Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2013drilling progress report▲ Good
WBEXT-2BST2 reached its casing point at 1,206 m MD after entering the top five metres of the primary igneous V2 target, with strong oil shows and gas readings. It will now drill through the reservoir to about 1,400 m. No flow test yet.
3 Dec 2013capital raising announcement● Neutral
Administrative notice that the entitlement offer prospectus was dispatched on 3 December. The offer is open and closes 17 December. No new substance.
21 Nov 2013investor presentation● Neutral
MD interview explaining the raising: the board saw a reasonable possibility Phoenix South-1 costs could exceed the US$50m carry, given Apache's proposal to drill deeper than 4,500 m and cyclone risk. Rig window is mid December to mid January.
20 Nov 2013capital raising announcement● NeutralMajor
Prospectus for the 1-for-5 non-renounceable entitlement offer at A$0.064 per share, with a free A$0.10 option per share expiring 29 December 2015, to raise up to about A$12m. Offer closes 17 December. Not underwritten.
20 Nov 2013capital raising announcement● NeutralMajor
Carnarvon launches a 1-for-5 entitlement offer at A$0.064 with a free A$0.10 option, to raise up to about A$12m. Funds are to cover possible Phoenix South-1 costs beyond the US$50m free-carry, such as deeper drilling or cyclone delays. Non-participants are diluted.
15 Nov 2013investor presentation● Neutral
AGM presentation slides covering strategy, the Phoenix blocks and Thai operations, plus proxy vote tallies. Resolution 4 drew about 46m votes against versus 117m for. Phoenix South-1 described as spudding imminently. Nothing materially new.
15 Nov 2013drilling spud▲ Good
Rig is on site in Thailand and the WBEXT-2BST2 sidetrack is due to spud within days, targeting the 50 m igneous V2 reservoir to about 1,400 m. This restarts drilling after WBEXT-2C, which has produced over 15,500 bbls. 3-7 further wells follow.
13 Nov 2013investor presentation● Neutral
MD interview ahead of the AGM: October output about 540 bopd net, steady. Plans 4-8 more Thai wells from late Nov/early Dec, funded from cash and JV cash flow. Phoenix South-1 spud now mid December to mid January. Market cap about A$65m.
16 Oct 2013annual report● Neutral
Full 2013 annual report, repeating the earlier preliminary results: revenue A$18.3m, pre-tax profit A$1.5m, loss after tax A$8.4m. Chairman notes no executive bonuses and frozen director fees. Nothing new beyond the August release.
4 Oct 2013investor presentation● Neutral
Singapore conference presentation. It now says Phoenix South-1 should spud late Q4 2013, tentatively December, and a contingent second Roc well could follow in early 2015. Farm-in opportunities are being prepared for other permits, starting with Bandy in WA-436-P.
30 Aug 2013investor presentation● Neutral
Results presentation repeating the full-year figures: 200,147 bbls produced at A$91.50, revenue A$18.3m, pre-tax profit A$1.5m. Production averaged 1,370 bopd gross; first Phoenix South well still due between November 2013 and January 2014. No new facts.
30 Aug 2013annual report▼ Bad
Year to June 2013: revenue A$18.3m (down from A$30.4m), pre-tax profit A$1.5m but net loss A$8.4m, which the chairman mainly attributes to deferred tax from exchange rate adjustments. NTA 3.0c per share; no dividend. Chairman says Thailand development is slower than expected.
26 Aug 2013investor presentation● Neutral
MD interview on the reserve report: reserves are broadly in line with last year despite 570,000 bbls produced, with more sandstone offsetting weaker igneous. He says 2012 drilling had good sandstone results but mixed igneous results, and the consultant changed with the new operator.
26 Aug 2013resource reserve update● NeutralMajor
Chapman's assessment at 31 Dec 2012 gives Carnarvon net 1.5 MMbbl developed, 2.4 MMbbl proved undeveloped, 8.3 MMbbl probable and 21.3 MMbbl possible. Company says overall levels are similar to the prior year's Gaffney Cline assessment. Development needs drilling and approvals.
26 Aug 2013resource reserve update● Neutral
Independent consultant Chapman assessed Thailand reserves at 31 December 2012. Net to Carnarvon: 1.5 million barrels developed producing, 2.4 million proved undeveloped, 8.3 million probable undeveloped and 21.3 million possible undeveloped.
