14 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 stopped at about 1,300 m with minor oil shows in several sandstone zones, wireline logging to follow. No new Carnarvon information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2011investor presentation● Neutral
Austock conference presentation by CEO Ted Jacobson restating strategy: use Thai cash flow to grow in SE Asia/Australia. Cites 688m shares, A$275m market cap, A$29m cash, no debt. Nothing new.
8 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 has set casing at 605 m and is preparing to drill the final section to TD (planned ~1,425 m) over 3-4 days. No new Carnarvon information.
8 Mar 2011drilling progress report● Neutral
Krai Thong-1 has drilled to 605 m and set casing, and is about to drill the 8½-inch section to a planned ~1,425 m over 3-4 days. No results yet; logs will decide testing or abandonment.
8 Mar 2011drilling progress report● Neutral
Raisama repeats Carnarvon's update that Krai Thong-1 is at 605 m with casing set. It says it has acceptances for over 90% of Peak shares, with its offer closing 17 March. No new Carnarvon information.
1 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 spudded and was at 132 m running casing on 1 March. Adds that the rig left Tapao Kaew on 21 February. No new information.
1 Mar 2011drilling progress report● Neutral
Operator Apache began the 'Gazelle' 3D seismic survey over WA-399-P on 28 February, about 12 days long. Apache pays for it under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before any next step is decided.
1 Mar 2011drilling spud● Neutral
Krai Thong-1, second L20/50 well (37 MMbbl gross target, TD ~1,425 m), spudded 28 February after Tapao Kaew's dry result. It had drilled to 132 m and was running casing. Targets are expected within 9-12 days.
23 Feb 2011half year report● Neutral
Text not readable. The half-year report to 31 December 2010 is garbled, so no figures can be taken from it. Fragments suggest the result includes Tuatara well drilling costs and a charge from translating US dollar cash reserves.
21 Feb 2011drilling result▼ BadMajor
Tapao Kaew-1, Carnarvon's first operated Thai exploration well on L20/50 (21 MMbbl gross target), reached 1,792 m and found no hydrocarbon-bearing reservoir. It will be plugged and abandoned. A lower section was inconclusive due to failed logging tools. Rig moves to Krai Thong.
21 Feb 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Tapao Kaew-1 reached 1,792 m, found no hydrocarbons and will be plugged and abandoned. Notes Peak has completed its free carry of Sun on this well. Nothing new for Carnarvon.
21 Feb 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's report that Tapao Kaew-1 reached 1,792 m without finding hydrocarbon-bearing reservoir and will be plugged and abandoned. No new Carnarvon information.
15 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m, no significant reservoir or hydrocarbon shows yet. Adds prospect background and the Peak carry. No new information.
15 Feb 2011drilling progress report▼ Bad
Tapao Kaew-1 was at 1,600 m of a planned 1,715 m. No significant reservoir sands or hydrocarbon shows so far, with slower drilling through claystone. Deeper sands are still hoped for. Logs in 2-3 days decide testing or abandonment.
15 Feb 2011drilling progress report● Neutral
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m with no significant reservoir sections or shows yet. Mostly background on Raisama's Peak offer. No new Carnarvon information.
10 Feb 2011production update● NeutralMajor
Thai joint venture (Carnarvon 40%) proposes a 2011 budget of $26m net for up to 34 wells, and Carnarvon targets 1.0-1.5 MMbbl a year. January sales averaged 1,300 bopd net, with ~1,200 bopd net shut in awaiting the WBEXT licence, expected within 20 days. Water cut at WBEXT-1C stabilised at 83%.
8 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 605 m, logging, with first targets in 3-4 days. No new information.
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.
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.
28 Jan 2011quarterly activities report● Neutral
December quarter net sales were 2,645 bopd (A$17.7m at A$72.74/bbl), flat on September; net cash rose to A$28.8m from A$22.1m. L20/50 first well to spud 29 January. WBEXT licence approval expected by end February, with ~1,700 bopd net shut in awaiting it.
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.