Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2016drilling scheduled▲ GoodMajor
Roc-2 is on schedule for late June or early July 2016, with coring and flow testing, to 5,250m. Roc-1 lab results beat expectations: permeability averaging about 130mD, up from 10-100mD, and condensate ratio about 60 bbl/MMcf, up from 20-40.
30 May 2016asset acquisition disposition▲ GoodMajor
Carnarvon acquires 100% of WA-523-P, about 4,220 km2 in the far north of Western Australian waters, containing the Buffalo oil field and the Bluff-1 and Buller-1 oil discoveries. Work is seismic reprocessing, taking about 12 months. Total acreage now about 35,000 km2.
18 May 2016other● Neutral
A managing director interview restating strategy: North West Shelf focus, Roc-1 and Phoenix South discoveries, Roc-2 planned this year, and confidence of securing more permits. It repeats known facts and adds no new announcement.
16 May 2016drilling scheduled● Neutral
Outtrim East-1 is on schedule to start mid-June 2016, taking about 25 days; Carnarvon's net cost is about A$7m for its 28.5%. A second Quadrant deal covering WA-486-P and TR/3 was terminated by mutual agreement. Roc-2 expected in July.
5 May 2016price query● Neutral
ASX queried a share price rise from A$0.086 to A$0.10. Carnarvon said it knew of no unreleased information and attributed the move to media reports that Quadrant will buy Finder's and JX Nippon's Bedout permit interests; Carnarvon keeps its 20%.
6 Apr 2016asset acquisition disposition▲ GoodMajor
Carnarvon is awarded 100% of WA-521-P, a Roebuck Basin exploration permit next to the Phoenix and Roc discoveries. The bid is low-cost: 4,000km of reprocessed 2D seismic in the first three years. Adds a new exploration permit to the portfolio.
17 Mar 2016investor presentation● Neutral
March 2016 presentation repeats known points: A$100m cash with no debt, about A$80m market capitalisation, two discoveries in two North West Shelf wells, and two more wells planned for 2016. No new information is evident in the text shown.
17 Mar 2016resource reserve update▲ GoodMajor
Independent audit by RISC puts Roc gross contingent resource at up to 372 Bscf gas and 18 million barrels condensate (3C), plus high-case prospective 328 Bscf and 16 million barrels. Partners agreed to appraise; Roc-2 planned early second half 2016. Fulfils the volume promise made earlier.
23 Feb 2016half year report● Neutral
Half year to December 2015: net profit A$3m, cash A$100m with no debt, and a Thailand receivable carried at A$24m (US$32m face). A$18m of Roc and Phoenix South exploration costs were capitalised. Remaining well-cost carry is A$6-8m net.
28 Jan 2016asset acquisition disposition▲ GoodMajor
Carnarvon takes a 35% interest in three Barrow sub-basin permits (TR/3, WA-155-P, WA-486-P), with Quadrant on 65% as operator. This is its first new project since the Cerberus blocks. Outtrim East-1 is planned around mid-2016, costing about A$10m net to Carnarvon, plus a modest payment to the vendors.
18 Jan 2016admin correction● Neutral
At ASX's request, Carnarvon retracts pages four to ten of its 18 January release, the Finder Exploration preliminary results, because disclosing total petroleum initially in place is prohibited under Listing Rule 5.25.3. The earlier volume figures should be disregarded.
18 Jan 2016drilling result▲ GoodMajor
Roc-1 has finished: the rig has left, the well was on budget, and lab analysis confirms condensate-rich gas at the top end of 20-40 barrels per million cubic feet. Recoverable volumes are due within about six weeks. A$30-40m (gross) of drilling carry remains for any further well in WA-437-P. No Roc-2 decision yet.
4 Jan 2016drilling result▲ GoodMajor
Roc-1 is a condensate-rich gas discovery: 10m net hydrocarbon pay within a 40m gross sand (4,380-4,420m), condensate ratio estimated at 20-40 barrels per million cubic feet. This updates the earlier hint of light oil. The partners will not deepen the well, preferring a later test nearer the structure's crest.
29 Dec 2015drilling progress report● Neutral
Roc-1 reached 4,943m and wireline logging has started, with a focus on the 40m gross hydrocarbon sand. Logging should take three to five more days, after which the partners decide whether to drill deeper. No results yet.
