18 Nov 2024admin correction● Neutral
Re-release of the 15 November AGM addresses and presentation, adding resource tables with low, best and high prospective resource estimates to the appendices. No new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2024agm notice● Neutral
Chair and CEO addresses and business-update presentation for the 15 November 2024 AGM. Resource disclaimers repeat earlier figures; the visible text shows no new facts.
28 Oct 2024quarterly activities report● Neutral
September 2024 quarter: cash A$177m, no debt, US$90m Dorado carry. FEED re-entry is still expected in the December quarter, FID targeted 2025. Bedout drilling now not expected until 2026, later than the earlier 'at least 2025'. EP509 and TP29 permits surrendered.
20 Sept 2024director officer appointment● Neutral
Susan Jones, ex-Beach Energy legal and ESG executive, joins the board as a non-executive director on 20 September 2024. Bill Foster retires on 30 September after 14 years. This completes the board succession flagged earlier in 2024.
18 Sept 2024investor presentation● Neutral
RIU Essential Energy conference presentation by CEO Huizenga, recapping the past 12 months: new board, Dorado/Bedout focus, lower costs, J.P. Morgan engagement, and the Dorado Phase 1 resizing with FID targeted in 2025. Resource figures are restated; no new facts.
2 Sept 2024agm notice● Neutral
Notice that the 2024 AGM will be held on 15 November 2024 in West Perth. Director nominations close 26 September 2024. Administrative only.
30 Aug 2024annual report● Neutral
2024 Sustainability Report. Notes Carnarvon bought carbon credits (ACCUs) which it calculates cover the first 3-5 years of Dorado production under the Safeguard Mechanism, and confirms the biorefining exit. Dorado FEED re-entry is still expected late 2024 and FID in 2025.
30 Aug 2024annual report● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2024, confirming the statement is on the company website and current at 30 August 2024. Administrative filing with no new business information.
30 Aug 2024annual report● Neutral
Annual report for year to 30 June 2024. Restates the post-CPC-sale strategy: Dorado and Bedout focus, corporate costs down over 40% on 2023, no new material acquisitions, J.P. Morgan exploring options. Board changes and Huizenga as CEO are covered. Financial statements are not visible in the text.
24 July 2024quarterly activities report● Neutral
June 2024 quarter: cash A$180m, no debt, US$90m Dorado carry. Dorado Phase 1 optimisation is being finalised, idle FPSOs are being assessed, FEED re-entry is expected later in 2024 and FID in 2025. Black took over as Chair; J.P. Morgan review continues.
18 July 2024regulatory community update▼ BadMajor
Dorado FID slips from end-2024 to 2025, with FEED re-entry later in 2024 once the joint venture secures a vessel or hull. Capex before first oil is still expected below ~US$2bn gross. Carnarvon still expects to be fully funded; cash was A$176m at 31 March.
27 June 2024asset acquisition disposition● NeutralMajor
Carnarvon has monetised and exited its biorefinery business interests, with no residual liabilities. No sale price is given. This ends the slowed FutureEnergy Australia venture, consistent with the strategy of focusing on Dorado and Bedout.
9 May 2024investor presentation● Neutral
Roadshow presentation by CEO Huizenga and director Black on the value of the optimised Dorado development. It repeats the strategy and resource figures already announced; no new facts visible in the text provided.
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.
30 Apr 2024quarterly activities report● Neutral
March 2024 quarter: cash A$181m, no debt, US$90m Dorado carry. Restates the Dorado optimisation, Black's appointment and cost cuts. Bedout exploration drilling is deferred to at least 2025 because of rig scarcity.
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.
31 Jan 2024quarterly activities report● Neutral
December 2023 quarter: cash A$176m, no debt, US$90m Dorado carry. Board overhaul and Philip Huizenga's CEO promotion completed, with Peter Moore also retiring. Cost cuts under way; Dorado FEED continues, focused on Pavo integration and cost optimisation. Corporate sale or asset divestment is being considered.
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.
23 Oct 2023quarterly activities report● Neutral
September 2023 quarter: cash A$183m, no debt, US$90m Dorado carry (~A$320m liquidity). Dorado FID still targeted for 2024; environment plan consultation to start ahead of FID. Joint venture is discussing rig slots for up to three Bedout wells in late 2024 and/or first half 2025.