Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2011quarterly activities report▼ BadMajor
September quarter net production was 91,892 bbls (999 bopd), down 2%, with revenue A$8.66m and cash A$12.3m, no debt. The joint venture expects Gaffney Cline to report lower reserves at 31 Dec 2011, due to L33-2 and WBEXT results; WBEXT sandstone drilling slips to early 2012.
12 Oct 2011drilling result▲ GoodMajor
NSE F6 well flows about 1,000 bopd gross (400 net), the first high-rate well in that field, and three follow-up wells are planned. Thai production is now 1,300 bopd net. WBEXT sandstone drilling is delayed to January 2012 by environmental approvals.
11 Oct 2011annual report● Neutral
The 2011 Annual Report repeats the earlier results: A$2.2m profit after A$11.2m exploration write-offs, 2P reserves down 16% to over 20 MMbbl, and the two dry L20/50 wells. The chairman says the focus is shifting to steadier sandstone production.
29 Sept 2011investor presentation● Neutral
Asia Oil Week presentation by Philip Huizenga. It repeats known material: FY11 activity (25 wells, 731,544 bbls produced), 20 MMbbl 2P reserves, A$15m cash with no debt, and the WBEXT water problem. No new information.
15 Sept 2011investor presentation● Neutral
Macquarie conference presentation by MD Adrian Cook. It restates known points: about 20 MMbbl 2P reserves, A$15m cash, no debt, and that WBEXT wells suffered early water incursion and later drilling could not replicate early results. Largely repeats prior information.
7 Sept 2011investor presentation● Neutral
Presentation by COO Philip Huizenga at the Good Oil Conference. It repeats known facts: A$14.8m cash with no debt, 20.4 MMbbl 2P reserves, Phoenix 3D interpretation then farm-out, and 50% of L20/50 to be relinquished 21 Jan 2012. Nothing materially new.
1 Sept 2011annual report▼ BadMajor
FY2011 net profit was A$2.16m, down 85% from A$14.4m, after A$11.2m of exploration write-offs. Revenue fell 16% to A$54.8m. No dividend. Auditor is now named as Crowe Horwath, and cash is A$14.8m.
1 Sept 2011investor presentation● Neutral
Corporate presentation by MD Adrian Cook to Hong Kong and Singapore investors. It repeats known facts: 2P reserves of 20.4 MMbbl, cash of A$14.8m, no debt, and a Phoenix farm-out after interpretation. Nothing new.
18 Aug 2011drilling progress report● Neutral
July Thai production averaged 2,788 bopd gross (1,115 net). NSW-A exploration well was suspended after a tight objective and oil shows below. Around 14 development wells and up to five exploration wells are planned for the rest of 2011; a second rig may be available around October.
29 July 2011quarterly activities report● Neutral
June quarter production held at about 2,500-3,000 bopd, described as cash-flow positive. The second rig was stood down after a month, and drilling is focused on older volcanic areas while sandstone wells await environmental approvals. Phoenix 3D work supports multi-Tcf prospects.
15 July 2011other● Neutral
Phil Huizenga, promoted to Chief Operating Officer, is issued 2.5m shares at A$0.23 under the employee share plan. Shares on issue rise to 690.3m. Dealing restrictions are staged over years two to four.
14 July 2011drilling result▲ GoodMajor
WBEXT-1F found two new sandstone pools (D sand producing about 83 bopd gross), and WBEXT-2BST1 is producing a restricted 1,100 bopd gross. Thai production is 3,365 bopd gross (1,346 net). Several other wells are being tested or drilled.
13 July 2011investor presentation▲ Good
Progress report on Phoenix: preliminary 3D data (1,100 km2) supports several multi-Tcf prospects, with possible condensate. Interpretation will finish before a farm-out to share risk, and strong interest could accelerate it. Builds on the earlier farm-out plan for late 2011.
8 July 2011other● Neutral
New MD Adrian Cook writes to shareholders: early-2011 production fell because of WBEXT well declines, and a second rig has been added. Early Phoenix 3D results support prospects, with a fuller update promised. He acknowledges a difficult year for shareholders.
