Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2015annual report● Neutral
Annual report to 30 June 2015. The chairman calls Phoenix South-1 the year's key event and notes the Thai exit, staff bonuses and the US$70m Roc-1 carry. Roc-1 is due late 2015. Financial statements are not visible in the excerpt.
31 Aug 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the website governance statement as current at 28 August 2015. Administrative filing with no new substance.
28 July 2015investor presentation● Neutral
July corporate presentation repeating known facts: ~A$97m cash, 104 mmbbl aggregate best estimate, Roc-1 carried to US$70m in Q4 2015. Shows 994m shares and A$0.11 share price. No new information.
28 July 2015investor presentation● Neutral
Amended re-release of the July presentation. The visible change is an added disclaimer on the independent assessor's resource estimates; figures otherwise match the earlier version. No new information.
23 June 2015regulatory community update▲ Good
Carnarvon says its 100%-owned Cerberus blocks (about 3,200 km2) hold two oil prospects, Honeybadger and Belfon, in shallow water. Drilling is estimated from US$10m per well. Wells need not be committed until May 2017. No volume figures are given yet; a partner is still being sought.
18 June 2015director officer appointment▲ Good
Dr Peter Moore, former Woodside Executive Vice President Exploration, joins as an independent non-executive director. The board gains technical exploration experience. This adds a fifth director alongside Leonhardt, Cook, Jacobson and Foster.
9 June 2015joint venture update▲ GoodMajor
Macquarie/Brookfield completed buying Apache's Australian business on 5 June, renamed Quadrant Energy, and confirmed Roc-1 for Q4 2015. Phoenix permits get a two-year extension to August 2017. Roc-1 is estimated at about US$45m, within the US$70m carry. Capreolus 3D is about 60% acquired.
9 Apr 2015other● Neutral
Apache is selling its Australian business to a Macquarie/Brookfield consortium for US$2.1bn. Carnarvon says this does not affect Roc-1, still scheduled for Q4 2015. Apache is Carnarvon's operating partner in the Phoenix permits.
7 Apr 2015resource reserve update▲ GoodMajor
Independent assessor DeGolyer and MacNaughton puts recoverable oil in the Phoenix 3D area at 48-232 million barrels gross, best 104m. Phoenix South contingent resource is 19m best; Roc prospect 42m best, 42% chance of success. Roc-1 now planned for Q4 2015, after earlier mid-2015 timing.
6 Mar 2015other● Neutral
S&P Dow Jones index notice listing quarterly changes to S&P/ASX indices. Carnarvon is among the additions to the All Ordinaries from 20 March 2015. No company-specific announcement or figures.
27 Feb 2015half year report▲ Good
Half-year to December 2014: revenue A$7.5m, net profit A$19.3m (loss of A$4.1m a year earlier). Cash plus Thai sale receivable was A$105.4m; about A$108m after the sale completed in February. NTA 13.1 cents per share; no dividend.
18 Feb 2015asset acquisition disposition▲ GoodMajor
Carnarvon completed the sale of its remaining 20% Thai interest to the Berlanga Group, base price US$50m plus completion adjustments. Cash is about A$108m (at 0.78 AUD/USD) and the US$32m Loyz receivable is kept. Resolves the pending December 2014 sale; the company is now North West Shelf-focused.
13 Jan 2015joint venture update● NeutralMajor
Joint venture is buying large seismic datasets to cover most of the ~22,000 km2 Phoenix permits: Capreolus 3D (about 5,100 km2) began 12 January, plus Zeester 3D and Bilby 2D. Carnarvon will spend about A$10m from existing cash to find more prospects.
7 Jan 2015production update▲ Good
Final 2014 Thai campaign finished with three wells (WBEXT-3F, WBEXT-10C, L33-6A). Output topped 6,000 bopd gross in testing, to be choked back to 5,000-5,500 bopd. Carnarvon's 20% remains subject to the Berlanga sale; next campaign is planned for Q2 2015.
11 Dec 2014drilling result▼ BadMajor
Carnarvon cannot yet size Phoenix South-1; incomplete lab data (special core analysis not started) pushes oil-in-place and recoverable estimates to about end of Q1 2015, missing the end-2014 target. Oil confirmed as light black oil near 47 API. Roc-1 now expected mid-2015.
