Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2007drilling scheduled▲ GoodMajor
The joint venture expands Phase 2 to up to 37 wells plus 100 sq km of new 3D seismic, with two rigs, starting March subject to approvals. POE-9 has held 320-389 bopd for over two months. Na Sanun-1's early water-out may have been due to poor cementing.
1 Feb 2007quarterly activities report● Neutral
December quarter report: Phase 1 finished with 7 of 8 wells successful. Gross production is up to 673 bopd. Consolidated cash fell to $1.7 million from $3.2 million. Phase 2 of up to 20 wells is planned from March 2007.
22 Jan 2007drilling result▲ GoodMajor
POE-9 is declared an oil discovery, now producing 380-390 bopd with 0.1% water cut after peaking at 560 bopd. The JV is applying for a production licence, and Phase 1 stands at 7 successes from 8 wells. Phase 2 of up to 20 wells starts in early March.
15 Jan 2007well test result▲ GoodMajor
POE-9 is flowing oil to surface at variable rates up to 560 bopd from a 17 m perforated zone in a new fractured volcanic reservoir. The company cautions that sustainability is unproven, given the earlier Na Sanun-1 well watered out quickly.
3 Jan 2007production update▲ GoodMajor
Gross field production is about 430 bopd, up from a low of 60 bopd in Q2 2006. POE-5 stabilised at 102 bopd. POE-9 reached 1,275 m with mud losses and live oil, and flow testing is under way. POE-2's F sand shows no contribution.
19 Dec 2006production update▲ GoodMajor
Field production is about 275 bopd gross. POE-3 stabilised at 108 bopd commingled from F and H sands, and the POE-1 re-drill found 8 m of F sand pay. POE-9 has begun drilling; Carnarvon puts its chance of success at 25%. Phase 1 stands at 6 of 7 wells successful.
13 Dec 2006drilling progress report▲ Good
The POE-1 re-drill is at 756 m. POE-3 and POE-5 have been perforated in the F sand and are producing commingled oil. The workover of old wells has begun, with WB-N7 and WB-N8 recompleted with beam pumps.
5 Dec 2006drilling progress report● Neutral
The POE-1 re-drill has begun and should take about 10 days, with POE-9 spudding in mid-December. Testing of the other Phase 1 wells continues. Attached is Pan Orient's report, which shows production up to about 250 bbl/d gross from a 60 bbl/d low.
30 Nov 2006agm notice● Neutral
All four AGM resolutions were carried on a show of hands: Neil Fearis re-elected, a share issue ratified, the employee share plan re-adopted and the remuneration report adopted.
30 Nov 2006agm notice● Neutral
AGM address and presentation largely repeat known facts: 14.2 MMbbl gross reserves, about 250 bopd gross, 5 of 6 wells successful, cash $3.2 million at 30 September. Phase 2 of up to 20 wells is now described as starting in 2007 (earlier text said December 2006).
27 Nov 2006production update▲ Good
Testing continues on POE-2, 3, 5 and 6. Field-wide gross production, old and new wells together, is rising with rates up to 250 bopd. POE-1 is being re-drilled and the POE-9 pad is being built. The main F sand is still to be tested.
23 Nov 2006drilling result▼ BadMajor
POE-7 reached 1,125 m and all prospective zones looked water-bearing, so it will be plugged and abandoned. This is the first Phase 1 dry hole; POE-9 is still due to spud in early December as the last well.
20 Nov 2006flow test result▲ Good
POE-3's H sand stabilised at 25 bopd from only 3 m of perforations; H sand has never produced here, so reserves could rise. H sand testing has started in POE-5. POE-9 drilling is due early December.
13 Nov 2006drilling spud● Neutral
POE-7, the Huai Phai appraisal exploration well, spudded 8 November and was at 514 m. G sand testing continues in POE-2 and POE-6, and POE-5 is being perforated for testing.
