Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2008agm notice● Neutral
Chairman's AGM address: the oil price and Australian dollar have collapsed and the share price has fallen despite strong operations. He says Carnarvon has cash, no debt and modest commitments, and is seeing more asset opportunities as a buyer.
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.
30 Oct 2008quarterly activities report▲ Good
September quarter: revenue A$31.2m at A$118.44 a barrel, up 24%, cash A$41m, no debt. Net sales were 2,860 bopd. Gross sales are about 12,000 bopd and the 15,000 bopd year-end target is retained, with five development wells completed.
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.
31 July 2008quarterly activities report● Neutral
June quarter: revenue A$25.1 million at A$106.15 a barrel, cash A$31.5 million. Net sales fell 15% to 2,596 bopd because wells were shut in. Current production is about 10,000 bopd gross, and the 15,000 target by year end is retained.
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.
30 Apr 2008quarterly activities report▲ Good
March quarter: net sales averaged 3,070 bopd, revenue A$23 million (A$11.8m prior quarter), cash A$23.4 million. Environmental drilling approval came after quarter end. Wells: L44-R discovery, WB-1 Deep and NS1-D1 failed. June-quarter spend about A$4 million.
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.
