Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Jan 2009drilling result▼ BadMajor
NSE-E2 missed the main reservoir (faulted out) but found a deeper oil-stained zone, and the NSE-D2 first sidetrack is still above the gas/oil contact. Thailand exited 2008 at 13,446 bopd gross (5,378 net), below the 15,000 gross target. L44-V had strong oil and gas shows.
11 Dec 2008drilling result▲ GoodMajor
NSE-E1 exploration well flows about 173 bopd of oil (448 bbl/d of fluid) from a separate new pool west of the main field, an area with no reserves booked in the 2007 report. NSE-E2 will follow. The Bo Rang L44-V appraisal well is also drilling.
28 Nov 2008well test result▲ Good
NSE-D3 tests at 1,130 bopd and NSE-C1, an appraisal in an area previously only 'possible' reserves, at 575 bopd, both still cleaning up. The CEO says C1 is encouraging for moving 3P to 2P at year end. NSE-D2 sidetrack drilling and NSE-E1 exploration continue; net output is above 5,500 bopd.
27 Nov 2008investor presentation● Neutral
AGM presentation repeats known production and reserve figures and cuts planned remaining 2008 wells to four. It outlines a plan to build cash, target distressed assets in the global financial crisis, and grow over 2-5 years, supporting dividends. The text is a stated intention, not a deal.
19 Nov 2008drilling progress report▲ Good
NSE-A4 comes on at about 830 bopd after losing over 64,000 bbls of fluid, and NSE-D1 rises to 1,063 bopd. Field output is approaching 14,000 bopd gross. NSE-D2 flows mainly gas and needs a sidetrack; NSE-D3 and NSE-C1 are about to be tested.
11 Nov 2008investor presentation● Neutral
November update repeats known facts: about 5,000 bopd net now, 6,000 bopd net targeted by year end, 11.4 mmbbl 2P and 45.7 mmbbl 3P, $41m cash. Wells planned for the rest of 2008 are cut to six; market cap is about $198m at 29c.
29 Oct 2008drilling progress report● Neutral
NSE-D1 tests at about 710 bopd and is expected to produce more with a larger pump. NSE-A4 hit severe mud losses and a stuck obstruction, and has tied up the rig for around two months, delaying other development work.
16 Oct 2008annual report● Neutral
Printed 2008 annual report repeats the figures already released on 25 September, including $63m revenue and the 11.38 mmbbl booked reserves. It targets about 6,000 bopd net at year end, with next exploration wells in early 2009. No new information.
8 Oct 2008well test result▲ GoodMajor
NSE-B1 tests at a stabilised 2,650 bopd. Field production was over 11,000 bopd gross before this well, and the CEO says the 15,000 bopd year-end target should be met. NSE-C1 will test an area of possible reserves that could move into 2P.
25 Sept 2008annual report▲ GoodMajor
Full-year to June 2008: net profit after tax of $16.2m, with oil sales of 1,755,000 bbls (100% basis) versus 148,000 the prior year. The first profit after years of exploration confirms the shift to a producer. The chairman's review cites $63m revenue (the profit figure is quoted inconsistently, $16.7m there).
23 Sept 2008well test result▲ GoodMajor
NSE-A2 and NSE-B2 flow a combined 3,480 bopd gross (1,392 net) at Na Sanun East. The plan is now 20-25 wells into mid 2010, with about four appraisal wells to the north-east where Carnarvon estimates 14 mmbbl 2C. NSE-A4 found a small gas cap; NSE-B1 is logging.
4 Sept 2008other▲ Good
Carnarvon wins the 2008 Explorer Award at the Good Oil Conference for its successes in new play types and production on the L44/43 licence in Thailand. It is recognition only; no change to reserves, production or finances.
2 Sept 2008investor presentation● Neutral
Good Oil Conference presentation repeats known figures: 11.4 mmbbl 2P and 45.7 mmbbl 3P net reserves, no debt, A$31.5m cash, 6,000 bopd net target by year end. Notes market cap of about $300m at 44c, down from about $445m at 65c in June.
13 Aug 2008drilling progress report● Neutral
NSE-A4 hit a highly fractured upper volcanic, losing over 23,000 barrels of fluid, and is being completed as a producer. NSE-B1 is drilling, and L44-C reached 1,210 m with testing under way. No flow rates yet.
7 Aug 2008other● Neutral
Administrative notice: the registered office and business premises move to Ground Floor, 1322 Hay Street, West Perth. Phone, fax and postal address are unchanged.
