5 Aug 2010drilling progress report● Neutral
Operator AWE reports Tuatara-1 at 773 m after setting 13-3/8" casing, 613 m progress in the week. Carnarvon holds 10%. No results yet. Third-party release.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 773 m after running casing, 613 m of progress in the week, toward a proposed 2,025 m. No results yet.
5 Aug 2010drilling progress report● Neutral
Roc Oil reports Tuatara-1 at 773 m, 613 m progress in the week, after casing and blowout preventer set. No results. Third-party release repeating Carnarvon's update.
29 July 2010well test result▲ GoodMajor
Two Thai exploration wells flowed oil: L33-1 about 1,100 bopd gross (440 net) in L33, the first commercial discovery there, and WBEXT-1 over 2,500 bopd gross (1,000 net) in L44. Together about 3,600 bopd. Sales need production licences; appraisal wells follow.
29 July 2010drilling spud● Neutral
Roc Oil reports Tuatara-1 spudded on 28 July and was at 160 m. It also exercised an option on 23 July to lift its permit interest to 20%. Carnarvon stays at 10%. Third-party release.
29 July 2010drilling spud● Neutral
Partner Rawson relays Kea's release that Tuatara-1 began drilling on 27 July, targeting 2,000 m with an 80 million barrel median resource. NZ approval for Kea's 10% is mentioned. Third-party notice confirming the spud expected for late July.
29 July 2010drilling spud● Neutral
Operator AWE reports Tuatara-1 began drilling on 28 July and was at 160 m after setting conductor. Planned depth is 2,025 m. Carnarvon's NZ subsidiary holds 10%. Third-party release duplicating Carnarvon's own announcement.
29 July 2010drilling spud● NeutralMajor
Carnarvon confirms Tuatara-1, its first New Zealand well, started drilling on 28 July in PEP 38524 and was at 160 m. The target is the Moki Sandstones, to a proposed 2,025 m. Carnarvon holds 10%. Spud was expected late July.
29 July 2010quarterly activities report● Neutral
June quarter net sales fell 9% to 2,299 bopd; revenue A$16.15m at A$77/bbl. Seven Bo Rang North wells did not add much output. Net cash A$31.2m. Gross sales were tracking below the 9,000 bopd target; L33-1 and WBEXT-1 discoveries could change that. Text truncated.
20 July 2010other● Neutral
A third-party release on ADX's Lambouka-1 well offshore Tunisia. It does not mention Carnarvon, and nothing in it affects Carnarvon's interests; treat as irrelevant.
15 July 2010farm in farm out agreement● Neutral
Rialto, Carnarvon's WA-399-P partner, re-releases the same Apache farm-out terms (Apache 60% operator, Carnarvon 13%, Rialto 12%, Jacka 15%). Adds only Rialto's own comments; nothing new for Carnarvon shareholders.
15 July 2010farm in farm out completion● Neutral
Jacka Resources re-releases the WA-399-P farm-out, confirming it signed revised farm-in agreements. Final interests: Apache 60% operator, Jacka 15%, Carnarvon 13%, Rialto 12%. No new information beyond Carnarvon's own 14 July announcement.
15 July 2010director officer appointment● Neutral
Non-executive director Ken Judge, on the board since April 2005, has stepped down, citing the demands of his international board commitments. The board is reviewing its size and composition, and a replacement is to be announced soon.
14 July 2010drilling scheduled● Neutral
Third-party notices say Tuatara-1 should spud before end of July, once AWE's rig finishes the nearby Kahu-1 well. Results are expected before end of August. Carnarvon holds 10%. Confirms the timing; this is not Carnarvon's own announcement.
14 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms out WA-399-P: Apache takes 60% and operatorship by funding a 3D seismic survey in late 2010, replacing planned 2D. Carnarvon falls from 50% to 13%, receiving cash from Jacka. Resolves the pending Jacka thread; frees budget for new projects.
5 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms into New Zealand's PEP38524 to earn 10% by funding part of the Tuatara-1 well, targeting 80-100 million barrels with about 25% chance of success. Its share of cost is US$2.4-2.8m. Needs NZ government approval. New country for Carnarvon.
30 June 2010drilling scheduled▲ Good
Partner Sun Resources relays that the L20/50 environmental assessment for the three best targets was submitted on schedule. Drill sites are leased, and a campaign is on track to start late 2010. Continues the L20/50 drilling plan.
30 June 2010drilling result▼ BadMajor
Five new wells extended the Bo Rang North oil envelope but did not deliver the expected 400 bopd each. Output stays about 6,500 gross (2,600 net). L44W-A14 found little oil near the 3P limit. Only 6-9 more development wells are now planned for 2010, down from 18.
30 June 2010admin correction● Neutral
Re-release of the 4 June Thailand update, still dated 4 June, with identical content. Appears to be a mistaken lodgement, later replaced by a corrected update; no new information.
4 June 2010production update● Neutral
Carnarvon confirms the May curtailment ended with no material production impact; all stored oil was sold. Output is about 6,500 bopd gross (2,600 net). Recaps earlier announcements.
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.
30 Apr 2010quarterly activities report● Neutral
March quarter net output rose 13% to 2,544 bopd; revenue A$17.4m at A$76.16 a barrel. June quarter guidance is 7,000-9,000 bopd gross; 2010 target 9,000 gross. Appraisal wells tested 650-800 bopd; NSE-G3 awaits re-entry. Text truncated, so cash is not shown.
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.