8 Feb 2011drilling progress report● Neutral
Tapao Kaew-1 has drilled to 605 m and is logging the intermediate section. First targets are expected within 3-4 days and total depth (~1,715 m) within 6-8 days. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2011drilling progress report● Neutral
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's update that Tapao Kaew-1 is at 605 m and logging. No new information.
1 Feb 2011drilling spud● Neutral
Raisama, via Peak Oil & Gas, re-reports Carnarvon's update that Tapao Kaew-1 has spud and is drilling at 112 m. Peak is earning 7.5% of L20/50. No new information on Carnarvon.
1 Feb 2011drilling spud● NeutralMajor
Carnarvon's first operated Thailand exploration well, Tapao Kaew-1 on L20/50, spudded late January and was drilling at 112 m on 1 February. Target depth is about 1,715 m, with 21 MMbbl gross potential and reaching depth in about 12 days.
1 Feb 2011drilling spud● Neutral
Partner Sun Resources re-reports Carnarvon's update that Tapao Kaew-1 has spud and is drilling at 112 m, targeting about 1,715 m. Peak still carries Sun's share of this well. Duplicates Carnarvon's own announcement.
19 Jan 2011drilling progress report● Neutral
Partner Sun Resources reports, citing Carnarvon as operator, that rig mobilisation for L20/50 has started, with some equipment at the Tapao Kaew-1 site by 21 January. Repeats known prospect sizes and the Peak carry. No new information.
7 Jan 2011drilling scheduled● Neutral
Raisama, which is acquiring Peak Oil & Gas, repeats Carnarvon's schedule of L20/50 drilling from 17 January. Peak carries 50% of the first well cost (capped at US$1.3m) to earn 7.5%. Nothing new on Carnarvon itself.
7 Jan 2011drilling result▼ BadMajor
Thailand update: WBExt-2AST1, WBExt-3 and WBExt-4 volcanic tests were sub-commercial. WBExt-1C, the main producer, saw water breakthrough on 5 January, cutting it from 3,400 to 2,300 bopd. Field output fell to ~4,700 bopd gross, ~1,900 bopd net to Carnarvon. Contradicts earlier hopes for the extension.
6 Jan 2011drilling scheduled● Neutral
As operator, Carnarvon says L20/50 operations start 17 January 2011, with rig mobilisation taking 5-7 days. Two firm wells and one contingent are planned, 2-3 weeks each. Carnarvon cites over 45 MMbbl net potential. Krai Thong site ready end January, Chalawan mid-to-late February.
21 Dec 2010farm in farm out agreement● Neutral
Partner Sun Resources says it signed a binding deal with Peak Oil & Gas, farming out a capped 7.5% of L20/50 and keeping 42.5%. Peak carries Sun through the first well (Tapao Kaew, 21 MMbbl gross). Drilling targeted January 2011. Carnarvon's 50% is unchanged.
16 Dec 2010other● Neutral
Administrative release of the company's updated share trading policy, effective 1 January 2011 under ASX Listing Rules. No bearing on operations or finances.
14 Dec 2010drilling scheduled● Neutral
Partner Sun Resources re-releases Carnarvon's L20/50 update: rig contracted, January 2011 drilling start. Shows a 42.5% Sun, 50% Carnarvon, 7.5% Peak interest split. No new information.
14 Dec 2010contract award● Neutral
Asia Drilling's AD-1 rig has been contracted for the L20/50 wells, with drilling expected to start in January 2011. Prospect sizes and well plans are unchanged from the 29 November update.
2 Dec 2010drilling progress report▲ Good
Seismic vessel Geo Celtic has left Broome to acquire 1,100 km2 of 3D and 407 km of 2D seismic over the Phoenix gas field area, taking about six weeks. Carnarvon and Finder (50/50) then plan to seek a farm-out partner to fund drilling.
29 Nov 2010drilling scheduled▲ Good
As operator, Carnarvon says L20/50 road and site works are underway, with drilling targeted for mid-January 2011. Two firm wells (Tapao Kaew, Krai Thong) and one contingent (Chalawan) are planned; gross mid-case prospect sizes are 21, 37 and 32 MMbbl.
29 Nov 2010farm in farm out agreement● Neutral
Partner Sun Resources says the L20/50 joint venture has committed to a second firm well, with a third contingent. Peak Oil & Gas will carry Sun's A$1.3m share of the first well to earn 7.5%. Largely repeats Carnarvon's own update of the same day.
