Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2008drilling progress report● Neutral
Both drilling rigs are back in service. L44-R testing is due within two weeks; NS1-D1 and POE-9A appraisal wells are drilling. A third rig decision awaits environmental approval for 27 wells, expected within five weeks.
28 Feb 2008joint venture update● Neutral
Carnarvon says L20/50 exploration is about to start, with an aeromagnetic survey planned for April 2008. It is also planning a re-drill of the old Nong Bua-1 well, earliest late 2008, subject to approvals.
28 Feb 2008joint venture update● Neutral
Sun Resources repeats Carnarvon's L20/50 update: an April 2008 aeromagnetic survey and a possible Nong Bua-1 re-drill in late 2008. No new information.
21 Feb 2008drilling progress report● Neutral
L44-R exploration well reached 1,277 m with three volcanic zones and mud losses; testing is due in about 21 days. Sales are about 9,500 bopd gross. Environmental approval for about 27 development locations is still awaited, and a third rig decision follows it.
5 Feb 2008regulatory community update▲ GoodMajor
Thailand grants a 27.8 sq km production licence over the Na Sanun East field, allowing full development; up to 19 wells are planned in 2008. This clears the approval that was pending. Gross sales are about 8,800 bopd (3,520 net).
31 Jan 2008asset acquisition disposition▲ Good
Carnarvon applies with Pearl Oil (operator), each 50%, for two lightly explored onshore blocks, L52/50 and L53/50 (about 6,950 sq km combined) in southern Thailand. No other applicants are known; the award is not yet made.
25 Jan 2008regulatory community update● Neutral
Sun Resources' own release repeats the L20/50 signing in Bangkok and the operator's plan to reprocess seismic and fly an aeromagnetic survey over 12 months. It also flags a possible re-drill of the old Nong Bua-1 well. No new information.
25 Jan 2008regulatory community update▲ Good
Carnarvon signs the L20/50 concession at a Bangkok ceremony with Thailand's Energy Minister. It plans seismic reprocessing and an aeromagnetic survey over 12 months, and at least one well within three years. Thai production is almost 8,000 bopd gross (3,600 net).
16 Jan 2008drilling result▼ BadMajor
Wichian Buri-1 (Deep) is abandoned after testing only small gas and about 750 bbl/day of water, a dry exploration result. Gross production is 7,350 bopd (2,940 net), heading to about 10,000 gross by late Feb-early March; L44-R spuds in 5 days.
7 Jan 2008regulatory community update▲ Good
Sun Resources says it and Carnarvon have received official Thai notification of the L20/50 award and accepted it. Contract signing is expected in Bangkok later in January. This resolves the open question over the bid made in August 2007.
7 Jan 2008asset acquisition disposition▲ GoodMajor
Carnarvon wins the L20/50 concession (3,947 sq km, onshore Thailand) with Sun Resources, each 50%, and is approved as operator, its first operated block in Thailand. Work covers seismic and drilling over six years; signing due late January.
3 Jan 2008drilling progress report▲ Good
Wichian Buri-1 (Deep) reached 1,598 m, drilling 97 m into the roughly 220 m target volcanic from 1,501 m. Mud losses and live oil at surface were seen; testing follows within about 12 days. No flow result yet.
19 Dec 2007regulatory community update● Neutral
Sun Resources, Carnarvon's 50% partner, says neither partner has yet been notified of the L20/50 award despite press reports, but expects notification within a week. Leaves the Thai concession still unconfirmed, as in Carnarvon's own statement the same day.
19 Dec 2007regulatory community update● Neutral
Carnarvon responds to press reports that Thailand approved the L20/50 concession, saying it has received no notification of an award. It will update the market when it does. The bid with Sun Resources, started in August, therefore remains unresolved.
13 Dec 2007flow test result▲ GoodMajor
L44H-D1 flows a stable 3,940 bopd with almost no water, the highest rate of any onshore Thai well, and confirms an oil column of at least 150 m. NS6-D1A makes 615 bopd. Capacity exceeds 10,000 bopd gross, though trucking limits sales to 5,500-6,000 bopd. Up to 12 horizontal wells are being considered.
