Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2011other▼ Bad
S&P announced that Carnarvon (CVN) would be removed from the S&P/ASX 200 index after the close of trading on 17 June 2011, as part of the June quarterly review. S&P noted that index changes do not reflect an opinion on a company's investment merits.
27 May 2011production update● Neutral
Thai production is 2,842 bopd gross (1,136 net), below recent levels. WBEXT-1E sand well flows 230-300 bopd, six sandstone infill wells are planned, and a 500 km seismic survey has begun on L52/L53. L20/50 test results are due September quarter.
25 May 2011other● Neutral
Administrative notice: share registry services move to Link Market Services from 6 June 2011. No effect on holdings or operations.
10 May 2011investor presentation● Neutral
Hartleys presentation by CEO Ted Jacobson, apparently the same material as the 9 May presentation: 688m shares, A$24m cash, no debt, 2P 20.4 MMbbl. Nothing new.
9 May 2011investor presentation● Neutral
May 2011 investor presentation by CEO Ted Jacobson repeating known facts: 688m shares, A$24m cash at March, no debt, 2P 20.4 MMbbl, and the Phoenix farm-out and exploration plans. Nothing new.
15 Apr 2011production update▼ Bad
Net Thai oil sales averaged 1,222 bopd in the March quarter (versus 2,645 bopd in the December quarter), reflecting the shut-in of three WBEXT wells and water in WBEXT-1C. WBEXT production licence was granted 24 February and the wells restarted at reduced rates.
8 Apr 2011resource reserve update▼ BadMajor
GCA certified Thai 2P reserves at 20.4 MMbbl net at 31 Dec 2010, down 17% from 24.5 MMbbl. New WBExt (5.5) and L33 (1.9) additions were outweighed by a 10.5 MMbbl Na Sanun East downgrade. 1P is 4.7, 3P 51.9; 2P NPV A$307m, A$0.45 per share.
21 Mar 2011joint venture update● Neutral
Phoenix 3D/2D seismic in the Bedout Sub-basin finished 16 February; processing was 25% done at 11 March, with 3D data due July 2011. Interpretation is to finish by November 2011, after which Carnarvon and Finder plan to farm out.
17 Mar 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas (7.5% of L20/50), repeats Carnarvon's report that Krai Thong-1 found water and will be abandoned, with Chalawan deferred. Notes over 90% Peak acceptances, offer closing 17 March. No new Carnarvon information.
17 Mar 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Krai Thong-1 found water in tested zones and will be plugged and abandoned, with Chalawan deferred. Sun holds 42.5% of L20/50. No new Carnarvon information.
17 Mar 2011drilling result▼ BadMajor
Krai Thong-1 (37 MMbbl gross target) will be plugged and abandoned: wireline testing found water as the mobile fluid. Chalawan drilling is deferred. This is the second dry L20/50 well after Tapao Kaew; reservoir quality and seals were good, and a basement fracture network was noted.
16 Mar 2011drilling progress report● Neutral
Operator Apache completed the Gazelle 3D seismic survey over WA-399-P on schedule on 11 March, fully funded by Apache under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before the JV decides next steps.
14 Mar 2011drilling progress report● Neutral
Krai Thong-1 stopped at about 1,300 m, short of the planned 1,425 m, after hard rock slowed drilling. Operator believes all targets were penetrated. Several sandstone zones with elevated resistivity and minor oil shows await wireline testing; no result yet.
14 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 stopped at about 1,300 m with minor oil shows in several sandstone zones, wireline logging to follow. No new Carnarvon information.
9 Mar 2011investor presentation● Neutral
Austock conference presentation by CEO Ted Jacobson restating strategy: use Thai cash flow to grow in SE Asia/Australia. Cites 688m shares, A$275m market cap, A$29m cash, no debt. Nothing new.
8 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 has set casing at 605 m and is preparing to drill the final section to TD (planned ~1,425 m) over 3-4 days. No new Carnarvon information.
8 Mar 2011drilling progress report● Neutral
Krai Thong-1 has drilled to 605 m and set casing, and is about to drill the 8½-inch section to a planned ~1,425 m over 3-4 days. No results yet; logs will decide testing or abandonment.
8 Mar 2011drilling progress report● Neutral
Raisama repeats Carnarvon's update that Krai Thong-1 is at 605 m with casing set. It says it has acceptances for over 90% of Peak shares, with its offer closing 17 March. No new Carnarvon information.
1 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 spudded and was at 132 m running casing on 1 March. Adds that the rig left Tapao Kaew on 21 February. No new information.
1 Mar 2011drilling progress report● Neutral
Operator Apache began the 'Gazelle' 3D seismic survey over WA-399-P on 28 February, about 12 days long. Apache pays for it under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before any next step is decided.
1 Mar 2011drilling spud● Neutral
Krai Thong-1, second L20/50 well (37 MMbbl gross target, TD ~1,425 m), spudded 28 February after Tapao Kaew's dry result. It had drilled to 132 m and was running casing. Targets are expected within 9-12 days.
23 Feb 2011half year report● Neutral
Text not readable. The half-year report to 31 December 2010 is garbled, so no figures can be taken from it. Fragments suggest the result includes Tuatara well drilling costs and a charge from translating US dollar cash reserves.
21 Feb 2011drilling result▼ BadMajor
Tapao Kaew-1, Carnarvon's first operated Thai exploration well on L20/50 (21 MMbbl gross target), reached 1,792 m and found no hydrocarbon-bearing reservoir. It will be plugged and abandoned. A lower section was inconclusive due to failed logging tools. Rig moves to Krai Thong.
21 Feb 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Tapao Kaew-1 reached 1,792 m, found no hydrocarbons and will be plugged and abandoned. Notes Peak has completed its free carry of Sun on this well. Nothing new for Carnarvon.
21 Feb 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's report that Tapao Kaew-1 reached 1,792 m without finding hydrocarbon-bearing reservoir and will be plugged and abandoned. No new Carnarvon information.
15 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m, no significant reservoir or hydrocarbon shows yet. Adds prospect background and the Peak carry. No new information.
15 Feb 2011drilling progress report▼ Bad
Tapao Kaew-1 was at 1,600 m of a planned 1,715 m. No significant reservoir sands or hydrocarbon shows so far, with slower drilling through claystone. Deeper sands are still hoped for. Logs in 2-3 days decide testing or abandonment.
15 Feb 2011drilling progress report● Neutral
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m with no significant reservoir sections or shows yet. Mostly background on Raisama's Peak offer. No new Carnarvon information.
10 Feb 2011production update● NeutralMajor
Thai joint venture (Carnarvon 40%) proposes a 2011 budget of $26m net for up to 34 wells, and Carnarvon targets 1.0-1.5 MMbbl a year. January sales averaged 1,300 bopd net, with ~1,200 bopd net shut in awaiting the WBEXT licence, expected within 20 days. Water cut at WBEXT-1C stabilised at 83%.
8 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 605 m, logging, with first targets in 3-4 days. No new information.
