Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2010production update● Neutral
Deliveries to the Bangkok refinery resume on 21 May in restricted hours, with normal schedule expected from 23 May. Disruption was under 48 hours, handled via tank storage, with no impact on drilling. Resolves the 20 May curtailment.
21 May 2010drilling progress report● Neutral
Production is 6,500 bopd gross, behind plan because only half the forecast wells were drilled, partly from well-bore collapses. New wells average about 400 bopd. L44W-A15ST1 found 60 m of reservoir. The 9,000 bopd gross average target is retained.
20 May 2010drilling progress report▲ Good
Phoenix aeromagnetic survey of 15,856 km² is complete. The 1,100 km² 3D and 410 km 2D seismic surveys remain on schedule for mid-to-late July, taking about six weeks. Continues the Bedout Q2 seismic thread.
20 May 2010production update▼ Bad
PTT, Thailand's national oil company, asked the operator to curtail crude deliveries to the Bangkok refinery for 24 hours amid unrest. Field output was cut to 5,600 bopd and stored in tanks. No security issues at the site.
23 Apr 2010asset acquisition disposition▲ GoodMajor
Carnarvon wins 100% of new permit WA-443-P offshore WA, next to its four 50% Phoenix permits, giving five Bedout Sub-basin permits over 28,300 km². Firm work is 1,400 km of 2D reprocessing. Phoenix surveys cost about A$3m net, with a farm-out planned afterwards.
15 Apr 2010drilling progress report● Neutral
Operator sets a 2010 sales target of 10,000 bopd gross, with up to 27 development wells on one rig from late April. NSE-G3 is suspended for later sidetracking. Five wells were drilled in Q1; Thai political unrest has not affected operations.
12 Apr 2010investor presentation● Neutral
April 2010 investor presentation. The text supplied contains only the disclaimer and section headings, with no figures or new information.
31 Mar 2010resource reserve update▲ GoodMajor
Year-end 2009 audit by Gaffney Cline lifts net 2P reserves 48% to 24.5 million barrels (up 9.0m before 2009 production of 1.1m). 1P is 6.4m and 3P 57.0m. Confirms the expected increase from the 2009 Bo Rang North discoveries.
9 Mar 2010farm in farm out agreement▲ Good
Partner Rialto farms out 20% of WA-399-P to Jacka Resources, leaving Carnarvon operator at 50%, Rialto 30% and Jacka 20%. Jacka carries the upcoming seismic. A mapped prospect resembles the Macedon Trend; Carnarvon's own stake is unchanged.
9 Mar 2010drilling scheduled▲ GoodMajor
Carnarvon finished interpreting 550 km of L20/50 seismic, identifying 23 leads across five play types. Five to six are high-graded; one firm and two contingent wells are planned for Q4 2010, subject to approvals. Continues the early-February review thread; no well drilled yet.
9 Mar 2010drilling scheduled● Neutral
Partner Sun Resources re-releases Carnarvon's L20/50 update: seismic interpretation complete, 23 leads, nine locations for environmental approval, one firm and two contingent wells in Q4 2010. Repeats the Carnarvon announcement with no new information.
4 Mar 2010asset acquisition disposition● Neutral
Pancontinental takes up Carnarvon's shares of EP110 and EP424 Carnarvon Basin, raising its interest from 25% to 38.462%. Carnarvon had withdrawn because the potential reward was no longer material to its operations. Another partner also took shares; this confirms the exit.
2 Mar 2010material agreement▲ GoodMajor
Carnarvon signs the L52/50 and L53/50 concessions in Thailand (about 6,950 km², 50% with operator Pearl Oil). Three-year commitment is about US$2.5m gross, US$1.3m net. This completes the earlier applications and adds new acreage outside the Phetchabun Basin.
2 Mar 2010regulatory community update● Neutral
Tap Oil reports Indonesian government approval of its 24% Rangkas farm-in, with Lundin operating at 51% and Carnarvon at 25%. Up to 500 km of seismic is planned for first half 2010. This is a partner's announcement and does not state Carnarvon's own approval status.
1 Mar 2010half year report▼ Bad
Half-year to December 2009: sales revenue fell 47% to A$31.6m and net profit fell 64% to A$7.4m, no dividend. Attributed to a lower A$ oil price and reduced production during exploration-focused drilling. Net tangible assets are 5.0 cents per share.
10 Feb 2010drilling result▼ Bad
NSE-G3 hit its deep volcanic target about 175 m deeper than expected because of an unmapped fault, so the objective was not tested. A sidetrack is planned after development drilling. Next three months focus on development drilling, using a new Elite rig expected to cut costs.
