Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 July 2023asset acquisition disposition▼ Bad
The CPC sale is delayed: only FIRB approval remains, which can take several months, and completion is now targeted for Q3 2023 rather than end June. Santos has approved CPC joining the joint venture. The terms are unchanged.
24 May 2023asset acquisition disposition▲ Good
Update on the CPC sale: most conditions are satisfied and the parties aim to complete mid-year, subject to one final condition. Carnarvon would then hold about A$178m cash plus a ~A$129m carry toward Dorado costs. Slight slip from the 'end Q2' target is not stated.
11 May 2023investor presentation● Neutral
May 2023 presentation repeats the CPC deal terms (US$146m, completion targeted end June 2023), the approvals secured (OPP accepted 10 Feb 2023), Pavo North 43 MMbbl 2C and ~1.5 bn boe of top 20 prospects. Pavo South chance of success is given as 64%, versus 60% in earlier context.
24 Mar 2023investor presentation● Neutral
Cover note for a March 2023 corporate presentation to institutional investors by CEO Adrian Cook and COO Philip Huizenga. Only the note and disclaimers are readable; resource figures cite earlier announcements. No new information visible.
9 Mar 2023investor presentation● Neutral
Euroz Hartleys conference presentation (9 March 2023) recaps the pending sale of 10% of Bedout to CPC for US$146m (US$56m at completion, US$90m after FID). Resource figures are from earlier announcements; text truncated, no new results visible.
3 Mar 2023director officer appointment● Neutral
Alex Doering, Financial Controller and Joint Company Secretary, becomes CFO from 1 June 2023. Thomson Naude departs mid-2023 after 13 years. An internal succession.
3 Mar 2023other▼ Bad
S&P Dow Jones index rebalance notice lists Carnarvon (CVN) as removed from the S&P/ASX 300 effective 20 March 2023. The rest is a list of other companies' changes. Index-tracking funds may be forced sellers; this follows from the removal and is an inference.
28 Feb 2023half year report● Neutral
Half-year report to 31 December 2022 recaps the Dorado FID deferral to 2023/24, OPP acceptance and the CPC divestment of 10% of Bedout for US$146m. Pavo fluids are compatible with the Dorado facilities. Financial statements are not visible in the truncated text.
22 Feb 2023asset acquisition disposition▲ GoodMajor
Carnarvon agrees to sell 10% of its Bedout assets, including Dorado, to Taiwan's CPC for US$146m: US$56m upfront plus a US$90m carry after Dorado FID. Its Dorado stake falls from 20% to 10%. Pro-forma cash is about A$178m; debt process continues. Completion is expected by end Q2 2023.
14 Feb 2023regulatory community update▲ GoodMajor
NOPSEMA accepted the Dorado Offshore Project Proposal, resolving the key environmental approval outstanding since 2022. It also covers tying back nearby fields such as Pavo. FID is still pending, along with the FPSO contract and funding. Carnarvon holds 20% of Dorado.
14 Feb 2023regulatory community update▲ Good
Santos, Dorado operator with 80%, welcomes the OPP acceptance and says it must now finalise the concept and obtain remaining approvals before FID. Combined Dorado and Pavo gross 2C is 189 million barrels of liquids and 401 PJ of gas. Duplicates Carnarvon's announcement.
18 Nov 2022investor presentation● Neutral
AGM presentation by CEO Adrian Cook, 18 November 2022. Only the cover note and disclaimers are readable; resource figures cited are from earlier announcements. No new results visible.
18 Nov 2022other● Neutral
AGM chair address: Chair Bill Foster concedes the share price is below where the Board wants it, attributing this to the Dorado FID delay and markets. Lists priorities including a possible equity sell-down and near-term production opportunities. Staff reduced nearly 25% after exiting Timor-Leste.
19 Oct 2022annual report● Neutral
2022 Annual Report repeats the Chairman's review: no Dorado FID in 2022, Pavo-1 success, Apus-1 disappointment and renewable diesel progress. Largely a re-issue of the August financial report; truncated, with no new figures visible.
