18 July 2006drilling progress report● Neutral
POE-2 had reached 510.5 metres with casing being cemented; drilling proceeding as planned toward 1,310 metres. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 July 2006drilling spud▲ GoodMajor
POE-2 spudded 11 July 2006, the first of six Phase 1 wells at the 40%-owned Wichian Buri field and the first drilling there since early 2004 per a later presentation. Target depth 1,310 metres; up to 20 more wells planned in Phase 2.
7 June 2006joint venture update▲ Good
Drilling pad for first Wichian Buri well POE-2A is ready, with spud expected by 1 July. Operator also contracted a second rig and completed 245 sq km of 3D seismic for a later 15 to 20 well phase.
5 May 2006resource reserve update▲ GoodMajor
Independent assessment puts Wichian Buri and Si Thep proved plus probable reserves at 14.2 million barrels gross (5.68 million net to Carnarvon), up from 9.7 million earlier. Current output is only about 75 barrels a day; drilling starts in June.
27 Apr 2006director officer appointment● Neutral
Director David Orth has retired from the board with immediate effect after more than five years, but remains available as a consultant on Wichian Buri.
3 Apr 2006investor presentation● Neutral
April shareholder-meeting presentation restates the Wichian Buri programme (two carried wells, 12 more later in 2006) and pro-forma 411 million shares and about $4.0 million cash after the raising. No new information.
21 Mar 2006joint venture update▲ Good
Operator Pan Orient reports seismic reprocessing at Wichian Buri complete with excellent data quality; rig contract for two wells expected soon with drilling from late April, and a 226 sq km 3D survey about to start. Reserve report due late April.
20 Mar 2006admin correction● Neutral
Share registry Computershare has new postal and contact details. Administrative notice only.
16 Mar 2006half year report▲ Good
Half-year to December 2005 shows a $166,071 profit versus a $263,828 loss before, helped by a $500,000 gain on selling the PNG licences. Revenue rose 50.8% to $647,570 on higher oil prices despite lower production.
15 Feb 2006capital raising announcement▲ GoodMajor
Carnarvon agreed to place 88.9 million shares at 4.5 cents to raise about $4 million via Hartleys, to fund 3D seismic and drilling at Wichian Buri. Second tranche of 41.4 million shares needs shareholder approval; follows the 1.8c raise in 2005.
What it means for a shareholder
88.9m new shares at A$0.045 to raise about A$4.0m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.007% to 0.00547% of the company. To keep it you'd need 6,219 more shares - about A$280 at the issue price.
Create a free account to see this worked out for your own holding.
6 Feb 2006investor presentation● Neutral
February investor update repeats known facts: 40% of Thailand's Wichian Buri field (9 million barrels gross recoverable), 318 million shares, $0.7 million cash, PNG sale for $500,000 pending. No new announcements.
6 Feb 2006admin correction● Neutral
New telephone and fax numbers for Carnarvon's West Perth office, effective 6 February 2006. Administrative notice only.
18 Jan 2006admin correction● Neutral
Carnarvon Petroleum has moved its head office to 52 Ord Street, West Perth, and joint company secretary Rick Pullia has resigned. Administrative only; Bob Anderson remains CFO and Company Secretary.