13 Dec 2006drilling progress report▲ Good
The POE-1 re-drill is at 756 m. POE-3 and POE-5 have been perforated in the F sand and are producing commingled oil. The workover of old wells has begun, with WB-N7 and WB-N8 recompleted with beam pumps.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2006drilling progress report● Neutral
The POE-1 re-drill has begun and should take about 10 days, with POE-9 spudding in mid-December. Testing of the other Phase 1 wells continues. Attached is Pan Orient's report, which shows production up to about 250 bbl/d gross from a 60 bbl/d low.
27 Nov 2006production update▲ Good
Testing continues on POE-2, 3, 5 and 6. Field-wide gross production, old and new wells together, is rising with rates up to 250 bopd. POE-1 is being re-drilled and the POE-9 pad is being built. The main F sand is still to be tested.
23 Nov 2006drilling result▼ BadMajor
POE-7 reached 1,125 m and all prospective zones looked water-bearing, so it will be plugged and abandoned. This is the first Phase 1 dry hole; POE-9 is still due to spud in early December as the last well.
20 Nov 2006flow test result▲ Good
POE-3's H sand stabilised at 25 bopd from only 3 m of perforations; H sand has never produced here, so reserves could rise. H sand testing has started in POE-5. POE-9 drilling is due early December.
13 Nov 2006drilling spud● Neutral
POE-7, the Huai Phai appraisal exploration well, spudded 8 November and was at 514 m. G sand testing continues in POE-2 and POE-6, and POE-5 is being perforated for testing.
6 Nov 2006flow test result▲ GoodMajor
First stabilised Phase 1 flows: POE-6 G sand about 45 bopd and POE-2 G sand 40 bopd, both new reservoirs with no prior booked reserves. POE-3 H sand is flowing on test. POE-9, an appraisal of Na Sanun-1, is added, making Phase 1 eight wells.
30 Oct 2006annual report● Neutral
Carnarvon released its 2006 annual report. The chairman's statement covered the move from Melbourne to Perth, Ted Jacobson becoming CEO, the 3D seismic and phase one drilling, and share placements in the year. Much of the text is garbled and truncated.
30 Oct 2006flow test result▲ Good
POE-6, the western exploration well, is producing oil to surface from the deeper G sand, the first oil from that level, though no stabilised rate yet. Carnarvon says it should add reserves. Testing of all Phase 1 wells will run at least two more months.
23 Oct 2006drilling progress report● Neutral
Flow testing of POE-6's G sand began 22 October and is still cleaning up. POE-5, the sixth well, is drilling at 317 m toward 1,362 m. No test result yet.
16 Oct 2006drilling result▲ Good
POE-3, the fifth Phase 1 well, reached 1,206.5 m with log pay of about 15 m in the F sand, 9 m in the G sand and 5.2 m in the deeper H sand, which has never produced on the concession. Flow testing starts 17 October, delayed by perforating charges.
10 Oct 2006drilling progress report● Neutral
POE-3 is at 904 metres and changing the bit, with the target F sand expected within 24 hours. No result yet.
3 Oct 2006drilling spud● Neutral
POE-3, the fifth Phase 1 well, has started drilling as an infill well about 10 m updip of the long-producing WB-1, targeting possible unproduced attic oil in the F sand. POE-6 is suspended awaiting perforation charges for flow testing.
29 Sept 2006annual report● Neutral
Year to June 2006: loss of $758,150 versus $1,007,325 the year before, helped by a $488,182 profit on the PNG sale. $4.7 million was raised in the year and $3.5 million after year end. The office moved from Melbourne to Perth.
28 Sept 2006drilling result▲ GoodMajor
POE-6, an exploration well in a separate western fault block, reached 1,200 m with log net pay of about 22.8 m, including 10.2 m in the G sand. Oil is unproven until flow testing in early October.
26 Sept 2006drilling progress report● Neutral
POE-6 reached 1,200 metres with good oil shows at several levels; logging is under way. No result yet.