29 June 2011director officer appointment● NeutralMajor
CEO Ted Jacobson retires from the executive role on 30 June 2011 after about five years, becoming a non-executive director and consultant. Adrian Cook, previously General Manager (Corporate), becomes CEO and Managing Director from 1 July on A$500,000 fixed pay. Philip Huizenga takes a growth-focused role.
20 June 2011drilling scheduled▲ Good
The Thai joint venture adds a second rig (EMAS 700) alongside Elite 01 to drill sandstone and volcanic targets at once. An indicative 26-well remaining 2011 program is listed, subject to JV approvals. Carnarvon holds 40%.
3 June 2011other▼ Bad
S&P announced that Carnarvon (CVN) would be removed from the S&P/ASX 200 index after the close of trading on 17 June 2011, as part of the June quarterly review. S&P noted that index changes do not reflect an opinion on a company's investment merits.
27 May 2011production update● Neutral
Thai production is 2,842 bopd gross (1,136 net), below recent levels. WBEXT-1E sand well flows 230-300 bopd, six sandstone infill wells are planned, and a 500 km seismic survey has begun on L52/L53. L20/50 test results are due September quarter.
25 May 2011other● Neutral
Administrative notice: share registry services move to Link Market Services from 6 June 2011. No effect on holdings or operations.
10 May 2011investor presentation● Neutral
Hartleys presentation by CEO Ted Jacobson, apparently the same material as the 9 May presentation: 688m shares, A$24m cash, no debt, 2P 20.4 MMbbl. Nothing new.
9 May 2011investor presentation● Neutral
May 2011 investor presentation by CEO Ted Jacobson repeating known facts: 688m shares, A$24m cash at March, no debt, 2P 20.4 MMbbl, and the Phoenix farm-out and exploration plans. Nothing new.
27 Apr 2011quarterly activities report▼ Bad
March quarter: net production 109,960 bbl (1,222 bopd), revenue A$10.0m versus A$17.7m. Cash A$23.7m, no debt. Two L20/50 wells drilled, described as moderately successful; Phoenix farm-out expected from late 2011. Share price A$0.345.
15 Apr 2011production update▼ Bad
Net Thai oil sales averaged 1,222 bopd in the March quarter (versus 2,645 bopd in the December quarter), reflecting the shut-in of three WBEXT wells and water in WBEXT-1C. WBEXT production licence was granted 24 February and the wells restarted at reduced rates.
8 Apr 2011resource reserve update▼ BadMajor
GCA certified Thai 2P reserves at 20.4 MMbbl net at 31 Dec 2010, down 17% from 24.5 MMbbl. New WBExt (5.5) and L33 (1.9) additions were outweighed by a 10.5 MMbbl Na Sanun East downgrade. 1P is 4.7, 3P 51.9; 2P NPV A$307m, A$0.45 per share.
21 Mar 2011joint venture update● Neutral
Phoenix 3D/2D seismic in the Bedout Sub-basin finished 16 February; processing was 25% done at 11 March, with 3D data due July 2011. Interpretation is to finish by November 2011, after which Carnarvon and Finder plan to farm out.
17 Mar 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas (7.5% of L20/50), repeats Carnarvon's report that Krai Thong-1 found water and will be abandoned, with Chalawan deferred. Notes over 90% Peak acceptances, offer closing 17 March. No new Carnarvon information.
17 Mar 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Krai Thong-1 found water in tested zones and will be plugged and abandoned, with Chalawan deferred. Sun holds 42.5% of L20/50. No new Carnarvon information.
17 Mar 2011drilling result▼ BadMajor
Krai Thong-1 (37 MMbbl gross target) will be plugged and abandoned: wireline testing found water as the mobile fluid. Chalawan drilling is deferred. This is the second dry L20/50 well after Tapao Kaew; reservoir quality and seals were good, and a basement fracture network was noted.
16 Mar 2011drilling progress report● Neutral
Operator Apache completed the Gazelle 3D seismic survey over WA-399-P on schedule on 11 March, fully funded by Apache under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before the JV decides next steps.
14 Mar 2011drilling progress report● Neutral
Krai Thong-1 stopped at about 1,300 m, short of the planned 1,425 m, after hard rock slowed drilling. Operator believes all targets were penetrated. Several sandstone zones with elevated resistivity and minor oil shows await wireline testing; no result yet.