25 July 2008well test result▲ GoodMajor
NSE-A3 horizontal well flows 2,250 bopd from the main volcanic at Na Sanun East with 0.1% water, the best result of the new development programme. The 15,000 bopd gross year-end target is maintained, and NSE-A4 and L44-C are drilling.
22 July 2008director officer appointment● Neutral
Dr Robert Bird, a geophysicist with 23 years' experience, is appointed New Ventures Manager. He will lead the review of opportunities in Thailand and nearby countries. The company says its new-ventures effort has accelerated since it became cash positive in late 2007.
18 July 2008drilling result▲ GoodMajor
NSE-A1 finds a new upper oil zone, flowing a restricted 1,245 bopd at Na Sanun East, and may be extensive. L33-3 wildcat is abandoned without commercial oil, and NS9-H1 was also abandoned. Two further southern L33/43 exploration prospects are ready for drilling later in 2008.
9 July 2008drilling progress report● Neutral
Drilling is slower than expected because of minor operational issues. NSE-A1 needs a liner and L44-C is suspended at about 200 m. The CEO still targets 15,000 bopd gross by year end. NS9-H1 is testing and L33-3 testing continues.
13 June 2008drilling progress report● NeutralMajor
Full development of Na Sanun East begins, with NSE-A1 to spud within a week and up to 19 wells planned. L44H-D2 flows 600 bopd from the main zone; its deeper zones were not commercial. NS5-D1ST makes up to 140 bopd. Gross production is about 7,900 bopd. The operator admits a six-month approval delay forced less ideal flank wells.
6 June 2008joint venture update▲ Good
Partner Sun Resources raised about $4 million in convertible notes (12% coupon, 11c conversion) mainly to fund its 50% share of L20/50. Aeromagnetic survey starts within weeks, seismic is planned for early 2009, and a Nong Bua well is targeted for late 2008.
6 June 2008investor presentation● Neutral
June presentation largely repeats May's. It adds that a third rig is likely to start in August 2008 and that 16-20 wells are targeted for the rest of 2008. Reserves and cash figures are unchanged.
28 May 2008drilling progress report● Neutral
NS3-D1ST tested about 1,650 bopd, but water cut rose and it is choked back to about 180 bopd. L44H-D2's two deepest zones tested tight or gas. NS5-D1ST had severe losses with oil shows; L33-3 wildcat is drilling.
7 May 2008drilling progress report▲ GoodMajor
POE-9A flows 682 bopd, restricted by slim casing. Environmental approval arrives for 32 drilling locations, resolving the open approval thread. L44H-D2 reached 2,357 m and has oil shows in deeper zones. Production fell to about 7,200 bopd gross because wells are shut in for sidetracks.
29 Apr 2008investor presentation● Neutral
May 2008 presentation repeats known facts: 11.4 MMbbl net 2P reserves, 45.7 MMbbl 3P, about 3,000 bopd net sales. It adds a target of 6,000 bopd net by end 2008, 16 wells for the rest of 2008, and $23 million cash with no debt.
22 Apr 2008drilling progress report▲ Good
POE-9A found oil shows and losses in a new deep volcanic zone, with testing due in 7-10 days. L44H-D2 hit an unexpectedly thick 180 m main volcanic zone and is drilling to 1,800 m. NS3-D1 will be sidetracked horizontally next. No flow results yet.
16 Apr 2008resource reserve update▲ GoodMajor
Gaffney Cline's independent review lifts Carnarvon's net 2P oil reserves to 11.377 million barrels, over 300% above the earlier figure (2.83 MMbbl). Net 3P is 45.7 MMbbl, mostly Na Sanun East. This confirms the significant upgrade expected.
31 Mar 2008admin correction● Neutral
Carnarvon corrects the date on the L44-R oil discovery release, which should read 31 March 2008, not 5 February 2008. Administrative only.
31 Mar 2008drilling result● NeutralMajor
L44-R is an oil discovery, but only modest: the shallow zone flowed about 29 bopd of 27 API oil. Two other tests recovered mostly water. The operator upgraded the Si Thep and Nong Bua prospects. Note NS1-D1 missed the main fracture network, so a sidetrack is planned.
14 Mar 2008half year report▲ GoodMajor
First half profit: net profit after tax of $5.1 million for the six months to 31 Dec 2007 on oil revenue of $14.9 million, up from $3.2 million. Net production was about 3,800 bopd by March. There is no debt, and about 20 wells are planned for 2008.
