Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2009drilling result▲ GoodMajor
Two new Bo Rang oil fields confirmed. Bo Rang "A" flows 686 bopd plus 3.29 MMscf/d of gas from a horizontal well. Bo Rang "B" flows only 36 bopd. This resolves the earlier minor-oil Bo Rang wells. Seven more wells are planned by year end and a production licence is expected by year end.
3 Sept 2009investor presentation● Neutral
Conference presentation repeats known facts: 683m shares, 60c, A$409m market cap, 16.6 mmbbl 2P, A$36.4m profit. It states cash of A$31.1m at 30 June (including tax provisions), no debt, and says L20/50 interpretation will complete at end 2009.
31 Aug 2009joint venture update● Neutral
Partner Sun Resources restates that the 548 km L20/50 seismic survey was completed on 28 August. Repeats the thirteen mapped leads, four possibly over 50 mmbbl in place, and up to four wells in 2010. Re-release of Carnarvon's news, with nothing new.
31 Aug 2009drilling progress report● Neutral
Mixed Thai appraisal news. Bo Rang-2 tested up to 1,200 bopd but was sidetracked after operational problems; the sidetrack is cleaning up. L44-W2's main zone is tight, L44-VD2 is sub-commercial, and NSE-J1 and J2 disappoint. L44-W4 has spudded.
31 Aug 2009regulatory community update▲ Good
Carnarvon completes 548 km of 2D seismic on L20/50, 48 km more than the committed 500 km, with preliminary data of excellent quality. Processing will be fast-tracked to pick locations for up to four wells in 2010. No results yet.
28 Aug 2009annual report▲ Good
Full-year to June 2009: revenue A$100.8m (up 59.8%) and profit after tax A$36.4m (up 132.7%), with no dividend. Net tangible assets are 7.0 cents per share. Confirms the Thailand-driven growth already seen in quarterly reports; the 2P reserve of 16.6 MMbbl is unchanged.
18 Aug 2009joint venture update▲ Good
Partner Sun Resources reports 75% of the 500 km L20/50 seismic is recorded, with data of excellent quality and an extra sub-basin seen in the south. The survey gains 48 km. Thirteen leads are mapped, four possibly over 50 mmbbl in place. Repeats Carnarvon's own news.
18 Aug 2009joint venture update▲ Good
Carnarvon, as operator, says over 75% of the L20/50 seismic is acquired and early data is of excellent quality. An additional sub-basin in the south leads it to add about 48 km of survey at minimal cost. No resource figures given.
5 Aug 2009farm in farm out agreement▲ GoodMajor
Carnarvon agrees, subject to government ratification, to swap 50% of its new WA-435-P for 50% of three neighbouring Finder permits (WA-436/437/438-P). Finder operates all four, covering over 21,000 km². Targets are possible multi-Tcf gas structures, unproven.
29 July 2009joint venture update● Neutral
Carnarvon, as operator, reports over 50% of the 500 km L20/50 2D seismic survey recorded, with completion on schedule for end August 2009. Short progress note, no results.
29 July 2009joint venture update● Neutral
Partner Sun Resources reports over 50% of the 500 km L20/50 seismic survey recorded, on schedule to finish by end August 2009. Drilling of up to four wells is targeted afterwards. No new results.
28 July 2009asset acquisition disposition▲ GoodMajor
Carnarvon wins 100% of new offshore permit W08-11 in the Bedout Sub-basin, WA, where earlier Phoenix wells found thick gas columns of unproven flow rate. Firm commitment is about $500,000 for seismic reprocessing and studies over three years.
14 July 2009regulatory community update▲ Good
Environmental approval received for L20/50 in Thailand, where Carnarvon is operator with 50%. The 500 km 2D seismic survey is now underway, due to finish by end August 2009. This follows the planned 2009 seismic program.
14 July 2009joint venture update● Neutral
Partner Sun Resources re-states Carnarvon's announcement that L20/50 environmental approval is received and 500 km of 2D seismic is underway. Adds Sun's view that four leads may hold over 50 mmbbl in place, with up to four wells targeted in 2010.
30 June 2009drilling result● Neutral
NSE-I1 finds oil in a shallow zone but flows only 75 bopd with about 200 bbl/d water. Bo Rang-1 RD gets only minor oil, so Bo Rang-2 is drilling. J1 and J2 development wells hit good fluid losses; L44-W2 appraisal about to spud.