6 Nov 2006flow test result▲ GoodMajor
First stabilised Phase 1 flows: POE-6 G sand about 45 bopd and POE-2 G sand 40 bopd, both new reservoirs with no prior booked reserves. POE-3 H sand is flowing on test. POE-9, an appraisal of Na Sanun-1, is added, making Phase 1 eight wells.
1 Nov 2006quarterly activities report● Neutral
September quarter report: three Phase 1 wells drilled, with G sand production started in two after quarter end. Consolidated cash was $3.2 million (including its share of joint venture cash) against $1.9 million at June. Unmarketable parcel sale cut shareholders from over 5,000 to under 2,500.
30 Oct 2006annual report● Neutral
Carnarvon released its 2006 annual report. The chairman's statement covered the move from Melbourne to Perth, Ted Jacobson becoming CEO, the 3D seismic and phase one drilling, and share placements in the year. Much of the text is garbled and truncated.
30 Oct 2006flow test result▲ Good
POE-6, the western exploration well, is producing oil to surface from the deeper G sand, the first oil from that level, though no stabilised rate yet. Carnarvon says it should add reserves. Testing of all Phase 1 wells will run at least two more months.
23 Oct 2006drilling progress report● Neutral
Flow testing of POE-6's G sand began 22 October and is still cleaning up. POE-5, the sixth well, is drilling at 317 m toward 1,362 m. No test result yet.
16 Oct 2006drilling result▲ Good
POE-3, the fifth Phase 1 well, reached 1,206.5 m with log pay of about 15 m in the F sand, 9 m in the G sand and 5.2 m in the deeper H sand, which has never produced on the concession. Flow testing starts 17 October, delayed by perforating charges.
10 Oct 2006drilling progress report● Neutral
POE-3 is at 904 metres and changing the bit, with the target F sand expected within 24 hours. No result yet.
3 Oct 2006drilling spud● Neutral
POE-3, the fifth Phase 1 well, has started drilling as an infill well about 10 m updip of the long-producing WB-1, targeting possible unproduced attic oil in the F sand. POE-6 is suspended awaiting perforation charges for flow testing.
29 Sept 2006annual report● Neutral
Year to June 2006: loss of $758,150 versus $1,007,325 the year before, helped by a $488,182 profit on the PNG sale. $4.7 million was raised in the year and $3.5 million after year end. The office moved from Melbourne to Perth.
28 Sept 2006drilling result▲ GoodMajor
POE-6, an exploration well in a separate western fault block, reached 1,200 m with log net pay of about 22.8 m, including 10.2 m in the G sand. Oil is unproven until flow testing in early October.
26 Sept 2006drilling progress report● Neutral
POE-6 reached 1,200 metres with good oil shows at several levels; logging is under way. No result yet.
20 Sept 2006drilling progress report● Neutral
POE-6 was at 643 metres, heading to about 1,100 metres. Carnarvon says operations at Wichian Buri are unaffected by the apparent military-led takeover of the Thai government.
12 Sept 2006drilling spud● Neutral
POE-8 is complete and suspended for testing; POE-2 logs show a further possible 7 m of pay at 572 m. POE-6, an exploration well in a separate fault block to the west, spudded 11 September as the fourth well. Production testing is now expected from October.
6 Sept 2006investor presentation● Neutral
Good Oil Conference presentation repeats known facts: 14.2 million barrels gross reserves, 75 barrels a day, seven-well Phase 1 and Phase 2 start in December 2006. It states 482 million shares and $4.2 million cash at 30 August 2006 after the raisings.
4 Sept 2006drilling result▲ GoodMajor
POE-8 reached 1,312 metres, deeper than planned, with log pay of about 2 m (F sand), 3 m (G sand) and 4 m in a deeper sand, plus possible shallower zones. Flow testing is needed. A pump change lifted the WB-N4 well from about 5 to 20 barrels a day.
1 Sept 2006capital raising announcement▲ Good
The share purchase plan closed oversubscribed, with $1.46 million of applications against the $1 million target, so applications are scaled back. 348 shareholders applied. This completes the 5-cent raising alongside the Hartleys placement.
