Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2010director officer appointment● Neutral
Bill Foster, Perth-based energy adviser to Marubeni with a 40-year industry career, joins as non-executive director and sits on the Audit and Remuneration Committees. Fills the board seat left by Ken Judge's 15 July retirement.
16 Aug 2010drilling result▼ Bad
Roc Oil repeats that Tuatara-1 reached 1,911 m with minor oil shows at 1,790-1,850 m and no economic zones on logs; cement plugs being run before abandonment. Third-party release confirming Carnarvon's earlier dry-hole news; nothing new.
16 Aug 2010drilling result▼ BadMajor
Tuatara-1, Carnarvon's first New Zealand well (10%), reached 1,911 m and is being plugged and abandoned. Only minor oil shows at 1,790-1,850 m, and logs found no zones of economic potential. The 80 million barrel target was not realised. Dry hole.
16 Aug 2010drilling result▼ Bad
Carnarvon's own release repeats that Tuatara-1 (10%) hit 1,911 m, had only minor oil shows, and logs showed no zones of economic potential. Well is being plugged and abandoned. Duplicates the earlier dry-hole report.
12 Aug 2010drilling progress report● Neutral
AWE reports Tuatara-1 drilling ahead at 1,796 m, 814 m since the last report, toward 2,025 m. Gas shows await logging. Third-party release.
12 Aug 2010well test result▲ GoodMajor
L33-2 tested 2,370 bopd gross (948 net), proving a second oil-bearing well in L33. WBEXT-1 is now on a 90-day production test, lifting output to 7,600 gross (3,040 net). Another 3,470 gross is shut in awaiting a production licence, application targeted early September.
12 Aug 2010drilling progress report● Neutral
Roc Oil repeats that Tuatara-1 is at 1,796 m, 814 m progress, with gas shows to be assessed by logs. Third-party release.
12 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 1,796 m, drilling ahead toward 2,025 m. Earlier gas shows will be assessed by logs after total depth.
9 Aug 2010drilling progress report● Neutral
Roc Oil repeats that Tuatara-1 is at 982 m with intermittent gas shows and no oil shows to date. Third-party release; nothing new.
9 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 982 m with intermittent gas shows from 780-900 m. No oil shows reported so far; significance awaits logging at total depth.
9 Aug 2010drilling progress report● Neutral
AWE reports Tuatara-1 drilling at 982 m with intermittent gas shows between 780 and 900 m, to be assessed by logs after total depth. No oil shows so far. Third-party release.
5 Aug 2010drilling progress report● Neutral
Operator AWE reports Tuatara-1 at 773 m after setting 13-3/8" casing, 613 m progress in the week. Carnarvon holds 10%. No results yet. Third-party release.
5 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 773 m after running casing, 613 m of progress in the week, toward a proposed 2,025 m. No results yet.
5 Aug 2010drilling progress report● Neutral
Roc Oil reports Tuatara-1 at 773 m, 613 m progress in the week, after casing and blowout preventer set. No results. Third-party release repeating Carnarvon's update.
29 July 2010well test result▲ GoodMajor
Two Thai exploration wells flowed oil: L33-1 about 1,100 bopd gross (440 net) in L33, the first commercial discovery there, and WBEXT-1 over 2,500 bopd gross (1,000 net) in L44. Together about 3,600 bopd. Sales need production licences; appraisal wells follow.
29 July 2010drilling spud● Neutral
Roc Oil reports Tuatara-1 spudded on 28 July and was at 160 m. It also exercised an option on 23 July to lift its permit interest to 20%. Carnarvon stays at 10%. Third-party release.
29 July 2010drilling spud● Neutral
Partner Rawson relays Kea's release that Tuatara-1 began drilling on 27 July, targeting 2,000 m with an 80 million barrel median resource. NZ approval for Kea's 10% is mentioned. Third-party notice confirming the spud expected for late July.
29 July 2010drilling spud● Neutral
Operator AWE reports Tuatara-1 began drilling on 28 July and was at 160 m after setting conductor. Planned depth is 2,025 m. Carnarvon's NZ subsidiary holds 10%. Third-party release duplicating Carnarvon's own announcement.
29 July 2010drilling spud● NeutralMajor
Carnarvon confirms Tuatara-1, its first New Zealand well, started drilling on 28 July in PEP 38524 and was at 160 m. The target is the Moki Sandstones, to a proposed 2,025 m. Carnarvon holds 10%. Spud was expected late July.
20 July 2010other● Neutral
A third-party release on ADX's Lambouka-1 well offshore Tunisia. It does not mention Carnarvon, and nothing in it affects Carnarvon's interests; treat as irrelevant.
15 July 2010farm in farm out agreement● Neutral
Rialto, Carnarvon's WA-399-P partner, re-releases the same Apache farm-out terms (Apache 60% operator, Carnarvon 13%, Rialto 12%, Jacka 15%). Adds only Rialto's own comments; nothing new for Carnarvon shareholders.
15 July 2010farm in farm out completion● Neutral
Jacka Resources re-releases the WA-399-P farm-out, confirming it signed revised farm-in agreements. Final interests: Apache 60% operator, Jacka 15%, Carnarvon 13%, Rialto 12%. No new information beyond Carnarvon's own 14 July announcement.
15 July 2010director officer appointment● Neutral
Non-executive director Ken Judge, on the board since April 2005, has stepped down, citing the demands of his international board commitments. The board is reviewing its size and composition, and a replacement is to be announced soon.
14 July 2010drilling scheduled● Neutral
Third-party notices say Tuatara-1 should spud before end of July, once AWE's rig finishes the nearby Kahu-1 well. Results are expected before end of August. Carnarvon holds 10%. Confirms the timing; this is not Carnarvon's own announcement.
14 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms out WA-399-P: Apache takes 60% and operatorship by funding a 3D seismic survey in late 2010, replacing planned 2D. Carnarvon falls from 50% to 13%, receiving cash from Jacka. Resolves the pending Jacka thread; frees budget for new projects.
5 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms into New Zealand's PEP38524 to earn 10% by funding part of the Tuatara-1 well, targeting 80-100 million barrels with about 25% chance of success. Its share of cost is US$2.4-2.8m. Needs NZ government approval. New country for Carnarvon.
30 June 2010drilling scheduled▲ Good
Partner Sun Resources relays that the L20/50 environmental assessment for the three best targets was submitted on schedule. Drill sites are leased, and a campaign is on track to start late 2010. Continues the L20/50 drilling plan.
30 June 2010drilling result▼ BadMajor
Five new wells extended the Bo Rang North oil envelope but did not deliver the expected 400 bopd each. Output stays about 6,500 gross (2,600 net). L44W-A14 found little oil near the 3P limit. Only 6-9 more development wells are now planned for 2010, down from 18.
30 June 2010admin correction● Neutral
Re-release of the 4 June Thailand update, still dated 4 June, with identical content. Appears to be a mistaken lodgement, later replaced by a corrected update; no new information.
4 June 2010production update● Neutral
Carnarvon confirms the May curtailment ended with no material production impact; all stored oil was sold. Output is about 6,500 bopd gross (2,600 net). Recaps earlier announcements.
