Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2014investor presentation● Neutral
Investor slides repeating known points: Cerberus seismic results due end Q3 2014, drilling cost estimates of $15-20m per well, partner marketing from end Q4, Phoenix South-1 drilling, and Thai output of about 4,000 bopd gross. No new results.
18 July 2014drilling progress report● Neutral
Phoenix South-1 sidetrack has set its 9 5/8-inch casing and was drilling at about 3,750 m in the final section, where the main Triassic targets are expected. Drilling should take about three more weeks, then a week of logging and sampling. No results yet.
8 July 2014drilling progress report● Neutral
The Phoenix South-1 sidetrack succeeded and was drilling at about 1,960 m by 7 July. Total depth is now expected mid-August, with operations done by end-August. Carnarvon's estimated extra cost has risen from about $4m to about A$6m because costs will exceed the US$70m cap.
26 June 2014admin correction● Neutral
Administrative notice: the share registry, Link Market Services, moves to a new Perth address from 30 June 2014. No other details change.
23 June 2014drilling progress report▼ BadMajor
A casing tool stuck in Phoenix South-1, so Apache must cut the casing and drill a sidetrack, adding about 20 days. If the cost cap is exceeded, Carnarvon's extra cost is estimated at about $4m, which it says it can comfortably fund.
18 June 2014drilling spud● Neutral
Thai drilling resumes: the rig is on site for L33-5A, an exploration well on 2013 3D seismic targeting the igneous reservoir, about three weeks to drill. Five to seven wells are planned, funded from operations at about 4,000 bopd gross. Carnarvon holds 20%.
17 June 2014investor presentation● Neutral
London summit presentation repeating known points: Thai output about 4,000 bopd gross, $50m cash and no debt, Phoenix South-1 drilling, and about 3,200 km2 of new Cerberus blocks. The only extra detail is a quoted 6 MMbbl net 2P figure for Thailand.
13 June 2014drilling progress report● Neutral
Phoenix South-1 finished the intermediate section at 3,706 m on schedule and is setting 9 5/8-inch casing. The final section, expected to reach the main Triassic targets, should take about three weeks. Next update in around four weeks.
10 June 2014production update▲ Good
Thai gross output averaged about 4,000 bopd in April and May as planned, Carnarvon's share now 20%. A five-to-seven well drilling program starts in July, and new 3D seismic is planned for late 2014. Management cautions it is too early to call the choked flow a success.
4 June 2014drilling progress report● Neutral
Phoenix South-1 has finished the shallow hole section and was at 1,502 m, setting 13 3/8-inch casing before drilling the intermediate section. Next update in about two weeks. No results yet.
2 June 2014asset acquisition disposition▲ GoodMajor
Carnarvon is awarded two more Barrow Sub-basin blocks, EP-490 and TP/27, about 1,750 km2 at 100% and as operator, on trend with the Stag and Wandoo oilfields. Commitments are limited to seismic reprocessing and studies. Together with EP-491, this extends its Australian acreage.
29 May 2014asset acquisition disposition▲ GoodMajor
Carnarvon is awarded permit EP-491, about 1,450 km2 in the Barrow Sub-basin next to the Harriet oil and gas fields, at 100% and as operator. Shallow water suits cheap jack-up drilling, and work commitments are minimal. It supports the Australian focus.
27 May 2014drilling spud▲ GoodMajor
Phoenix South-1 spudded on 25 May 2014 on the North West Shelf, the well Carnarvon is free-carried on (20%). Drilling is expected to take 60-70 days to 4,500 m, possibly 5,000 m if gas is found. It will be plugged and abandoned afterwards.
23 May 2014admin correction● Neutral
Employee share plan housekeeping: 885,000 shares bought back and cancelled and 1,496,025 issued, lifting shares on issue from 986,565,952 to 987,176,977. No cash outlay by the company.
19 May 2014drilling scheduled● Neutral
The Atwood Eagle rig has left its previous location and is heading to Phoenix South-1, with spud expected around 24-25 May. Apache and JX Nippon earn 40% and 20% by drilling to 4,500 m; Carnarvon keeps 20%.
