the Wandoo and Legendre oil fields. Three leads are identified. The work program is described as modest, adding a new exploration permit to the portfolio.
19 Sept 2016drilling progress report● Neutral
Roc-2 reached 5,290m total depth and is preparing wireline logging and formation testing over seven to ten days. Deeper Milne sands show hydrocarbons but are not seen as commercially significant at Roc, though they are a positive sign for the Dorado structure.
13 Sept 2016investor presentation● Neutral
Good Oil conference presentation outlines strategy and 11 permits covering about 35,000 km2, and introduces the Dorado structure, which a later release calls shallower and larger. Most content repeats known facts.
9 Sept 2016drilling result▲ GoodMajor
Roc-2 confirms hydrocarbon-bearing reservoir in good quality rock in the Caley section, based on logging-while-drilling data. The well is at about 4,610m, heading to about 5,250m. Volumes and flow rates await wireline logging and testing. Carnarvon holds 20%.
6 Sept 2016drilling progress report● Neutral
Roc-2 successfully cut about 120m of core from 4,290m to 4,410m across the Caley target and is pulling it out. Whether hydrocarbons are present will be reported after a logging-while-drilling pass. No results yet.
26 Aug 2016annual report● Neutral
Annual report to 30 June 2016, Carnarvon's first full year as a pure North West Shelf company. Highlights are the Roc-1 and Outtrim East-1 discoveries and new permits WA-521-P and WA-523-P. Ernst & Young is listed as auditor, resolving the earlier discrepancy.
26 Aug 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. It points to the governance statement on the website. Administrative, with no new substance.
25 Aug 2016drilling progress report● Neutral
Roc-2 reached 4,057m and is setting a liner. About 120m of core across the Caley target is planned next. Results so far are similar to Roc-1. No information is available during coring.
16 Aug 2016drilling progress report● Neutral
Roc-2 reached 3,433m and is setting intermediate casing. Minor gas and fluorescence shows were seen in shallower sections, which the company calls regionally interesting. Caley coring is still expected late August or early September.
3 Aug 2016drilling progress report● Neutral
Roc-2 is at about 2,230m, now around 10 days behind schedule after a rig drilling-system fault that has been fixed. Coring of the main Caley target is expected late August or early September. Results follow a logging run after coring.
19 July 2016drilling progress report● Neutral
Roc-2 has set 20-inch casing at about 1,275m and started the next hole section, heading to about 3,500m. No reservoir is expected in this section. Routine progress update.
11 July 2016drilling spud● NeutralMajor
Roc-2, the appraisal well on the Roc gas-condensate discovery, began drilling on 9 July 2016. It targets about 5,250m with 120m of core, taking about 60 days plus about 40 days of testing. Carnarvon holds 20%.
11 July 2016drilling result▲ GoodMajor
Outtrim East-1 finished at 1,441m with 91m of core recovered. Early fluorescence data indicates hydrocarbons in the target interval. Volumes need months of lab work. Partners skipped the full logging suite, judging data sufficient. Carnarvon holds 28.5%.
8 July 2016drilling progress report● Neutral
Outtrim East-1 has begun coring at about 1,250m, aiming for 90m of core across the Pyrenees and Murion members. Final drilling to about 1,440m and wireline logging follow. No results yet; Carnarvon holds 28.5%.
5 July 2016investor presentation● Neutral
The CEO's July 2016 investor update restates strategy and says cash is around A$90m. It points to two drilling outcomes within six months (Outtrim East-1 and Roc-2) and mentions newly acquired 3D data near Phoenix and Roc. No new results.
4 July 2016material agreement● Neutral
Carnarvon hires MGPalaeo to build a stratigraphic database over twelve months, interpreting results from about 3,000 North West Shelf wells. It adds to Carnarvon's existing data set to help find new resources and rank acreage. No cost is stated.
1 July 2016drilling progress report▼ Bad
Outtrim East-1 reached 1,011m, with casing set shallower than expected after shallow-hole difficulties at about 400m caused a delay of roughly 10 days. Carnarvon's expected well cost is now about A$10.5m, up from the roughly A$7m quoted in May. No results yet.
20 June 2016drilling spud● NeutralMajor
Outtrim East-1 began drilling on 18 June 2016, targeting 1,440m in about 25 days. Carnarvon holds 28.5% and Quadrant operates. Hydrocarbon results follow wireline logging; recoverable volume estimates will take several months after the well.