23 Dec 2015drilling result▲ GoodMajor
Roc-1 shows a 40m gross sandstone (4,380-4,420m) with hydrocarbon indications and inferred light oil, 10-13% porosity. The joint venture will deepen from 4,750m to about 4,950m before logging. Seismic suggests a structure up to 54 km2. Preliminary; wireline logs will confirm.
18 Dec 2015drilling result▲ GoodMajor
Roc-1 shows minor hydrocarbons in the upper sands (3,750-4,200m), likely not commercial. Deeper, 4,200-4,435m, gas readings and resistivity point to hydrocarbons and a working petroleum system, with gas levels like Phoenix South-1. Wireline logs at total depth will confirm.
16 Dec 2015drilling progress report● Neutral
Roc-1 has drilled from 3,435m to about 4,000m in the reservoir section. The operator will skip the intermediate logging run and log at total depth. No results reported.
14 Dec 2015drilling progress report● Neutral
Casing is set and the Roc-1 reservoir section has started slightly ahead of prognosis, at 3,435m. Total depth of about 4,750m is expected in roughly two weeks, with the top reservoir around 3,750m.
14 Dec 2015other● Neutral
Directors and management exercised listed options (issued in the 2013 entitlement offer) in the week of 7 December, before the reservoir section was drilled. This is a minor administrative disclosure; share and amount figures are not given in the text.
9 Dec 2015drilling progress report● Neutral
Roc-1 finished the intermediate section at 3,405m and is setting 9 5/8" casing. The reservoir section follows in about a week. No results yet.
7 Dec 2015investor presentation● Neutral
Managing Director's investor roadshow notes: Roc-1 was at 3,338m on 6 December. Success could bring in extra prospects, with Roc and those prospects at a best estimate of 73 million barrels gross (April 2015 assessment). Cerberus prospects are targeted for 2017 drilling. No new results.
2 Dec 2015drilling progress report● Neutral
Roc-1 has set 13 3/8" casing at 1,341m and is drilling ahead at 1,425m. Next comes the reservoir section equivalent to the Phoenix South-1 oil zone. No results yet.
26 Nov 2015security holder rights change● Neutral
Notice to holders of listed CVNO options (A$0.10 exercise price) that they expire 29 December 2015, with ASX quotation ending 18 December. Shares last closed at A$0.12, above the exercise price.
25 Nov 2015drilling spud▲ GoodMajor
Roc-1 spud on 24 November 2015, a week after the ~17 November expectation. Drilling to 4,700m is expected to take 35-40 days. Carnarvon holds 20% in WA-437-P and is carried for the well.
23 Nov 2015drilling scheduled● Neutral
Roc-1 is ready to spud but waiting for rig owner Noble to get certification and approval for safety modifications to the Tom Prosser rig. Spud is slightly later than the ~17 November expectation. Carnarvon holds 20% of WA-437-P.
13 Nov 2015investor presentation● Neutral
Managing Director's AGM presentation repeating known points: about A$103m cash, A$120m market value, the Phoenix South-1 oil discovery and a Roc-1 spud expected in November 2015. No new information.
13 Nov 2015drilling scheduled▲ GoodMajor
Quadrant has received the Tom Prosser rig and Roc-1 is expected to spud around 17 November 2015. Drilling to 4,700m should take 35-40 days. If successful, the well will be re-entered in Q3 2016 for flow testing and coring. Carnarvon holds 20% in WA-437-P.
14 Oct 2015annual report● Neutral
Re-release of the 2015 annual report in a designed format, with the same chairman's review and directors as the August version. No new information is apparent in the excerpt.
22 Sept 2015investor presentation● Neutral
Proactive Investors presentation repeating known points: about A$100m cash and market value at A$0.10 a share, Roc-1 free-carried and due around November 2015. No new information.
14 Sept 2015drilling scheduled● Neutral
The Tom Prosser rig left Singapore for Australia and will first drill a Wandoo well for Vermilion. Roc-1 is now expected to start in early to mid November 2015, taking about 50-60 days. Timing is slightly later than the earlier Q4 plan, but still within it.
