Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2010drilling scheduled▲ GoodMajor
Carnarvon finished interpreting 550 km of L20/50 seismic, identifying 23 leads across five play types. Five to six are high-graded; one firm and two contingent wells are planned for Q4 2010, subject to approvals. Continues the early-February review thread; no well drilled yet.
9 Mar 2010drilling scheduled● Neutral
Partner Sun Resources re-releases Carnarvon's L20/50 update: seismic interpretation complete, 23 leads, nine locations for environmental approval, one firm and two contingent wells in Q4 2010. Repeats the Carnarvon announcement with no new information.
4 Mar 2010asset acquisition disposition● Neutral
Pancontinental takes up Carnarvon's shares of EP110 and EP424 Carnarvon Basin, raising its interest from 25% to 38.462%. Carnarvon had withdrawn because the potential reward was no longer material to its operations. Another partner also took shares; this confirms the exit.
2 Mar 2010material agreement▲ GoodMajor
Carnarvon signs the L52/50 and L53/50 concessions in Thailand (about 6,950 km², 50% with operator Pearl Oil). Three-year commitment is about US$2.5m gross, US$1.3m net. This completes the earlier applications and adds new acreage outside the Phetchabun Basin.
2 Mar 2010regulatory community update● Neutral
Tap Oil reports Indonesian government approval of its 24% Rangkas farm-in, with Lundin operating at 51% and Carnarvon at 25%. Up to 500 km of seismic is planned for first half 2010. This is a partner's announcement and does not state Carnarvon's own approval status.
1 Mar 2010half year report▼ Bad
Half-year to December 2009: sales revenue fell 47% to A$31.6m and net profit fell 64% to A$7.4m, no dividend. Attributed to a lower A$ oil price and reduced production during exploration-focused drilling. Net tangible assets are 5.0 cents per share.
10 Feb 2010drilling result▼ Bad
NSE-G3 hit its deep volcanic target about 175 m deeper than expected because of an unmapped fault, so the objective was not tested. A sidetrack is planned after development drilling. Next three months focus on development drilling, using a new Elite rig expected to cut costs.
29 Jan 2010quarterly activities report● Neutral
December quarter net output fell 8% to 2,246 bopd, with revenue of A$15.2m at A$73.68 a barrel. Production licence granted; Carnarvon withdrew from EP110 and EP424. March quarter guide is 2,400-3,200 bopd net; 2010 target is 3,600 bopd net average.
27 Jan 2010drilling progress report▲ Good
BR-2ST2, the third Bo Rang B horizontal well, is producing 866 bopd. NSE-G2, completed as a producer after the drill string stuck, makes 130 bopd with 80% water. High-impact NSE-G3 exploration well is nearing its target depth.
20 Jan 2010joint venture update▲ Good
Partner Sun Resources reports its preliminary in-house review of the L20/50 seismic confirms prospectivity, with new prospects alongside earlier leads. Carnarvon's full interpretation is awaited, with a joint venture review expected in early February 2010. Partner's view; no drilling decision yet.
22 Dec 2009regulatory community update▲ GoodMajor
Bo Rang North production licence is granted over about 39 km² covering L44-W, Bo Rang A and B and NSE-F1, for 20 years. This resolves the key open thread. Environmental approval also covers 18 drilling pads (up to 54 wells), with construction starting January.
18 Dec 2009asset acquisition disposition▲ GoodMajor
Government approves the award and transfer of the four Bedout Sub-basin permits, WA-435 to 438-P. Carnarvon now holds 50% of each, with Finder holding the rest, completing the swap agreed in heads of terms. Year 1 work is accelerated to about 1,100 km² of 3D seismic in 2010.
17 Dec 2009drilling progress report▲ Good
Further Bo Rang B success: BR-4D1 on test at 900 bopd. Gross output is about 6,950 bopd, at the higher end of December quarter guidance. March quarter guidance is 6,750-8,000 bopd gross. Si Thep-2 deep sandstone flows only about 14 bopd. Production licence expected within 14 days.
30 Nov 2009admin correction● Neutral
Administrative notice naming Philip Huizenga as the competent person for the AGM presentation's reserves information, plus proxy vote tallies. All three resolutions show large majorities in favour. No new substance.
27 Nov 2009agm notice● Neutral
Chairman's AGM address recaps FY09: 17 of 25 joint venture wells were commercial or extensively tested, 2P reserves up 46%, profit A$36.4m. Says new regions are fundable from existing cash. No new information.
27 Nov 2009investor presentation● Neutral
AGM presentation restates known facts: 2P reserves 16.6 MMbbl, 685m shares, A$29m cash at 30 September (after A$6.5m tax provision), no debt. Plans about 25 Thailand wells and a reserves audit due March 2010. Nothing materially new.
27 Nov 2009farm in farm out agreement● Neutral
Tap Oil announces its own 24% farm-in to Rangkas from Lundin, leaving Lundin 51% and Carnarvon 25%. Carnarvon's 25% is unchanged. Up to 500 km of 2D seismic is planned for first half 2010; Indonesian government approval is still needed.
13 Nov 2009drilling result▲ GoodMajor
Bo Rang B horizontal well BR-3D1 flows 700 bopd at 446 m, confirming both Bo Rang A and B commercial. L44-W4ST1 is producing 650 bopd on test; L44-W3ST1 was unsuccessful (water only). Si Thep-2 finds a 9 m sandstone, now being tested.
29 Oct 2009quarterly activities report▼ Bad
September quarter net sales were 223,722 bbl for A$16.5m at A$73.79 a barrel. Net output fell 24% to 2,432 bopd, and about 700 bopd is shut in until the L44-W production licence is granted. December-quarter output is guided to 2,200-2,700 bopd net, so the earlier 4,800-6,000 bopd net target was missed. The licence is expected around year end.
14 Oct 2009drilling progress report▲ Good
Further Bo Rang and L44-W appraisal success: L44-VD2ST2, a second horizontal well in Bo Rang "A", tests 548 bopd. L44-W2 flows gas from a shallow zone, and L44-W4ST1 recovers oil and gas. Si Thep-2, a high-impact deep exploration well, has begun drilling.
9 Oct 2009annual report● Neutral
The 2009 annual report is released, repeating the figures already announced: revenue up 59% to A$100.8m, profit after tax up 133% to A$36.4m, and 2P reserves up 46% to 16.6 million barrels. The chairman says new ventures outside Thailand should be announced.
2 Oct 2009director officer appointment● Neutral
Adrian Cook, former Managing Director of Buru Energy, joins on 2 November 2009 as General Manager (Finance and Corporate Development). COO Philip Huizenga is promoted to General Manager (Operations). Both report to MD Ted Jacobson.
18 Sept 2009resource reserve update▲ GoodMajor
Gaffney Cline assesses net contingent resources (2C) of 11.3 MMbbl: Bo Rang A and B 9.6, L44-W 1.7 (L44/43 portion only). A further 4.1 MMbbl of prospective resource at NSE-F1 extension. Conversion to reserves depends on the production licence being granted.
18 Sept 2009farm in farm out agreement▲ GoodMajor
Carnarvon farms into the 3,977 km² Rangkas block onshore West Java, Indonesia, for a 25% interest, with Lundin Petroleum holding 75% and operating. It is a new venture outside Thailand. 2D seismic is due in 2010, and the deal needs Indonesian government approval.
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.
