Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 Apr 2017quarterly activities report● Neutral
March quarter: cash A$51m (from A$60m), after A$4m exploration spend and a A$4.0m currency effect. Restates the Phoenix South Caley upgrade to 143 MMboe and Dorado-1 planning (127 MMboe). Labyrinth needs 3D seismic and partners; Buffalo reprocessing nearing final stages.
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.
24 Jan 2017quarterly activities report● Neutral
December quarter: cash A$60m (A$65.1m in September). Restates the Phoenix South-2 gas and condensate discovery and Roc-2 flow test. Dorado drilling is being prepared for late 2017. Revised Caley volumes await joint venture assessment. Mostly repeats known events.
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.
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 2016agm notice● Neutral
Chairman's AGM address: Carnarvon took part in four wells, three successful, with Phoenix South-2 still drilling. It notes significant Phoenix and Roc resources booked and thanks outgoing partners JX Nippon and Finder Exploration. Repeats known facts.
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 2016quarterly activities report● Neutral
September quarter: cash A$65.1m (down from A$87.7m in June), plus up to US$31.3m Thailand receivable. Restates Outtrim East-1, Roc-2 and WA-524-P news. Revised Roc, Phoenix South and Dorado resources and Roc recalculation are expected next quarter. Largely repeats known events.
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%.
