Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
23 Apr 2015quarterly activities report● Neutral
March quarter: cash A$102.2m, no debt, up to US$32m Loyz receivable, with Thai sale completed. Roc-1 set for Q4 2015 after the rig contract was deferred about half a year. Seismic is on track for Q3 completion. Cerberus partnering needs patience.
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.
28 Jan 2015quarterly activities report● Neutral
December quarter: cash A$52.4m plus a US$32m receivable, no debt. Thai output averaged 4,624 bopd gross, up 11%. Cerberus gains permit EP-475-P. Roc-1 rig is booked but no spud date confirmed; Phoenix South-1 volume analysis is still ongoing.
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.
14 Nov 2014agm notice● Neutral
Chairman's AGM address recaps the Phoenix South-1 discovery, higher Thai production, the Loyz sale and three new Carnarvon Basin permits. Roc-1 results are expected next year. Board says it is reviewing its structure and governance. No new figures.
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.
7 Nov 2014agm notice● Neutral
Chairman's letter urges votes for the AGM resolutions after proxy advisors objected to resolutions 1-3, including Ted Jacobson's re-election (independence) and the Employee Share Plan issue to Adrian Cook (short vesting). Board promises governance review before the 2015 AGM.
22 Oct 2014quarterly activities report● Neutral
September quarter: cash A$48.5m, no debt, US$32m receivable; Thai output averaged 4,140 bopd gross. Phoenix South-1 core results (about 70 cores) still awaited by end-2014; Roc-1 expected 2015. Cerberus prospects finalised for partnering. Largely repeats known facts.
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.
