Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
21 Jan 2016quarterly activities report▲ Good
December quarter: cash about A$100.0m plus up to US$31.3m still due from Thailand, no debt. Roc-1 is a condensate-rich gas discovery. The Phoenix South-equivalent shallow sands held insignificant hydrocarbons. Volume estimates are due late February or early March, and Carnarvon is assessing new North West Shelf projects.
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 2015agm notice● Neutral
Chairman's AGM address calls the year transformational and says the company has a strong balance sheet. The Thai sale brought about A$100m plus the receivable of up to US$32m. It seeks a A$100,000 rise in the directors' fee cap. No new operational facts.
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.
21 Oct 2015quarterly activities report● Neutral
September quarter: cash A$103.2m, no debt, up to US$32m receivable. Roc-1 best estimate for start is November 2015 after the rig finishes its Vermilion job. Phoenix seismic is substantially complete. AGM set for 13 November.
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.
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.
27 July 2015quarterly activities report● Neutral
June quarter: cash A$97.3m (down from A$102.2m), up to US$32m Loyz receivable, no debt. Roc-1 still on track for Q4 2015, with environmental plan lodged and drill site chosen. Phoenix seismic due for completion in Q3 2015. No new results.