27 Jan 2010drilling progress report▲ Good
BR-2ST2, the third Bo Rang B horizontal well, is producing 866 bopd. NSE-G2, completed as a producer after the drill string stuck, makes 130 bopd with 80% water. High-impact NSE-G3 exploration well is nearing its target depth.
20 Jan 2010joint venture update▲ Good
Partner Sun Resources reports its preliminary in-house review of the L20/50 seismic confirms prospectivity, with new prospects alongside earlier leads. Carnarvon's full interpretation is awaited, with a joint venture review expected in early February 2010. Partner's view; no drilling decision yet.
22 Dec 2009regulatory community update▲ GoodMajor
Bo Rang North production licence is granted over about 39 km² covering L44-W, Bo Rang A and B and NSE-F1, for 20 years. This resolves the key open thread. Environmental approval also covers 18 drilling pads (up to 54 wells), with construction starting January.
18 Dec 2009asset acquisition disposition▲ GoodMajor
Government approves the award and transfer of the four Bedout Sub-basin permits, WA-435 to 438-P. Carnarvon now holds 50% of each, with Finder holding the rest, completing the swap agreed in heads of terms. Year 1 work is accelerated to about 1,100 km² of 3D seismic in 2010.
17 Dec 2009drilling progress report▲ Good
Further Bo Rang B success: BR-4D1 on test at 900 bopd. Gross output is about 6,950 bopd, at the higher end of December quarter guidance. March quarter guidance is 6,750-8,000 bopd gross. Si Thep-2 deep sandstone flows only about 14 bopd. Production licence expected within 14 days.
30 Nov 2009admin correction● Neutral
Administrative notice naming Philip Huizenga as the competent person for the AGM presentation's reserves information, plus proxy vote tallies. All three resolutions show large majorities in favour. No new substance.
27 Nov 2009investor presentation● Neutral
AGM presentation restates known facts: 2P reserves 16.6 MMbbl, 685m shares, A$29m cash at 30 September (after A$6.5m tax provision), no debt. Plans about 25 Thailand wells and a reserves audit due March 2010. Nothing materially new.
27 Nov 2009farm in farm out agreement● Neutral
Tap Oil announces its own 24% farm-in to Rangkas from Lundin, leaving Lundin 51% and Carnarvon 25%. Carnarvon's 25% is unchanged. Up to 500 km of 2D seismic is planned for first half 2010; Indonesian government approval is still needed.
13 Nov 2009drilling result▲ GoodMajor
Bo Rang B horizontal well BR-3D1 flows 700 bopd at 446 m, confirming both Bo Rang A and B commercial. L44-W4ST1 is producing 650 bopd on test; L44-W3ST1 was unsuccessful (water only). Si Thep-2 finds a 9 m sandstone, now being tested.
14 Oct 2009drilling progress report▲ Good
Further Bo Rang and L44-W appraisal success: L44-VD2ST2, a second horizontal well in Bo Rang "A", tests 548 bopd. L44-W2 flows gas from a shallow zone, and L44-W4ST1 recovers oil and gas. Si Thep-2, a high-impact deep exploration well, has begun drilling.
9 Oct 2009annual report● Neutral
The 2009 annual report is released, repeating the figures already announced: revenue up 59% to A$100.8m, profit after tax up 133% to A$36.4m, and 2P reserves up 46% to 16.6 million barrels. The chairman says new ventures outside Thailand should be announced.
2 Oct 2009director officer appointment● Neutral
Adrian Cook, former Managing Director of Buru Energy, joins on 2 November 2009 as General Manager (Finance and Corporate Development). COO Philip Huizenga is promoted to General Manager (Operations). Both report to MD Ted Jacobson.
18 Sept 2009resource reserve update▲ GoodMajor
Gaffney Cline assesses net contingent resources (2C) of 11.3 MMbbl: Bo Rang A and B 9.6, L44-W 1.7 (L44/43 portion only). A further 4.1 MMbbl of prospective resource at NSE-F1 extension. Conversion to reserves depends on the production licence being granted.
18 Sept 2009farm in farm out agreement▲ GoodMajor
Carnarvon farms into the 3,977 km² Rangkas block onshore West Java, Indonesia, for a 25% interest, with Lundin Petroleum holding 75% and operating. It is a new venture outside Thailand. 2D seismic is due in 2010, and the deal needs Indonesian government approval.
