Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2024other▲ GoodMajor
Carnarvon says ongoing corporate costs are down over 40% on 2023 and that it expects to be fully funded for Dorado. It has engaged J.P. Morgan as financial adviser to explore options to maximise shareholder value, including alternative transactions. This follows the board's December 2023 stated intent to explore a sale.
29 Apr 2024regulatory community update▲ GoodMajor
Dorado partners are reshaping Phase 1 to 60,000-100,000 bopd, phasing wells and assessing idle FPSOs, to cut upfront capex below the earlier ~US$2bn gross guidance. FID-ready target stays end-2024, but Bedout drilling is deferred to at least 2025 because of scarce rigs.
26 Apr 2024director officer appointment● Neutral
CEO Huizenga gets a new contract at A$475,000 a year, 20% below the previous CEO's pay. He and CFO Doering receive 7.5m performance rights vesting at a 20-day VWAP above 30c or on a change of control. Joint Co Sec Sproule resigns.
28 Mar 2024director officer appointment● NeutralMajor
Rob Black, ex-Managing Director of Euroz Hartleys, joins the board from 2 April 2024 and becomes Chair on 1 July 2024, replacing Bill Foster. Gavin Ryan steps down. This continues the board renewal begun in December 2023; Foster stays as a director until a replacement is found.
14 Mar 2024investor presentation● Neutral
Euroz Hartleys conference presentation by CEO Huizenga on the company's 'deep value' case and refined strategy priorities. Resource estimates are restated as unchanged from earlier announcements; no new facts visible.
28 Feb 2024half year report● Neutral
Half-year report to 31 December 2023. Dorado is still targeted to be FID-ready in 2024, with focus on Pavo integration and cost reduction. Carnarvon holds 10% of Dorado after the August 2023 CPC sale (US$58m upfront, US$90m carry). Financial figures are truncated.
8 Feb 2024investor presentation● Neutral
Presentation to institutional investors by CEO Huizenga and CFO Doering, giving more detail on the refined strategy set after the 18 December 2023 board and management changes. Visible text shows no new figures; resource estimates are restated from earlier announcements.
20 Dec 2023security holder rights change● Neutral
Carnarvon grants 2,000,000 performance rights (1,000,000 each) to new directors Delroy and Barker, in exchange for reduced fees. They vest if the 20-day VWAP exceeds 30c or on a change of control, such as a takeover.
18 Dec 2023director officer appointment● NeutralMajor
After talks with its two largest shareholders, Nero and Collins St, Carnarvon appoints Russell Delroy and William Barker as directors. CEO Adrian Cook and Debra Bakker retire; COO Philip Huizenga becomes CEO. New board plans cost cuts, no big acquisitions, and exploring a corporate sale or asset divestment.
12 Dec 2023director officer appointment● Neutral
Carnarvon starts a board renewal process to replace Chair Bill Foster, who intends to retire at the 2024 AGM, and director Gavin Ryan, who will not stand for re-election. New directors are to be appointed during 2024, with search firm Derwent assisting.
6 Dec 2023investor presentation● Neutral
Ord Minnett presentation repeats known figures: A$183m cash, A$138m carry, ~200 MMbbl gross Dorado/Pavo liquids, 9 Tcf and 1.6 bn bbl Bedout prospects. States Dorado debt process is expected to restart in early 2024.
17 Nov 2023other● Neutral
AGM chair address: Chair Bill Foster acknowledges shareholder frustration that the share price has barely moved despite the US$148m CPC deal. He cites cash of A$183m and A$321m liquidity, and says Dorado FID in 2024 faces possible timing risk from environment plan approvals.
17 Nov 2023investor presentation● Neutral
AGM CEO presentation repeats known positions: A$183m cash, A$138m carry, Dorado FID-ready in 2024, environment plan process begun, debt funding being sought. Bedout drilling timing is not yet definite; production-asset screening continues. No new facts.
14 Nov 2023price query● Neutral
ASX queried a share price rise from 16c to an intraday 18.5c on heavy volume. Carnarvon said it knew of no undisclosed information and suggested investors recognising 'deep value' after two months of promotion; it confirmed Listing Rule compliance.
