Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2021farm in farm out agreement▲ Good
Advance Energy has raised the capital for its 50% Buffalo stake, subject to its shareholder vote in mid-April, and Timor-Leste government approval is received. Carnarvon is carried for Buffalo-10 up to US$20m. This clears two of the conditions in the December deal.
17 Dec 2020farm in farm out agreement▲ GoodMajor
Binding deal: AIM-listed Advance Energy can earn up to 50% of Buffalo by funding the Buffalo-10 well (up to US$20m), at 2.5% per US$1m. Carnarvon stays operator. Drilling targeted 2H 2021. Needs at least US$10m by 31 March 2021. Ends the long-running farm-out search.
17 Sept 2020resource reserve update▲ GoodMajor
New 3D seismic splits the old Apus feature into three prospects, Apus, Petrus and Kepler, with 293 million barrels of oil combined (gross, Pmean, prospective). Apus alone is 235 million barrels, with 23% chance of success. Drilling depends on business conditions.
1 Oct 2019drilling progress report● Neutral
Baxter testing is complete, and the Caley oil test is expected to start within the coming week. No new result.
12 Sept 2019drilling progress report● Neutral
Dorado-3 logging is finished and the 7-inch liner is set; the rig is preparing for flow tests, Baxter first and then Caley. No new result.
4 Sept 2019drilling result▲ GoodMajor
Dorado-3 wireline logs confirm oil in the Caley (about 53 m net pay, linked to Dorado-1 and -2) and gas in the Baxter. Crespin had unexpected hydrocarbons; Milne was water wet. Flow tests of Caley and Baxter go ahead; the company says Milne and Crespin changes are minor.
28 Aug 2019drilling progress report● Neutral
Dorado-3 has cut 175 m of core across the Caley and Baxter (less than the 230 m planned, as non-reservoir sections were drilled) and is drilling at about 4,357 m toward a 4,575 m target. Logs show hydrocarbon indications; wireline results are still awaited.
16 Aug 2019drilling progress report● Neutral
Dorado-3 has reached about 3,878 m and is preparing to set the 9-5/8 inch liner. About 230 m of core will be cut, then a further 150 m, before logging and flow tests. No new result.
12 Aug 2019drilling progress report● Neutral
Dorado-3 has set 13-3/8 inch casing at about 2,656 m and is drilling at about 3,180 m. Coring over the Caley and Baxter follows. No new result.
6 Aug 2019drilling progress report● Neutral
Dorado-3 has set 20-inch casing at about 1,025 m and is drilling at about 2,300 m. No hydrocarbons are expected in this section; no new result.
30 July 2019drilling spud● Neutral
Dorado-3 drilling has started, with 30-inch casing set at about 190 m and the well at about 470 m. No hydrocarbons are expected in these top sections. Carnarvon holds 20%.
18 July 2019drilling scheduled● Neutral
The rig is moving to the Dorado-3 appraisal well, 900 m northwest of Dorado-1. It plans two or three flow tests and about 380 m of core. Carnarvon holds 20%. This follows through on the planned next step after Dorado-2.
15 July 2019drilling result▼ BadMajor
Roc South-1 finished at about 4,910 m with no producible hydrocarbons in Crespin and Milne either, so the well is a dry hole, the first of eight in this basin. Reservoir quality was good. Dorado plans are unaffected, per the company; rig moves to Dorado-3.
15 July 2019resource reserve update▲ GoodMajor
Independent review by ERCE puts Dorado gross 2C contingent resources at 344 MMboe (162 MMbbl liquids, 748 Bcf gas), up from 283 MMboe after Dorado-1. Carnarvon's net 2C is 69 MMboe. FID still targeted end-2020.
8 July 2019drilling result▼ BadMajor
Roc South-1 found the Caley and Baxter reservoirs but wireline logs show no producible hydrocarbons, so it adds no resource to Dorado. The deeper Crespin and Milne will still be tested; Dorado plans are unaffected, per the company.