26 Nov 2010drilling progress report● NeutralMajor
WBEXT-1A's 3,000 bopd test rate has been choked back to 200 bopd because of water, and WBEXT-2ST2 stopped flowing, possibly separate from the WBEXT-1 pool. WBEXT-1C is producing 3,500 bopd; L33 wells began selling on 20 Nov (1,450 bopd combined). Management still expects 1-1.5 MMbbl annual guidance to be met.
17 Nov 2010investor presentation● Neutral
AGM presentation repeats known facts: 687m shares, A$22m cash at 30 September, 24.5 MMbbl 2P, 10.3 MMbbl contingent resource. Share price A$0.50 on 8 Nov (A$344m market cap), up from A$0.40 in August. L20/50 drilling now Q1 2011.
17 Nov 2010other● Neutral
Chairman's AGM address: three consecutive profitable years, no debt, and A$30m+ cash at June. Acknowledges production volatility and share price weakness, and says the board is patient in seeking value-accretive production acquisitions. Mostly restates known points.
3 Nov 2010resource reserve update▲ GoodMajor
Independent estimate (GCA) puts contingent resources over the new WBEXT and L33 discoveries at 10.3 million barrels net (2C) and prospective resources at 4.5 million barrels net. Carnarvon expects year-end reserve additions to more than offset the expected NSE-F1 downgrades; WBExt-1C to be drilled.
13 Oct 2010investor presentation● Neutral
October investor update repeats known facts: net production about 4,500 bopd, 24.5 MMbbl 2P, A$275m market cap, and upcoming Thailand drilling plus Phoenix and Rangkas seismic. Describes Tuatara-1 as oil and gas shows but not commercial.
5 Oct 2010annual report● Neutral
Annual report acknowledges disappointing share price, blaming production falling short of expectations, and cites recent record WBEXT-1A results. Restates focus on onshore and shallow offshore South East Asia and Australasia. Largely repeats the earlier results.
29 Sept 2010well test result● Neutral
WBEXT-2 is flowing gas at 1.6 million cubic feet a day from the deeper WBV2 volcanic, 1.8 km from the 5,300 bopd WBEXT-1A, suggesting oil may lie down-structure. WBEXT-2A has spudded to test a deeper, untested volcanic.
23 Sept 2010well test result▲ Good
WBExt-1B flowed 550 bopd gross (220 net) from shallow sandstone, but its volcanic zone was near the oil-water contact, defining a 73 m oil column. Total gross production is 12,585 bopd (5,034 net); the L33 licence is now expected in January 2011.
9 Sept 2010regulatory community update▲ Good
Partner Sun Resources reports Thai authorities approved the nine environmental assessments for L20/50, clearing the way for drilling in late 2010 of one firm and two contingent wells. Carnarvon (50%, operator) is preparing well designs.
8 Sept 2010well test result▲ GoodMajor
WBExt-1A flowed 5,300 bopd gross (2,120 net) over 62 hours from a deeper volcanic zone, a record for onshore Thailand. It is shut in awaiting approval of a 90-day test; a WBEXT production licence application is planned for September.
7 Sept 2010investor presentation● Neutral
Good Oil conference presentation repeats known facts: 687m shares, A$275m market cap at A$0.40, 24.5 MMbbl net 2P, L33 production expected around Jan-Feb 2011. No new information.
27 Aug 2010drilling progress report▼ BadMajor
WBEXT-1 has averaged 3,360 bopd gross over 15 days of its 90-day test; WBEXT-1A is setting casing above a deeper volcanic zone. Bo Rang B results matched expectations, but NSE-F1 appraisal will likely cut its 2P to under half of 4.8 million barrels net and remove all 3P.
26 Aug 2010annual report▼ Bad
FY to June 2010 net profit was A$14.4m, down 49.8% from A$28.7m, on revenue of A$65.2m (down 35.3%). Production fell 36% to 868,450 barrels; operating cash flow held at A$32.3m. No dividend.
24 Aug 2010farm in farm out agreement● Neutral
Partner Sun Resources signed a term sheet for Peak Oil & Gas to earn up to 20% of L20/50 by carrying up to US$3.43m of Sun's well costs. Sun keeps at least 30%; Carnarvon stays 50% operator, first firm well planned December quarter 2010.