13 May 2014drilling scheduled● Neutral
Apache says the Atwood Eagle rig should reach the Phoenix South-1 location around 15 May, with drilling starting about five days after it leaves its previous site. Carnarvon will hold 20% once the farm-in terms are met. Spud is now close.
7 May 2014investor presentation● Neutral
Hong Kong conference presentation repeating known points: the Thai asset turned about A$20m invested into A$43m free cash flow and a sale of half for up to A$72m, net cash over A$50m, and Phoenix South-1 and contingent Roc-1 are funded. No new facts.
1 May 2014farm in farm out completion▲ GoodMajor
The sale of half of Carnarvon's 40% Thai interest to Loyz is completed. Carnarvon received US$33m, leaving cash of about A$50m, and keeps 20% plus up to US$32m in future payments. Net reserves are cut to 1.6 MMbbl proved and 5.9 MMbbl proved and probable.
30 Apr 2014production update▲ Good
Thai gross output averaged about 3,000 bopd from 1 to 17 April. New well WBEXT-3D is being tested and will be choked back, with field output then expected around 4,000 bopd gross. The Loyz sale is expected to complete shortly.
31 Mar 2014resource reserve update● NeutralMajor
Independent review at 31 December 2013 shows Thai reserves net to Carnarvon (40%) of 3.2 MMbbl proved and 11.8 MMbbl proved and probable, in line with the prior year's 2P of about 12.2 MMbbl. Field output is stable at about 3,000 bopd gross after choking back.
13 Mar 2014production update▲ Good
Four wells completed in Thailand this year, and a fifth, WBEXT-5A, is drilling. Gross field output ranged from 1,200 to 3,600 bopd, with one well above 2,500 bopd. Wells will be choked back to prolong flow. The Loyz sale is expected to complete in April.
12 Mar 2014investor presentation● Neutral
Conference presentation repeating known points: the Thai sale for up to A$72m turned about A$20m invested into value, Phoenix acreage was farmed out to Apache and JX Nippon, and cash would exceed A$50m after completion. No new facts.
3 Mar 2014asset acquisition disposition● Neutral
Attaches the buyer Loyz Energy's Singapore Exchange filing on the Thai sale announced the same day. It is a re-release of supporting detail and adds no new terms in the readable text.
3 Mar 2014asset acquisition disposition▲ GoodMajor
Carnarvon agrees to sell half of its 40% Thai interest (20%) to Loyz Energy for up to US$65m. US$33m is paid on completion and up to US$32m comes from 12% of the buyer's revenue, capped at US$10m a year. Cash is forecast to exceed A$50m. Completion is subject to conditions.
24 Feb 2014half year report▼ BadMajor
Half-year to 31 December 2013: revenue A$9.6m, net loss A$4.1m after writing off A$4.9m of exploration. Carnarvon will withdraw from the L52/50 and L53/50 Thai permits after finding no farm-in partner. Cash is about A$20m, and focus shifts toward Australia.
9 Jan 2014drilling scheduled▼ BadMajor
Apache says the Phoenix South-1 spud is now likely in the second quarter of 2014, pushed back from the December-February window. Apache cites its other projects. The MD notes the later date lowers cyclone risk and the chance of exceeding the well cap.
2 Jan 2014director officer appointment● Neutral
Non-executive director Neil Fearis retired from the board on 31 December 2013 after more than 14 years, having joined in 1999. He remains a significant shareholder.
24 Dec 2013farm in farm out agreement▲ GoodMajor
Apache will fund Carnarvon's share of Phoenix South-1 and contingent Roc costs up to a raised cap of US$70m per well (from US$50m). Apache gets an option, by 3 July 2014, over 40% of WA-436-P and WA-438-P, cutting Carnarvon to 30%. Carnarvon says it is now fully funded.
20 Dec 2013capital raising announcement▼ BadMajor
The entitlement offer was heavily undersubscribed: applications for 48.5m shares raised A$3.1m, against 187.6m shares offered. That left 139.0m shares unsubscribed, well short of the roughly A$12m target.
12 Dec 2013investor presentation● Neutral
Broker presentation: Phoenix South-1 spud now expected late January/early February 2014, with Roc late 2014 if successful. Plans 10-17 Thai wells in 2014 funded from operating cash flow. Repeats the entitlement offer terms.
