Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2012investor presentation● Neutral
Corporate presentation restating known points: 1P reserves of 3.8 MMbbl valued at A$0.12/share, Phoenix farm-out targeted Q3 2012 with Carnarvon expecting to keep about 25%, and contingent resources of 1-4 Tcf. No new information.
19 Apr 2012admin correction● Neutral
Carnarvon adds the Competent Persons Statement (COO Philip Huizenga) that was left out of the March 2012 quarterly report. Administrative only.
22 Mar 2012resource reserve update▼ BadMajor
Independent GCA certifies Thai reserves at 31 Dec 2011: proved 3.8 MMbbl (down from 4.7) worth US$84m, A$0.12/share; proved plus probable 12.1 MMbbl (down from 20.4) worth US$222m, A$0.32/share. Confirms the expected downgrade, citing weak 2011 well results and 400,000+ bbl produced.
2 Mar 2012joint venture update▲ Good
Phoenix farm-out is drawing strong interest, so the data room is extended two weeks. A farm-in agreement is targeted early in Q3 2012. Woodside plans nearby exploration in 2012-13. The 4,289 km2 Zeester 3D data is due in Q3 2012.
2 Mar 2012other▼ Bad
S&P Indices' March 2012 rebalance lists Carnarvon among stocks removed from the S&P/ASX 300 and All Ordinaries, effective after close on 16 March 2012. Index change, not company news; the extracted list of removals is ambiguous across indices.
28 Feb 2012investor presentation● Neutral
Presentation accompanying the half-year result: A$2.5m loss, revenue A$17.3m at A$96.22/bbl, cash A$10.2m, no debt. Shares are at A$0.16 (market cap A$111m). It repeats the results and 2012 priorities with nothing new.
28 Feb 2012half year report▼ BadMajor
Half-year to December 2011 shows a A$2.5m loss against a A$4.8m profit a year earlier. Revenue fell 52% to A$17.3m. The loss includes a A$3.4m exploration write-off and a A$5.5m deferred tax expense. No dividend, no debt.
27 Feb 2012price query● Neutral
ASX queried a rise in the share price from 11 cents to an intraday 16.5 cents. Carnarvon replied that it knows of no unannounced information or other explanation and complies with listing rules.
22 Feb 2012investor presentation● Neutral
Hartleys presentation by MD Adrian Cook restating known points: A$10.2m cash, no debt, Phoenix farm-out, 2012 sandstone program and a 2013 target for Phoenix drilling. Shares are at A$0.11, market cap A$76m. No material new information.
10 Jan 2012production update● NeutralMajor
December quarter Thai production averaged 954 bopd net; current rate is about 1,140-1,150 bopd net. Inflow control devices are now in four wells, all producing above prior rates. Sandstone approval slips to February 2012. The 2012 plan is 31 wells, about A$18m net, funded from operating cash flow.
15 Dec 2011joint venture update▲ Good
The Phoenix farm-out has begun on schedule, with a data room opening 6 February 2012 for two wells at Phoenix South and Roc (about 5.5 Tcf each, high-side). New 4,247 km2 multi-client 3D seismic started 13 December; Carnarvon has not committed to license it.
25 Nov 2011production update● NeutralMajor
Thai joint venture says an inflow control device on the Bo Rang pilot well lifted output over 300%, from 50 to over 200 bopd gross. Production is now about 1,000 bopd net. L33-2A deep volcanic test recovered only water. Sandstone approval is due 30 Dec.
25 Nov 2011director officer appointment● Neutral
Graeme Smith of DWCorporate is appointed Company Secretary from 21 November 2011, replacing Robert Anderson, who resigned. Administrative change.
24 Nov 2011resource reserve update▲ GoodMajor
Phoenix operator Finder's update puts Phoenix South and Roc prospects at about 5.5 Tcf each (high-side, not assessed by Carnarvon), alongside 870 Bcf for the existing Phoenix gas. Joint farm-out is planned to start Q1 2012, with drilling possibly 2012/13.
24 Oct 2011investor presentation● Neutral
Shareholder presentation by management restating FY11 results (A$55m revenue, A$13m earnings before A$11m write-offs), A$15m cash, no debt, a planned 10-15 well WBEXT sandstone program from Q1 2012, and Phoenix as a value driver. Nothing new.