20 Sept 2006drilling progress report● Neutral
POE-6 was at 643 metres, heading to about 1,100 metres. Carnarvon says operations at Wichian Buri are unaffected by the apparent military-led takeover of the Thai government.
12 Sept 2006drilling spud● Neutral
POE-8 is complete and suspended for testing; POE-2 logs show a further possible 7 m of pay at 572 m. POE-6, an exploration well in a separate fault block to the west, spudded 11 September as the fourth well. Production testing is now expected from October.
6 Sept 2006investor presentation● Neutral
Good Oil Conference presentation repeats known facts: 14.2 million barrels gross reserves, 75 barrels a day, seven-well Phase 1 and Phase 2 start in December 2006. It states 482 million shares and $4.2 million cash at 30 August 2006 after the raisings.
4 Sept 2006drilling result▲ GoodMajor
POE-8 reached 1,312 metres, deeper than planned, with log pay of about 2 m (F sand), 3 m (G sand) and 4 m in a deeper sand, plus possible shallower zones. Flow testing is needed. A pump change lifted the WB-N4 well from about 5 to 20 barrels a day.
1 Sept 2006capital raising announcement▲ Good
The share purchase plan closed oversubscribed, with $1.46 million of applications against the $1 million target, so applications are scaled back. 348 shareholders applied. This completes the 5-cent raising alongside the Hartleys placement.
29 Aug 2006drilling progress report● Neutral
POE-8, the third Phase 1 well of a now seven-well programme, was at 1,186 metres and drilling ahead. No result yet.
22 Aug 2006drilling scheduled▲ GoodMajor
Preliminary 3D seismic shows several exploration targets. Phase 1 grows to seven wells, adding POE-7 updip of the 2003 Huai Phai-1 well, a structure about 3.3 km long. Phase 2 long-lead equipment is being ordered, and workover at the N4 well has lifted output.
21 Aug 2006drilling progress report▼ Bad
POE-1 is suspended at 1,015 metres with the drill string stuck in a fault, and the deeper G sand not reached. The rig moved to POE-8, a northern step-out well planned to 985 metres, and returns to POE-1 later. POE-2 is suspended for September testing.
15 Aug 2006drilling progress report▼ Bad
POE-1 reached 1,015 metres but the drill string is stuck in the hole; crews are trying to free it. This is a setback to the planned 12-day well.
8 Aug 2006drilling progress report● Neutral
POE-1 reached 548 metres with casing cemented, and drilling is proceeding as planned toward 1,251 metres. No result yet.
4 Aug 2006drilling spud● Neutral
POE-1, the second Phase 1 well at Wichian Buri, has started drilling 700 metres updip of POE-2, targeting a bright seismic amplitude event. Planned depth is 1,251 metres, about 12 days, and it will test both F and G sands.
2 Aug 2006capital raising announcement● NeutralMajor
Carnarvon agreed in principle with Hartleys to place up to 50 million shares at 5 cents (up to $2.5 million), plus a $1 million share purchase plan for existing holders at the same price, an 11.2% discount. Funds go to Phase 1 drilling, new opportunities and working capital.
What it means for a shareholder
50.0m new shares at A$0.050 to raise about A$2.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00486% to 0.00433% of the company. To keep it you'd need 2,428 more shares - about A$121 at the issue price.
Create a free account to see this worked out for your own holding.
31 July 2006drilling result▲ GoodMajor
POE-2, first of six Phase 1 wells at the 40%-owned Wichian Buri field, was drilled with log-indicated oil sands of about 5.8 m (F sand, ~964 m) and 5.6 m (G sand, ~1,035 m). Flow rates are unproven until September testing; G sand has never been production-tested.
24 July 2006investor presentation● Neutral
July 2006 presentation repeats known facts: 14.2 million barrels gross reserves, about 75 barrels a day output, six-well drilling under way, $1.5 million cash at 30 June 2006 and 412 million shares. No new announcements.