2 July 2019drilling progress report● Neutral
Roc South-1 has drilled to about 4,113 m and is preparing to set casing. The Caley and Baxter reservoirs are expected in the next section; no new result.
24 June 2019drilling progress report● Neutral
Roc South-1 has set 13-3/8 inch casing at about 1,258 m and is drilling at about 2,710 m. No hydrocarbons are expected in this section; no new result.
18 June 2019drilling spud● NeutralMajor
Roc South-1 has started, about 15 km from Dorado-1, after Dorado-2 operations finished. It is an exploration well targeting Caley, Baxter, Crespin and Milne, planned to about 5,000 m. Dorado-3 follows. Carnarvon holds 20%.
6 June 2019drilling result▲ Good
Operator Santos confirms the Dorado-2 result: 85 m net Caley reservoir, oil-water contact at 4,003 m, 40 m net oil pay. All reservoirs are in pressure communication with Dorado-1; Santos expects a significant gas resource increase. Duplicates Carnarvon's announcement.
6 June 2019drilling result▲ GoodMajor
Dorado-2 confirmed a major resource: an oil-water contact in the Caley as planned (about 40 m net oil pay), gas-condensate in the Baxter, and a water-wet Crespin. Raises confidence in a fast-tracked Caley oil development. Updated volumes to follow.
29 May 2019drilling progress report● Neutral
Dorado-2 cut 233 m of core and is at about 4,500 m. Early logging-while-drilling tool readings suggest similar reservoirs to Dorado-1 with indications of hydrocarbons; definitive results await wireline logging.
21 May 2019drilling progress report● Neutral
Dorado-2 has reached the coring point at about 3,935 m. About 200 m of core will be cut across the Caley and Baxter reservoirs, with no information available during coring. No new result.
13 May 2019drilling progress report● Neutral
Dorado-2 has drilled to about 2,250 m with 13-3/8 inch casing set at about 1,230 m. No hydrocarbons are expected in this section; no new result.
3 May 2019drilling spud● NeutralMajor
Dorado-2 drilling has begun, about 2.2 km from Dorado-1, with surface casing set. It targets a down-dip position to find hydrocarbon contacts, with a planned depth of around 4,550 m. Carnarvon holds 20%.
29 Apr 2019drilling progress report● Neutral
The Noble Tom Prosser rig is nearly on location for Dorado-2, the first appraisal of the 2018 Dorado discovery. Roc South-1 and Dorado-3 follow. Carnarvon holds 20%. Ahead of the planned May spud.
29 Jan 2019drilling scheduled▲ GoodMajor
Roc South-1 is added to the 2019 programme, to be drilled straight after Dorado-2, before Dorado-3. Target is 74 MMboe gross Pmean (undrilled) with 63% chance of success. Carnarvon holds 20%. Follows the October 2018 prospect estimates.
4 Dec 2018drilling scheduled▲ GoodMajor
The Noble Tom Prosser jack-up rig is secured for two firm Dorado appraisal wells, the first around April 2019. Partners are Carnarvon 20% and Santos 80% operator. Moves Dorado from discovery toward a 2020 investment decision.
15 Oct 2018resource reserve update▲ GoodMajor
Carnarvon assessed three oil prospects near Dorado: Roc South (56 MMbbl gross Pmean recoverable, 63% chance of success), Pavo (82 MMbbl) and Apus (612 MMbbl). They are prospective, undrilled resources. Delivers the follow-up details promised after Dorado.
20 Aug 2018resource reserve update▲ GoodMajor
Carnarvon booked Dorado gross contingent resources: 2C 171 MMbbl oil, 16 MMbbl condensate and 552 Bscf gas (283 MMboe); 1C 128 and 3C 566 MMboe. CVN's 20% net 2C is 57 MMboe. Resolves the pending Dorado resource revision.
13 Aug 2018drilling result▼ BadMajor
Phoenix South-3 found a 131 m gross hydrocarbon column in the Caley, but only ~16 m net reservoir at 8% porosity. Sampling recovered no hydrocarbons, and permeability was at the low end of expectations. Core analysis over months must show whether it can flow commercially; rig being released.