16 Oct 2023regulatory community update● Neutral
CEO letter reaffirms Dorado Phase 1 FID readiness in 2024 and says no equity raising is expected for Carnarvon's share, following the CPC sale. New: Dorado environment plan approvals will be pursued before FID, rather than after, owing to industry stakeholder challenges.
16 Oct 2023other● Neutral
2023 Sustainability Report. The Chair notes NOPSEMA's acceptance of the Dorado offshore project proposal, Pavo tie-back studies, and purchases of carbon offsets (ACCUs). Biorefinery JV investment is described as disciplined. No new financial or resource figures visible; text truncated.
16 Oct 2023annual report● Neutral
Published 2023 Annual Report, a designed version of the financial report lodged 30 August. The Chair expresses frustration at the Dorado FID delay and the operator's pace; the CPC sale is completed. Text truncated; no new figures visible.
26 Sept 2023investor presentation● NeutralMajor
September 2023 strategy briefing titled 'Progressing from explorer to producer'. Carnarvon says it is screening for production or earnings-generating assets to complement Dorado and Pavo. It cites Dorado FID in 2024, A$319m liquidity, no debt, and about A$300m market capitalisation.
20 Sept 2023investor presentation● Neutral
Pareto Securities Energy Conference presentation by CEO Adrian Cook. Visible text is disclaimers and resource basis notes citing earlier announcements. No new information visible.
7 Sept 2023investor presentation● Neutral
Good Oil Conference presentation by COO Philip Huizenga. Visible text is disclaimers and resource basis notes citing earlier announcements. No new information visible.
5 Sept 2023investor presentation● Neutral
Euroz Hartleys Energy Forum presentation by CEO Adrian Cook. Visible text is only disclaimers and resource basis notes, citing earlier announcements including the 1 September 2023 Bedout update. No new information visible.
1 Sept 2023admin correction● Neutral
Carnarvon re-released its 31 August 'Unlocking New Bedout Resources' announcement because it had inadvertently omitted information required for ASX purposes. A new table was added on the last page, and the reported prospective resource volumes (623 MMboe) were unchanged.
31 Aug 2023resource reserve update▲ GoodMajor
New 3D seismic interpretation high-grades five Bedout prospects (Ara, Wallace, Wendolene, Starbuck, Pavo South) holding 623 MMboe gross unrisked Pmean prospective resource. Two or three wells are planned on a semi-submersible rig; timing depends on approvals, including new consultation on environment plans.
30 Aug 2023annual report● Neutral
Financial report for the year to 30 June 2023. The Chair voices frustration at the operator's slow Dorado progress and the FID delay reported in August 2022. He notes the completed CPC sale leaves Carnarvon financially self-sufficient. Text truncated; no financial figures visible.
30 Aug 2023admin correction● Neutral
Appendix 4G confirms the corporate governance statement for the year to 30 June 2023 is on the company website and was approved by the board. Administrative filing only; no new information.
17 Aug 2023investor presentation● Neutral
August 2023 presentation reflects the completed CPC deal: cash A$181m and a A$138m carry. Resource figures cite earlier announcements dated 2022. Text truncated; no new results visible.
16 Aug 2023asset acquisition disposition▲ GoodMajor
The CPC sale of 10% of Bedout completed. Carnarvon received US$58m (~A$89m) after adjustment, leaving ~A$181m cash and a ~A$138m carry, about A$319m liquidity. CPC joins the Dorado joint venture; Carnarvon's Dorado stake is now 10%. Debt process continues.
27 July 2023asset acquisition disposition▲ Good
All conditions for the CPC sale, including FIRB approval, are now satisfied, resolving the delay flagged on 10 July. Completion is due before end August. Carnarvon expects about A$178m cash plus a ~A$129m carry toward Dorado costs.
26 July 2023listing compliance notice● Neutral
ASX paused trading in Carnarvon securities pending a further announcement. No reason is given in the text. Given the CPC FIRB update the next day, this is likely linked, but that is an inference.
14 July 2023security holder rights change● Neutral
Carnarvon granted performance rights to employees under its long-term incentive plan, with a three-year vesting period tied to absolute and relative total shareholder return. The number of rights is not stated in the readable text. Routine remuneration administration.