14 Oct 2011quarterly activities report▼ BadMajor
September quarter net production was 91,892 bbls (999 bopd), down 2%, with revenue A$8.66m and cash A$12.3m, no debt. The joint venture expects Gaffney Cline to report lower reserves at 31 Dec 2011, due to L33-2 and WBEXT results; WBEXT sandstone drilling slips to early 2012.
12 Oct 2011drilling result▲ GoodMajor
NSE F6 well flows about 1,000 bopd gross (400 net), the first high-rate well in that field, and three follow-up wells are planned. Thai production is now 1,300 bopd net. WBEXT sandstone drilling is delayed to January 2012 by environmental approvals.
11 Oct 2011annual report● Neutral
The 2011 Annual Report repeats the earlier results: A$2.2m profit after A$11.2m exploration write-offs, 2P reserves down 16% to over 20 MMbbl, and the two dry L20/50 wells. The chairman says the focus is shifting to steadier sandstone production.
29 Sept 2011investor presentation● Neutral
Asia Oil Week presentation by Philip Huizenga. It repeats known material: FY11 activity (25 wells, 731,544 bbls produced), 20 MMbbl 2P reserves, A$15m cash with no debt, and the WBEXT water problem. No new information.
15 Sept 2011investor presentation● Neutral
Macquarie conference presentation by MD Adrian Cook. It restates known points: about 20 MMbbl 2P reserves, A$15m cash, no debt, and that WBEXT wells suffered early water incursion and later drilling could not replicate early results. Largely repeats prior information.
7 Sept 2011investor presentation● Neutral
Presentation by COO Philip Huizenga at the Good Oil Conference. It repeats known facts: A$14.8m cash with no debt, 20.4 MMbbl 2P reserves, Phoenix 3D interpretation then farm-out, and 50% of L20/50 to be relinquished 21 Jan 2012. Nothing materially new.
1 Sept 2011annual report▼ BadMajor
FY2011 net profit was A$2.16m, down 85% from A$14.4m, after A$11.2m of exploration write-offs. Revenue fell 16% to A$54.8m. No dividend. Auditor is now named as Crowe Horwath, and cash is A$14.8m.
1 Sept 2011investor presentation● Neutral
Corporate presentation by MD Adrian Cook to Hong Kong and Singapore investors. It repeats known facts: 2P reserves of 20.4 MMbbl, cash of A$14.8m, no debt, and a Phoenix farm-out after interpretation. Nothing new.
18 Aug 2011drilling progress report● Neutral
July Thai production averaged 2,788 bopd gross (1,115 net). NSW-A exploration well was suspended after a tight objective and oil shows below. Around 14 development wells and up to five exploration wells are planned for the rest of 2011; a second rig may be available around October.
15 July 2011other● Neutral
Phil Huizenga, promoted to Chief Operating Officer, is issued 2.5m shares at A$0.23 under the employee share plan. Shares on issue rise to 690.3m. Dealing restrictions are staged over years two to four.
14 July 2011drilling result▲ GoodMajor
WBEXT-1F found two new sandstone pools (D sand producing about 83 bopd gross), and WBEXT-2BST1 is producing a restricted 1,100 bopd gross. Thai production is 3,365 bopd gross (1,346 net). Several other wells are being tested or drilled.
13 July 2011investor presentation▲ Good
Progress report on Phoenix: preliminary 3D data (1,100 km2) supports several multi-Tcf prospects, with possible condensate. Interpretation will finish before a farm-out to share risk, and strong interest could accelerate it. Builds on the earlier farm-out plan for late 2011.
8 July 2011other● Neutral
New MD Adrian Cook writes to shareholders: early-2011 production fell because of WBEXT well declines, and a second rig has been added. Early Phoenix 3D results support prospects, with a fuller update promised. He acknowledges a difficult year for shareholders.
29 June 2011director officer appointment● NeutralMajor
CEO Ted Jacobson retires from the executive role on 30 June 2011 after about five years, becoming a non-executive director and consultant. Adrian Cook, previously General Manager (Corporate), becomes CEO and Managing Director from 1 July on A$500,000 fixed pay. Philip Huizenga takes a growth-focused role.
20 June 2011drilling scheduled▲ Good
The Thai joint venture adds a second rig (EMAS 700) alongside Elite 01 to drill sandstone and volcanic targets at once. An indicative 26-well remaining 2011 program is listed, subject to JV approvals. Carnarvon holds 40%.