19 Oct 2022annual report● Neutral
2022 Sustainability Report: the Chair's letter says Dorado is being optimised so the joint venture can sanction it, and restates the 2050 net zero commitment. Mentions Buffalo-10 drilled with zero harm and 51 tonnes CO2e offset. No new financial or resource figures; text truncated.
6 Oct 2022investor presentation● Neutral
October 2022 investor update. Readable data shows 1,800,186,904 shares, a A$0.16 share price on 5 October (market cap A$288m), no debt and A$112m cash at 30 June 2022. Remainder is truncated; no new results.
4 Oct 2022resource reserve update▲ GoodMajor
Carnarvon says its top 20 Bedout prospects total over 1.5 billion boe gross (Pmean), from 100+ prospects. Pavo South rises to 66 MMbbl gross at 60% chance, from 55 MMbbl at 51%. Pavo, Ara and Starbuck are being high-graded for drilling. These are unproven prospective estimates.
27 Sept 2022other● Neutral
Corporate update restates that Dorado FID depends on supply chains stabilising and final approvals, rather than 2022. Net Dorado plus Pavo 2C is stated as 82 MMboe. Funding work, Bedout prospects and renewable fuels continue; no new decisions announced.
7 Sept 2022investor presentation● Neutral
Presentation for the RIU Good Oil & Gas conference, 7 September 2022. Only the cover note and disclaimers are readable, so no new figures or results are visible.
31 Aug 2022annual report● Neutral
Financial report for year to 30 June 2022. The Chairman repeats that Dorado FID is not supported in 2022 and the focus is Pavo, Bedout drilling and renewable diesel. Financial statements are not visible in the truncated text.
31 Aug 2022other● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2022 is current as at 31 August 2022 and board-approved. Administrative filing with no new business information.
17 Aug 2022joint venture update▼ BadMajor
Dorado FEED is substantially complete, but the joint venture says inflation and supply-chain risk do not support an FID in 2022, reversing the mid-2022 target. FPSO contract is unfinished; NOPSEMA is still assessing the OPP. Carnarvon's financing and partial sell-down process continues.
18 July 2022joint venture update▲ Good
For the Narrogin renewable diesel project, about 75% of base feedstock is secured for a targeted 10 years and Technip's engineering is about 60% complete, with FEED documents due this quarter. Offtake talks continue; the FID is still pending.
12 July 2022material agreement▲ Good
FutureEnergy Australia signed a non-binding MoU with regional power provider Horizon Power to explore renewable diesel investment, offtake, power purchase agreements and new sites. Carnarvon states an aim of 500 million litres a year by 2030. Not a binding commitment.
16 June 2022investor presentation● Neutral
Corporate presentation for the Biofuturing Australia 2022 conference on 16 June 2022, outlining Carnarvon's energy transition vision. Only the cover note and disclaimers are readable, so no new figures or results are visible.
23 May 2022investor presentation● Neutral
EGM presentation dated 23 May 2022. The readable text is disclaimers and an early Dorado Phase 1 slide saying FEED is advanced and focus is on finalising capital costs and contracts. Truncated, with no new figures or results visible.
2 May 2022resource reserve update▲ GoodMajor
Carnarvon booked Pavo resources: 43 MMbbl gross 2C contingent (13 MMbbl net at 30%) for Pavo North, plus 55 MMbbl gross Pmean prospective for Pavo South (16 MMbbl net, 51% chance). Adds to its 32 MMbbl net Dorado oil 2C.
19 Apr 2022drilling result▼ BadMajor
Apus-1 reached about 2,900m and found excellent reservoirs but no commercial hydrocarbon pool, though hydrocarbons were observed. A dry-hole outcome for the 23%-chance prospect. Pavo-1 and Dorado remain the Bedout successes, and no further Apus announcement is planned.
13 Apr 2022drilling progress report● Neutral
Apus-1 was drilling at about 1,470m, with 13 5/8" casing set at around 932m. No hydrocarbons were expected in this section, and no new result was reported. Target reservoirs are expected near the planned 2,900m total depth.
11 Apr 2022joint venture update▲ Good
Carnarvon's 50:50 renewable diesel venture FutureEnergy Australia won a $2 million WA Clean Energy Future Fund grant for development and site works at the planned Narrogin biorefinery. Engineering with Technip Energies continues, building on the March site option.
