Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
7 Dec 2012investor presentation● Neutral
Shareholder letter reaffirms the 3,000 bopd gross target by 31 December: 500 from ALRO wells, 800 from the WBEXT sandstone block, and 300 from igneous wells. All sandstone wells are drilled at about US$1m gross each; thinner sandstone layers needed more testing; WBEXT-1H zones tested above 200 bopd. ALRO timing is outside the company's control.
6 Dec 2012drilling progress report● Neutral
The NSE-B2ST1 infill well, after the earlier stuck-assembly delay, sidetracked successfully and reached 893 m, where drilling fluid losses began. The company calls losses a positive sign of fractures; target depth is 1,095 m, with production 5-7 days after completion if successful.
29 Nov 2012drilling progress report▼ Bad
NSE-B2ST1 hit trouble: the drilling assembly broke off while milling casing and could not be recovered. Operator continues milling before sidetracking, so the infill well is delayed with no result yet.
23 Nov 2012drilling progress report▲ Good
The seventh and final 2012 well in the WBEXT 1B sandstone program (WBEXT-1H) was completed on time and budget. Testing and water injection start in December, targeting about 800 bopd gross from this block, with five more wells contingent for early 2013.
22 Nov 2012drilling spud● Neutral
Drilling began at NSE-B2ST1, an infill well in the Na Sanun East field (40% Carnarvon), targeting about 106 m of volcanic pay to 900 m depth over ~12 days. The field has produced ~5 million barrels and holds ~2 million barrels gross 2P.
22 Nov 2012director officer appointment● Neutral
Financial Controller Thomson Naude replaces Graeme Smith as Company Secretary, as the company brings the role in-house. Administrative change, not a board change.
16 Nov 2012agm notice● Neutral
AGM chairman's address admits production failed to rise as expected in FY12. Says the 3,000 bopd by 31 December target is on track, ALRO wells are expected back next month, and Carnarvon has cut back Rangkas and L20/50 as a disciplined approach.
16 Nov 2012investor presentation● Neutral
AGM presentation restates strategy and the 3,000 bopd by December target (1,400 base, 500 ALRO, 800 sandstone, 100 workovers, 200 igneous). Notes 12 MMbbl net 2P and first Phoenix well expected late 2013, subject to rig availability and approvals. Mostly known facts.
9 Nov 2012production update▲ Good
Thailand update says the 3,000 bopd gross target by year-end is on track: 1,400 base, 800 from WBEXT sandstone, 500 from ALRO shut-ins returning, 300 other. ALRO final approval meetings are set for late November; wellhead pressures suggest shut-ins can resume at or above prior rates.
30 Oct 2012capital raising announcement▲ Good
The Share Purchase Plan was oversubscribed beyond A$5 million and will be scaled back pro-rata, so no shortfall placement is needed. Shares are allotted 2 November and trade from 6 November. Completes the raising; the SPP shortfall resolution is withdrawn from the 16 November AGM.
29 Oct 2012farm in farm out agreement● NeutralMajor
Carnarvon (55%) and Sun farm out 100% of the L20/50 Thai block to Siam Moeco (Mitsui subsidiary), ending its search for partners. Carnarvon's share is 55% of US$8.5m on commercial production plus 55% of a 2% royalty capped at US$10m. Subject to government approval.
25 Oct 2012quarterly activities report● Neutral
September quarter net production 49,840 bbls (down from 57,806), revenue A$4.77m; cash A$3.0m before the October raising of A$15m. Sandstone wells gave modest results; L44K-D volcanic test was tight. ALRO talks on ~465 bopd shut in now expected to finish in November.
23 Oct 2012investor presentation● Neutral
Interview with MD Adrian Cook explaining the Phoenix farm-out: Apache chosen as experienced operator, JX Nippon for its Carnarvon Basin presence. He cites mean recoverable gas of one to two Tcf per prospect, with well timing dependent on Apache's rig schedule. No new facts.
18 Oct 2012farm in farm out agreement▲ GoodMajor
Phoenix farm-out signed: Apache takes 40% and operates, JX Nippon 20%, in WA-435-P and WA-437-P. Carnarvon keeps 20% (from 50%) and is carried below an agreed cap on Phoenix South (firm) and Roc (contingent), plus a past-cost payment. Resolves the slipped deal.
15 Oct 2012annual report● Neutral
2012 Annual Report repeats FY12 results already reported: revenue A$30.4m, loss after tax A$2.5m, including the A$3.4m Rangkas write-off. Chairman says sandstone program is bearing fruit and the Phoenix farm-out is close. Permit schedule confirms existing interests; no options on issue.
12 Oct 2012capital raising announcement● Neutral
Share Purchase Plan offer documents, announced 4 October, have been sent to eligible shareholders. Eligible holders can buy shares without brokerage; the cover letter says up to A$5 million is sought, with scale-back if oversubscribed. Administrative step in the existing raising.
4 Oct 2012capital raising announcement● NeutralMajor
Carnarvon said it would raise up to about A$15.0m by placing up to 182.9m shares at A$0.082. A$8.4m is unconditional and A$6.6m needs shareholder approval at a meeting expected on 16 November. A Share Purchase Plan capped at A$5m at the same price will follow, with proceeds funding mainly Thai drilling.
What it means for a shareholder
183m new shares at A$0.082 to raise about A$15.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (12,195 at the issue price), your slice goes from 0.00176% to 0.00139% of the company. To keep it you'd need 3,211 more shares - about A$263 at the issue price.
Create a free account to see this worked out for your own holding.
4 Oct 2012investor presentation● Neutral
Presentation supporting the A$15.0m placement at A$0.082: A$8.4m unconditional, A$6.6m conditional on shareholder approval, plus a A$5m share purchase plan. About A$12m is earmarked for Thai drilling and technical work and A$3m for costs and working capital. Directors intend to bid.
24 Sept 2012investor presentation● Neutral
September corporate update restates strategy: plan to double Thai production by 31 Dec 2012 is deliverable, with current output about 550 bopd net. Phoenix farm-out documentation now expected before end of 2012, slipping from the end-September target. Cash A$7.1m, market cap A$73m.
11 Sept 2012director officer appointment▲ Good
Carnarvon adds geologist Dr Stephen Molyneux and geophysicist Andrew Padman to its technical team. They will work on Thai production plans with Towngas, North West Shelf technical work and new ventures. Staff additions, not board changes.
4 Sept 2012investor presentation● Neutral
COO Philip Huizenga's Good Oil Conference talk on Thailand, stressing the new operator Towngas's potential to improve the fields. Restates 2P reserves of 12 MMbbl net and cash of about A$7m; notes a new 5-year Thai exploration period from July 2012. Largely known facts.
31 Aug 2012joint venture update▲ Good
Phoenix farm-out talks with an unnamed major are aiming to finalise an agreement around end of September 2012, subject to board and government approvals. A new oil prospect updip of Phoenix-1 oil shows is mapped; Zeester 3D (3,854 km2) data due end of 2012.
