Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2018half year report▲ Good
Half-year to 31 December 2017 shows a profit of A$391,000 versus a A$32.0m loss a year earlier. Holds CWX Global (formerly Loyz) shares worth A$2.86m, received in settlement of the Thai sale deferred consideration. Resolves the Loyz settlement thread. Admin costs fell to A$637,000.
20 Feb 2018regulatory community update▲ Good
A third round of seismic reprocessing (FWI) for Buffalo (100% CVN) gives clearer imaging of the Elang reservoir, including updip of the Buffalo-5 well where unproduced oil is expected. Carnarvon says the data is sufficient to take the project to drilling and development planning.
12 Feb 2018asset acquisition disposition▲ GoodMajor
Carnarvon is awarded permit AC/P63 (Eagle Project), 585 km2 in the Southern Vulcan Sub-basin in about 100-200 m of water, its second Vulcan permit after Condor. Jurassic and Cretaceous oil leads only; no resource figure given.
7 Feb 2018resource reserve update▲ GoodMajor
Carnarvon raised the Labyrinth (WA-521-P, 100% CVN) prospective resource after new petrophysical work, to over 1.5 billion barrels unrisked Pmean across eight prospects, led by the renamed Ivory prospect at over 420 MMbbl. Chance of discovery is 13-18% per prospect, and 3D seismic is expected to refine drilling locations.
1 Feb 2018other● Neutral
Notice that updated broker research reports from Euroz and Hartleys are available on the company website. No new company information in the announcement itself.
1 Feb 2018drilling progress report● Neutral
The Phoenix South-3 rig (Development Driller-1) has reached South Africa for scheduled maintenance before heading to the well site. The well will test the Caley gas-condensate found in Phoenix South-2 (489 Bscf gas, 57 MMbbl condensate prospective). Roc is noted as at the minimum economic field size.
24 Jan 2018investor presentation● Neutral
January 2018 corporate presentation: market cap about A$108m, cash A$49m, enterprise value A$59m. Lists 2018 priorities of Phoenix South-3 (March), Dorado-1 (May), Buffalo progress and farm-outs for Labyrinth and Condor. Largely repeats known facts.
22 Jan 2018drilling result● NeutralMajor
Woodside's Swell-1, next to Belgravia (CVN 28.5%), found about 450 m of gas in tight reservoir, not currently commercial. This resolves the awaited test: it shows a working Triassic system, and Belgravia is about 650 m shallower, so reservoir may be better. Further work is needed.
11 Jan 2018quarterly activities report● Neutral
December quarter: cash A$48.5m after A$1.1m exploration spend. Phoenix South-3 (March) and Dorado-1 (May) on track. Condor (AC/P62) and the Santa Cruz permit (EP-497, with an existing discovery) were added. Buffalo's 2C revenue potential is now put at about US$2bn at current oil prices.
14 Dec 2017drilling scheduled● Neutral
After a 11 December joint venture meeting, Phoenix South-3 is still expected in March 2018 (about 90 days to roughly 5,156 m) and Dorado-1 in May 2018 (about 45 days to roughly 4,400 m). Confirms existing timing; adds well depths and durations.
17 Nov 2017investor presentation● Neutral
AGM presentation restating the portfolio and 2018 plan: Phoenix South-3 spud in March 2018 and Dorado-1 in May 2018, plus Buffalo, Labyrinth, Condor and Outtrim. No new results or figures.
17 Nov 2017agm notice● Neutral
AGM chairman's address recaps the year: Roc-2 flow test, Phoenix South-2 discovery, Buffalo 31 MMbbl and the new Vulcan permit. Notes no staff bonuses were paid and employee share vesting was extended to five years. No new information.
13 Nov 2017drilling scheduled▲ GoodMajor
Quadrant has signed the ENSCO-107 jack-up for Dorado-1 (CVN 20%), expected to start around May 2018, with Phoenix South-3 around March 2018. The Caley primary target holds a mean 545 Bscf gas and 31 MMbbl condensate (prospective, unproven). Rigs are now secured for both wells.
3 Nov 2017asset acquisition disposition▲ GoodMajor
Carnarvon is awarded permit AC/P62 (Project Condor), 1,512 km2 in the Southern Vulcan Sub-basin, Bonaparte Basin, in about 100 m of water. It is the company's first Vulcan permit, with Jurassic oil leads identified. Early-stage; no resource figure given.
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.
9 Oct 2017quarterly activities report● Neutral
September quarter: cash fell to A$50m after A$1.3m exploration spend. Repeats Buffalo 31 MMbbl (2C) and the Phoenix South-3 rig (start 1 Feb-1 Apr 2018). Insurance claim is in final assessment and is expected to cover most of that well's cost.
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.
6 July 2017quarterly activities report● Neutral
June quarter: cash A$53m after A$1.1m exploration spend and a A$2.9m R&D tax offset. Restates Phoenix South-3 in early 2018, Dorado-1 mid-2018, Labyrinth 1.5 billion barrels and Buffalo reprocessing. No new results.
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.