28 May 2009drilling result▲ GoodMajor
NSE-H3 finds a new shallow oil pool at 610 m, pumping 840 bopd, with no reserves previously booked there. The deeper main target was lost to a collapsing hole and will be re-drilled. Eight other wells crossed this zone untested, so more wells are planned.
26 May 2009investor presentation▲ Good
Go West presentation repeats 16.6 mmbbl 2P and 37 mmbbl 3P, with $77m cash and no debt. Shares are 60 cents, market cap $409m, up from 35 cents in March. Contingent resources now about 40 mmbbl, including L44-W. Five brokers rate it Buy.
19 May 2009joint venture update● Neutral
Partner Sun Resources reports seven leads mapped on Thailand block L20/50 (Carnarvon operator, 50%), with a 500 km 2D seismic survey due July 2009 and drilling in 2010. Sun's speculative estimate is over 50 mmbbl in place for the largest leads. Early-stage, partner-sourced.
12 May 2009drilling result▲ GoodMajor
L44-W is confirmed as a potentially significant new oil field, flowing about 1,220 bopd with under 0.5% water, straddling L44/43 and L33/43. This resolves the earlier water-affected test. Appraisal wells and a Bo Rang-1 twin follow; a production licence application is planned.
29 Apr 2009drilling result▲ Good
NSE-E2ST1 sidetrack succeeds at 1,350 bopd, appraising the zone E2 found only 15 barrels in. L44-W tested oil and water, with water traced to a deeper zone being plugged. NSE-H2 makes 420 bopd; NSE-I1 and H3 drilling.
23 Apr 2009other● Neutral
Standard & Poor's notice that Carnarvon will join the S&P/ASX 200 index after close on 30 April 2009, replacing Australian Wealth Management. An index change, not an opinion on merit; no company operational news.
7 Apr 2009investor presentation● Neutral
Conference presentation repeats known figures: 16.6 mmbbl 2P (up 46%), 37 mmbbl 3P, about A$70m cash, no debt, 683m shares. Notes Carnarvon is now the 8th largest ASX-listed oil/gas company and is seeking new ventures. No new results.
1 Apr 2009drilling result● NeutralMajor
NSE-F1 is a new oil discovery, producing about 60 bopd of lighter oil from a possibly separate compartment, and NSE-H1 produces 630 bopd. But NSE-D2ST2 makes only 143 bopd and L44-R2 was tight. Production has fallen to about 9,000 bopd gross (3,600 net) from over 14,000 at year end.
30 Mar 2009investor presentation● Neutral
March investor update repeats the 16.6 mmbbl 2P and 37 mmbbl 3P reserves, with about $70m cash, no debt and a roughly $41m tax payment due May 2009. Shares now 683m, market cap $246m at 35c. Says it is seeking to acquire assets.
17 Mar 2009resource reserve update▲ GoodMajor
Independent audit lifts net 2P reserves 46% to 16.6 mmbbl from 11.4, with 3P at 36.8 mmbbl (down from 45.7) and 1P at 3.7. This resolves the awaited year-end revision. A further 2.6 mmbbl of contingent resource at L44-R is excluded.
6 Mar 2009other● Neutral
Standard & Poor's index rebalance notice listing additions and removals across ASX indices. The visible text does not mention Carnarvon, so it carries no company-specific substance.
27 Feb 2009half year report▲ Good
Half year to December 2008: net profit $21.7m (up from $5.1m) on sales revenue of $60.1m; oil sales 1.73m bbls (100% basis). Cash is $66.2m, no debt, no dividend. Management says lower oil prices may create acquisition and farm-in opportunities.
26 Feb 2009regulatory community update● Neutral
Relays partner Transerv's update on Warro-3, a Perth Basin gas appraisal well on permits where Carnarvon holds a 2.5% cost-free royalty. Drilled to 3,669 m with gas shows; total depth 4,375 m is expected by mid March. Minor, non-core exposure.
26 Feb 2009investor presentation● Neutral
Asia Oil Week presentation repeats known figures: A$71m cash, no debt but tax liabilities, 11.4 mmbbl 2P (Dec 2007), about 5,000 bopd, market cap about $200m. Sets out 2009 drilling plans and a stated aim to look for growth. No new results.
11 Feb 2009drilling result▼ Bad
Exploration wells outside the proven areas disappoint: L44-V Bo Rang tested no oil, gas or water despite shows, L44-CD1 recovered 100% water, and the NSE-E2 deeper zone gave about 15 barrels. Production is steady at about 12,500 bopd. NSE-F1 and NSE-G1 are drilling.