29 Nov 2007investor presentation▲ Good
AGM address and presentation largely repeat known points: deliverability about 6,000 bopd, 20-30 wells over the next year, self-funded drilling, and a 2C contingent resource of 29.5 MMbbl (12 net) at Na Sanun. Shares on issue 662.5 million, cash $5 million, market cap cited at about $341 million at 50c.
29 Nov 2007other● Neutral
Sun Resources, Carnarvon's 50% partner in the L20/50 bid, is placing shares at 9.5c to raise A$2.46 million to fund its half of a US$4.25 million bond. The bond is due when the bid contract is signed; no award has yet been made.
27 Nov 2007drilling result▲ Good
Operator Pan Orient reports L44H-D1 reached 1,217 m with over 200 m of volcanic reservoir and oil to surface, the structurally highest penetration yet. Testing is due within two weeks. The Wichian Buri-1 Deep exploration well, targeting a volcanic zone at 1,503 m, is planned.
20 Nov 2007well test result● Neutral
NS5-D1 flows only 240-440 bopd, well below the recent big wells; it hit the reservoir at the lowest position yet. Field capacity is over 6,000 bopd but trucking limits deliveries to about 5,000 bopd gross. A second refinery contract awaits the production licence approval.
5 Nov 2007drilling progress report● Neutral
NS5-D1 hit severe mud losses and what logs suggest is the best volcanic reservoir yet at Na Sanun East, plus a new porous tuff zone above it. NS6-D1 had to be sidetracked after crossing a fault early. L44H-D1 is about to spud.
25 Oct 2007flow test result▲ GoodMajor
NS2-D1 tested at up to 1,920 bopd with about 3% water, the best Na Sanun East well so far, and may flow higher. Production was choked back by limited oil storage; a long-term test of 1,800-1,900 bopd is planned. NS5-D1 and NS6-D1 are drilling.
23 Oct 2007annual report● Neutral
Printed 2007 annual report repeats the earlier 30 June 2007 financial report: production up to over 2,500 bopd, 28 more wells planned for 2007/2008, and an L20/50 application result expected within months. No new information.
19 Oct 2007flow test result▲ GoodMajor
NS8-D1 is producing 1,480 bopd, lifting gross Thai production to about 4,000 bopd (1,600 net), above the 2,500 bopd target for self-funding drilling. L44G-D1 makes only about 50 bopd. The joint venture is considering a third rig.
15 Oct 2007contract award▲ GoodMajor
Carnarvon was awarded a Joint Study Licence over 14,400 sq km of the North West Natuna Basin, offshore Indonesia, with a 32.5% interest and co-operator role for a 6-month study. It carries a right of first refusal on a production sharing contract block, its first asset outside Thailand and Australia.
9 Oct 2007drilling progress report● Neutral
Northern Na Sanun East wells L44G-D1 and L44-G tested tight, with only minor oil and some water, a disappointing result after earlier strong shows. L44-H stabilised near 1,280 bopd. Total Thai production is above 2,600 bopd; NS8-D1 and NS2-D1 tests are pending.
27 Sept 2007annual report▲ Good
Annual report to 30 June 2007. Chairman says Thai joint venture production rose from under 80 bopd in July 2006 to over 2,500 bopd, with 12 wells drilled and almost $16 million of equity raised. Phase 2 continues with up to 37 wells; share price cited at 32 cents.
21 Sept 2007flow test result▲ GoodMajor
L44-H flows a stable 1,265 bopd of 35 degree oil with about 1% water, with signs it could produce more. This is the best well yet and confirms the central fault block of Na Sanun East. L44G-D1 reached 1,136 m, and further wells are planned.
18 Sept 2007drilling spud● Neutral
NS8-D1, a deviated appraisal well in the southern Na Sanun East block about 600 m north of NS3-D1, has spudded. Testing of L44-H began in the last 48 hours, with oil and drilling fluids recovered and results pending.
13 Sept 2007investor presentation● Neutral
Field trip presentation largely repeats the 5 September deck. The share price is 21 cents and the fully diluted market cap is $143 million. L44-H is preparing to test, and the drilling programme runs to mid 2008.
11 Sept 2007drilling result▲ Good
Pan Orient reports L44-H hit the main volcanic zone at 866 m with lost circulation and free oil at surface. Testing is expected within seven days. L44G-D1 is drilling at 797 m.
