Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
6 Sept 2007investor presentation● Neutral
Good Oil Conference presentation largely repeats known facts: 657.5 million shares, $8.9 million cash, up to 37 wells, gross production about 1,400 bopd. It cites 3 million barrels of 2P net reserves, with an independent reassessment in progress.
5 Sept 2007well test result▲ Good
NS3-D1 now flows a stabilised 434 bopd after a larger pump was fitted. L44-H is cutting core, and L44G-D1 is drilling ahead. L44-G testing awaits the completion of L44G-D1.
28 Aug 2007well test result▲ GoodMajor
NS3-D1 tested at up to 337 bopd of light oil with under 1% water, a successful appraisal of the southern Na Sanun East field. It proves a roughly 78 m oil column, with no oil-water contact found yet.
23 Aug 2007drilling progress report▲ Good
L44-H and L44G-D1 spudded on 21 and 22 August. L44-G reached 1,027 m with at least 162 m of volcanics and fractures seen on logs. NS3-D1 reached 990 m. Both wells await testing, and L44-G's results are 4 to 5 weeks away.
20 Aug 2007asset acquisition disposition▲ GoodMajor
Carnarvon bid for onshore Thailand block L20/50 (3,947 sq km, Phitsanulok Basin) with Sun Resources, each applying for 50% with Carnarvon as operator. The block is on trend with the Sirikit field, and no award has been made.
20 Aug 2007asset acquisition disposition● Neutral
Partner Sun Resources' matching announcement of the L20/50 bid with Carnarvon, who would operate with 50% each. Carnarvon and Sun are the sole bidders for the block. Sun also bid on a Gulf of Thailand block without Carnarvon. Results are expected around October 2007.
13 Aug 2007drilling result● NeutralMajor
L33-D was plugged and abandoned for lack of reservoir. L44-G and NS3-D1 both showed strong oil shows and severe mud losses, so a sidetrack, L44G-D1, was added. L44-H is next.
31 July 2007quarterly activities report● Neutral
June quarter: gross production was 1,080 bopd (432 net), down from about 1,400 earlier as wells were choked back. Cash was $8.9 million after the placement completed. Planned September-quarter spend is A$4.2 million. The company was also granted new permit WA-399-P.
19 July 2007drilling progress report● Neutral
L33-D reached 1,420 m with mud losses at an 11 m volcanic zone, and testing is due. The second rig, Aztec #14, has started L44-G, 7.3 km north of POE-9. NS-3D1, the first of four to five deviated wells, starts soon.
3 July 2007drilling progress report▼ Bad
NS-1RD reached 990 m but flows only about 20 bopd with a 76% water cut. It may be deepened to test four more zones. L33-D, the first well in permit L33/43, is drilling, and 3D seismic is due to finish in mid July.
19 June 2007drilling progress report▲ Good
NS-4 is flowing clean oil at about 720 bopd. NS-1RD is cased to 948 m with the volcanic section to be drilled next. The second rig is on site, with L44-G due to start in about two weeks.
5 June 2007well test result▲ GoodMajor
NS-4 is flowing about 686 bopd of oil with 0.1% water, after peaking at 950 bopd. Drilling stopped early, with four deeper zones untested. The joint venture will re-drill Na Sanun-1 and may add two more Na Sanun appraisal wells.
4 June 2007well test result▲ Good
Flow testing of NS-4 began with initial oil production; rates are not yet given. NS-1RD, a re-drill of Na Sanun-1 about 800 m north, spudded on 2 June, and a second rig is due in two to three weeks.
24 May 2007drilling progress report● Neutral
NS-4 is cased after massive lost circulation slowed operations, with oil recovered at surface. Production testing is due, with results expected within 7 to 10 days.
14 May 2007drilling result▲ Good
NS-4 hit fractured volcanic reservoir at about 952 m with severe lost circulation and crude oil recovered at surface. The company is encouraged but says logging and testing are needed to evaluate it.
9 May 2007well test result▼ BadMajor
NS-3 hit volcanic reservoir at 961 m with oil shows in the upper 20 m, but testing 62 m produced only about 75 barrels a day of water with traces of oil and gas. This is a disappointing first Na Sanun result. A bridge plug will be tried; NS-4 is drilling.
3 May 2007asset acquisition disposition▲ GoodMajor
Carnarvon and Rialto Energy are awarded offshore Carnarvon Basin exploration permit W06-17, 50% each, with Carnarvon as operator. The 50 sq km permit has a three-year work commitment including 315 km of 2D seismic. This is a new Australian venture.
3 May 2007asset acquisition disposition● Neutral
Partner Rialto Energy's matching announcement of the W06-17 Carnarvon Basin permit award: 50/50 with Carnarvon, which operates. It adds no new information.
2 May 2007resource reserve update▼ BadMajor
Year-end 2006 2P reserves fall about 50% to 7.075 MMbbl gross (2.83 net) from 14.208 gross (5.683 net). Proved rises 34% to 0.853 MMbbl gross. Reserves moved to possible because of fault complexity; Carnarvon calls the estimates conservative and expects a revisit later in 2007.
1 May 2007drilling spud● Neutral
The NS-4 appraisal well in the Na Sanun field spudded on 30 April and had reached 68 m, with casing being run. It is the second Phase 2 well.
30 Apr 2007quarterly activities report● Neutral
March quarter report: gross production is 737 bopd, with POE-9 at 314 bopd. Cash was $5.7 million, including $5.3 million of first-tranche placement proceeds. The 160 million share placement at 7.7 cents and the 37-well Phase 2 are restated.
16 Apr 2007drilling progress report● Neutral
NS-3 is drilling at 821 m, about 140 m above the first volcanic target, and is slower than expected because of delays tied to new mud pumps. Test results are expected before month end.
11 Apr 2007capital raising announcement● Neutral
Administrative notice that 70 million shares, the first tranche of the 7.7 cent placement, were issued on 5 and 11 April without a disclosure document.
2 Apr 2007drilling spud● NeutralMajor
Drilling began on 31 March on NS-3, the first Phase 2 well, an appraisal of the Na Sanun discovery where Na Sanun-1 flowed 1,400 bopd in 1994 before watering out. A second rig is due in late April.
21 Mar 2007capital raising announcement▲ GoodMajor
Carnarvon places 160 million shares at 7.7 cents to raise about $12.32 million via Hartleys, to fund the expanded Phase 2 programme. 70 million shares are issued now and 90 million need shareholder approval in late April. Funds also support talks on two new production opportunities.
What it means for a shareholder
160m new shares at A$0.077 to raise about A$12.3m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (12,987 at the issue price), your slice goes from 0.0027% to 0.00202% of the company. To keep it you'd need 4,313 more shares - about A$332 at the issue price.
Create a free account to see this worked out for your own holding.
16 Mar 2007half year report▼ Bad
Half-year to 31 December 2006: loss of $862,199 (prior year $322,111 loss). Oil sales revenue fell 17% to $536,962 as Phase 1 drilling costs came ahead of new production, which only began towards period end.
12 Mar 2007investor presentation● Neutral
March investor presentation largely repeats known facts: 40% Thailand interest, 2005 reserves of 5.68 MMbbl net, cash $1.7 million and an expanded 37-well Phase 2. It cites production capacity of at least 800 bopd and a reserves upgrade expected in April.
