Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2023regulatory community update● Neutral
CEO letter reaffirms Dorado Phase 1 FID readiness in 2024 and says no equity raising is expected for Carnarvon's share, following the CPC sale. New: Dorado environment plan approvals will be pursued before FID, rather than after, owing to industry stakeholder challenges.
16 Oct 2023other● Neutral
2023 Sustainability Report. The Chair notes NOPSEMA's acceptance of the Dorado offshore project proposal, Pavo tie-back studies, and purchases of carbon offsets (ACCUs). Biorefinery JV investment is described as disciplined. No new financial or resource figures visible; text truncated.
16 Oct 2023annual report● Neutral
Published 2023 Annual Report, a designed version of the financial report lodged 30 August. The Chair expresses frustration at the Dorado FID delay and the operator's pace; the CPC sale is completed. Text truncated; no new figures visible.
26 Sept 2023investor presentation● NeutralMajor
September 2023 strategy briefing titled 'Progressing from explorer to producer'. Carnarvon says it is screening for production or earnings-generating assets to complement Dorado and Pavo. It cites Dorado FID in 2024, A$319m liquidity, no debt, and about A$300m market capitalisation.
20 Sept 2023investor presentation● Neutral
Pareto Securities Energy Conference presentation by CEO Adrian Cook. Visible text is disclaimers and resource basis notes citing earlier announcements. No new information visible.
7 Sept 2023investor presentation● Neutral
Good Oil Conference presentation by COO Philip Huizenga. Visible text is disclaimers and resource basis notes citing earlier announcements. No new information visible.
5 Sept 2023investor presentation● Neutral
Euroz Hartleys Energy Forum presentation by CEO Adrian Cook. Visible text is only disclaimers and resource basis notes, citing earlier announcements including the 1 September 2023 Bedout update. No new information visible.
1 Sept 2023admin correction● Neutral
Carnarvon re-released its 31 August 'Unlocking New Bedout Resources' announcement because it had inadvertently omitted information required for ASX purposes. A new table was added on the last page, and the reported prospective resource volumes (623 MMboe) were unchanged.
31 Aug 2023resource reserve update▲ GoodMajor
New 3D seismic interpretation high-grades five Bedout prospects (Ara, Wallace, Wendolene, Starbuck, Pavo South) holding 623 MMboe gross unrisked Pmean prospective resource. Two or three wells are planned on a semi-submersible rig; timing depends on approvals, including new consultation on environment plans.
30 Aug 2023annual report● Neutral
Financial report for the year to 30 June 2023. The Chair voices frustration at the operator's slow Dorado progress and the FID delay reported in August 2022. He notes the completed CPC sale leaves Carnarvon financially self-sufficient. Text truncated; no financial figures visible.
30 Aug 2023admin correction● Neutral
Appendix 4G confirms the corporate governance statement for the year to 30 June 2023 is on the company website and was approved by the board. Administrative filing only; no new information.
17 Aug 2023investor presentation● Neutral
August 2023 presentation reflects the completed CPC deal: cash A$181m and a A$138m carry. Resource figures cite earlier announcements dated 2022. Text truncated; no new results visible.
16 Aug 2023asset acquisition disposition▲ GoodMajor
The CPC sale of 10% of Bedout completed. Carnarvon received US$58m (~A$89m) after adjustment, leaving ~A$181m cash and a ~A$138m carry, about A$319m liquidity. CPC joins the Dorado joint venture; Carnarvon's Dorado stake is now 10%. Debt process continues.
27 July 2023asset acquisition disposition▲ Good
All conditions for the CPC sale, including FIRB approval, are now satisfied, resolving the delay flagged on 10 July. Completion is due before end August. Carnarvon expects about A$178m cash plus a ~A$129m carry toward Dorado costs.
26 July 2023listing compliance notice● Neutral
ASX paused trading in Carnarvon securities pending a further announcement. No reason is given in the text. Given the CPC FIRB update the next day, this is likely linked, but that is an inference.
24 July 2023quarterly activities report● Neutral
June quarter report: cash A$95m, no debt. The CPC sale awaits only FIRB approval, targeted for Q3. Pavo integration studies are advanced, and new 3D seismic in WA-436-P shows new prospects. Dorado is cited as over 150 MMbbl (2C gross) at under US$25 per barrel projected cost.
14 July 2023security holder rights change● Neutral
Carnarvon granted performance rights to employees under its long-term incentive plan, with a three-year vesting period tied to absolute and relative total shareholder return. The number of rights is not stated in the readable text. Routine remuneration administration.
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.
19 Apr 2023quarterly activities report● Neutral
March quarter report: cash A$97m (A$98m in December), no debt. Recaps OPP acceptance and the CPC sale, expected to complete around end June 2023, leaving about A$178m cash plus a US$90m carry. Dorado FEED is substantially complete; FID date not stated in the readable text.
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.
19 Jan 2023quarterly activities report▲ Good
December quarter report: cash A$98m, no debt. Studies show Pavo fluids are compatible with the Dorado FPSO, supporting a tie-back. The joint venture expects OPP approval in the first half of 2023; the partial Bedout sell-down is still being pursued.