4 Dec 2014asset acquisition disposition▲ GoodMajor
Carnarvon agreed to sell its remaining 20% of the Thai assets to the Berlanga Group for US$58.21m (A$68.5m) cash, completion due by 16 February 2015. Cash is forecast to exceed A$100m afterwards, and the US$32m Loyz receivable is retained. Leaves the company focused on the North West Shelf.
14 Nov 2014investor presentation● Neutral
AGM presentation overview: management could not give commerciality or volumes for Phoenix South-1 as Apache's testwork should finish just before year-end. Roc-1 is the planned 2015 well; Thai output about 4,500 bopd; Cerberus partner search continues.
11 Nov 2014drilling result▲ Good
Thai well WBEXT-10B was completed as a producer, flowing 400-450 bopd with 2-3% water cut after a week of testing. Drilling moves to WBEXT-3F, with three more wells in the campaign. Field output rose above 4,500 bopd gross, up from about 4,000.
16 Oct 2014investor presentation● Neutral
Macquarie forum presentation repeating known points: Phoenix South-1 as a new oil province across about 22,000 km2 of permits, many oil prospects and leads identified, Cerberus drill-ready prospects. Adds the argument that offshore oil via FPSO beats remote gas economics. No new results.
15 Oct 2014annual report● Neutral
2014 Annual Report repeats the FY June 2014 results already reported. The chairman describes a shift to North West Shelf growth, the Phoenix South-1 oil discovery, and the sale of half of the 40% Thai interest at a premium. No new figures in the extract.
14 Oct 2014drilling spud● Neutral
Thai drilling restarts with WBEXT-10B, an appraisal well targeting the igneous reservoir, about three weeks to drill. Five wells are scheduled; some L33/43 drilling is delayed by wet weather. Output holds at about 4,000 bopd gross (800 net).
9 Sept 2014investor presentation● Neutral
Good Oil conference presentation repeating known points: Phoenix South-1 changes the view from tight gas to potential oil, Roc-1 moves to firm, Cerberus (100%, about 3,200 km2) seeks partners, and Thailand produces about 4,000 bopd gross.
1 Sept 2014investor presentation● Neutral
Roadshow presentation to investors in London, Hong Kong, Melbourne and Sydney promoting the Phoenix South-1 discovery as a possible new oil province. Recoverable volumes are still expected by end-2014; cash and Roc-1 plans repeat known facts.
29 Aug 2014annual report▲ GoodMajor
FY June 2014: revenue A$23.2m (up from A$18.3m) and net profit A$16.8m versus an A$8.4m loss a year earlier. Net tangible assets 7.3 cents per share; no dividend. The chairman calls the Phoenix South-1 oil discovery a highlight.
20 Aug 2014drilling result▲ Good
Phoenix South-1 finished drilling at 4,595 m after reaching the Locker shale. Two further minor 10 m sands appear hydrocarbon-bearing on preliminary real-time data. Rig leaves by end-August; net cost remains about A$6m to Carnarvon.
18 Aug 2014farm in farm out completion▲ GoodMajor
Apache and JX Nippon committed to drill Roc-1 in WA-437-P, expected in 2015, funded to US$70m gross, so Carnarvon keeps a carried 20%. Apache also exercised its option over WA-436/438-P, taking 40% and operatorship and leaving Carnarvon with 30%.
18 Aug 2014drilling result▲ GoodMajor
Phoenix South-1 is an oil discovery: four oil columns, 66 m net pay, light 46-48 degree API oil, and permeability pointing to a productive reservoir. Recoverable volumes are due by end-2014. Carnarvon's net well cost stays about A$6m. It resolves the open drilling question.
18 Aug 2014regulatory community update▲ Good
Carnarvon re-released Apache's press release on the Phoenix South-1 discovery. It adds an Apache preliminary estimate of up to 300 million barrels of oil in place (10th percentile) and says Apache sees signs of a commercial discovery.
11 Aug 2014drilling progress report● Neutral
Phoenix South-1 reached 4,540 m, past the 4,500 m target, with gas and liquid hydrocarbon indications across several sandstones. Wireline logging runs 5-7 days, after which the joint venture decides whether to drill deeper. No firm results yet.
29 July 2014drilling result▲ GoodMajor
Phoenix South-1 saw gas and signs of liquid hydrocarbons from the main target sand, intersected near 4,160 m, before a bit broke at 4,321 m. A second minor sidetrack is needed. Management stresses the signs are preliminary and unquantified.
