29 Aug 2006drilling progress report● Neutral
POE-8, the third Phase 1 well of a now seven-well programme, was at 1,186 metres and drilling ahead. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2006drilling scheduled▲ GoodMajor
Preliminary 3D seismic shows several exploration targets. Phase 1 grows to seven wells, adding POE-7 updip of the 2003 Huai Phai-1 well, a structure about 3.3 km long. Phase 2 long-lead equipment is being ordered, and workover at the N4 well has lifted output.
21 Aug 2006drilling progress report▼ Bad
POE-1 is suspended at 1,015 metres with the drill string stuck in a fault, and the deeper G sand not reached. The rig moved to POE-8, a northern step-out well planned to 985 metres, and returns to POE-1 later. POE-2 is suspended for September testing.
15 Aug 2006drilling progress report▼ Bad
POE-1 reached 1,015 metres but the drill string is stuck in the hole; crews are trying to free it. This is a setback to the planned 12-day well.
8 Aug 2006drilling progress report● Neutral
POE-1 reached 548 metres with casing cemented, and drilling is proceeding as planned toward 1,251 metres. No result yet.
4 Aug 2006drilling spud● Neutral
POE-1, the second Phase 1 well at Wichian Buri, has started drilling 700 metres updip of POE-2, targeting a bright seismic amplitude event. Planned depth is 1,251 metres, about 12 days, and it will test both F and G sands.
2 Aug 2006capital raising announcement● NeutralMajor
Carnarvon agreed in principle with Hartleys to place up to 50 million shares at 5 cents (up to $2.5 million), plus a $1 million share purchase plan for existing holders at the same price, an 11.2% discount. Funds go to Phase 1 drilling, new opportunities and working capital.
What it means for a shareholder
50.0m new shares at A$0.050 to raise about A$2.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00486% to 0.00433% of the company. To keep it you'd need 2,428 more shares - about A$121 at the issue price.
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31 July 2006drilling result▲ GoodMajor
POE-2, first of six Phase 1 wells at the 40%-owned Wichian Buri field, was drilled with log-indicated oil sands of about 5.8 m (F sand, ~964 m) and 5.6 m (G sand, ~1,035 m). Flow rates are unproven until September testing; G sand has never been production-tested.
31 July 2006quarterly activities report● Neutral
June 2006 quarter: output fell to 80 barrels a day (100 in March) at a US$53.61 average price. Cash was $1.86 million including its share of the joint venture's cash, down from $3.96 million. September-quarter spend is estimated at A$1.4 million.
24 July 2006investor presentation● Neutral
July 2006 presentation repeats known facts: 14.2 million barrels gross reserves, about 75 barrels a day output, six-well drilling under way, $1.5 million cash at 30 June 2006 and 412 million shares. No new announcements.
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.
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.
27 Apr 2006quarterly activities report● Neutral
March 2006 quarter: Carnarvon completed its $4 million placement at 4.5 cents and sold its PNG licences for A$500,000, with the proceeds still to come. Cash was $3.96 million excluding that sum, Wichian Buri output fell to 100 barrels a day, and 3D seismic began in April.
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.
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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.
31 Jan 2006quarterly activities report● Neutral
December 2005 quarter: Ted Jacobson appointed CEO, Tiger litigation settled with new Thai partner Pan Orient (which funds Carnarvon's share of next two wells), PNG interests being sold. Cash fell to $678,000; the 40% Thai field made A$144,000 cash.
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.