12 Aug 2013well test result● Neutral
WBEXT-2C is flowing about 330 bopd of oil with 700 bwpd of water (gross) from the deeper igneous. Field output is about 1,600 bopd gross (640 net), still below the 3,000 bopd target. Shallower zones are yet to be tested.
29 July 2013drilling result● Neutral
WBEXT-2C reached 1,235 m MD. The shallower WBV1 igneous showed oil across about 20 m; the deeper WBV2 showed gas but no oil. It will now be completed and tested over some weeks. No flow rate yet.
17 July 2013drilling spud● Neutral
The operator spudded the WBEXT-2C appraisal well on 16 July in L44/43 (Carnarvon 40%), targeting two fractured igneous zones to about 1,280 m. It is the first drilling since the early-2013 rig stand-down, expected to take about 12 days.
24 June 2013investor presentation● Neutral
Update says Thailand output is steady at about 1,300 bopd gross, below the 1,700 exit rate of December. Water injection is expected in July; Phoenix South is due to spud November 2013 to January 2014, free-carried. Cash is about A$20m, no debt.
25 Mar 2013joint venture update● Neutral
Carnarvon and operator Towngas agreed to jointly finish the WBEXT 1B water-flood, with equipment installation about eight weeks after subsurface work. Six ALRO wells (about 200 bopd) remain shut in. Carnarvon plans to drill the Tha Chana prospect (80 million barrels mean) in early 2014 for about $3m and is seeking a farm-out partner.
6 Mar 2013investor presentation● Neutral
Technical presentation on L52/50 and L53/50 in Thailand's Khian Sa Basin, now 100% Carnarvon since December 2012. Pitches a low-cost onshore work program to access prospects of up to 100 million barrels recoverable, by analogy with nearby Chumphon Basin fields.
5 Mar 2013admin correction● Neutral
Carnarvon lodged forms cancelling employee plan shares forfeited by former employees. Administrative only; no figures given in the text.
26 Feb 2013half year report▼ Bad
Half-year to December 2012: revenue A$9.2m (down from A$17.3m) on 97,776 bbls sold at A$94.33/bbl, net loss A$2.76m. The loss includes a A$1.1m write-off of past L20/50 costs after the farm-out. NTA 2.6c per share; no dividend.
22 Feb 2013investor presentation● Neutral
MD interview admits Thailand targets are delayed: 4 of 10 ALRO wells are back, and sandstone water-flood equipment and volcanic well testing are taking longer. He still considers 3,000 bopd gross achievable, notes the Phoenix past-cost payment has been received, and expects cash of about A$20m by March.
6 Feb 2013farm in farm out completion▲ GoodMajor
NOPTA approved and registered the Phoenix farm-out. Apache (operator, 40%) and JX Nippon (20%) join Carnarvon (20%) and Finder (20%) in WA-435-P and WA-437-P. Past-cost payment is due in the March quarter, and Phoenix South drilling is tentatively late 2013. Completes the October deal.
17 Jan 2013quarterly activities report▼ BadMajor
December quarter: cash A$16.4m, no debt. Four of ten ALRO wells restarted 26 December, but the exit rate was 1,700 bopd gross against the 3,000 target, which the company says is deliverable but with uncertain timing. Sandstone development is delayed, the new NSE volcanic wells await equipment, and the drilling rig stands down for about two months.
20 Dec 2012drilling progress report● Neutral
NSE-H4 is on plan at 929 m of 1,014 m, with about three more days of drilling and seven of testing if successful. No new result.
17 Dec 2012drilling spud● Neutral
Drilling began on 13 December at NSE-H4 (Carnarvon 40%), a new well targeting the main volcanic reservoir where wells have produced up to 1,200 bopd gross. At 865 m of a planned 1,014 m; production is expected within 7 days of completion if successful.
13 Dec 2012drilling result● Neutral
NSE-B2ST1 reached 1,050 m, was completed for production, and the rig moved on. Fluid losses are described as typical of earlier wells that went on to produce 1,340 to 2,650 bopd; first production is expected within a week, restricted. No flow result yet.
7 Dec 2012price query● Neutral
ASX queried the fall from 7.5c on 26 November to an intra-day low of 5.9c on heavy volume. Carnarvon replied it knew of no unannounced information or other explanation and was complying with listing rules. No new facts.
