Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
21 July 2016quarterly activities report● Neutral
June quarter: cash A$87.7m, plus up to US$31.3m Thailand receivable and the A$8m Roc-2 well carry. Outtrim East-1 oil discovery is confirmed, with core results due later in the year, and Roc-2 has started drilling. Restates known events.
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.
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%.
21 Apr 2016quarterly activities report● Neutral
For the March 2016 quarter Carnarvon held A$95.5m cash, plus a future receivable of up to US$31.3m and an A$8m well carry. Roc-2 was committed for early in the second half of 2016, and Outtrim East-1 (Carnarvon 28.5% of WA-155-P(1)) was on target for June.
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.
