8 Apr 2022drilling spud● NeutralMajor
Drilling began at Apus-1, 27km southwest of Pavo-1, targeting a gross mean 235 MMbbl of liquids and 408 bcf of gas at a 23% chance of success. Carnarvon's average interest is about 25%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2022regulatory community update▲ GoodMajor
The joint venture accepted NOPTA's offer of a life-of-field Production Licence over the four blocks holding Dorado (Carnarvon 20%), with grant expected shortly. It clears a key approval ahead of a mid-2022 FID and allows tie-backs such as Pavo.
4 Apr 2022drilling scheduled● Neutral
The Noble Tom Prosser rig has moved to the Apus-1 site, with drilling due within a week and about a month expected. Apus targets 235 MMbbl liquids plus 408 bcf gas gross mean at 23% chance of success; Carnarvon's average interest is about 25%.
29 Mar 2022capital raising announcement▲ GoodMajor
The A$70m placement was successful: 234,806,987 new shares at A$0.30, settling 4 April and allotted 5 April, with trading resuming. Proceeds are for Dorado FID in 2022 and testing nearby tie-in targets including Apus-1.
What it means for a shareholder
235m new shares at A$0.300 to raise about A$70.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000213% to 0.000185% of the company. To keep it you'd need 500 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
28 Mar 2022capital raising announcement● NeutralMajor
Carnarvon launches a fully underwritten institutional placement of 234.8 million shares at A$0.30 to raise about A$70m, a 9.1% discount to the last close. Funds go to Dorado equity and FEED, the Apus-1 well, Pavo-1 appraisal and corporate costs. This follows the 4 March start of a financing process.
What it means for a shareholder
235m new shares at A$0.300 to raise about A$70.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000213% to 0.000185% of the company. To keep it you'd need 500 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
28 Mar 2022investor presentation● Neutral
Investor presentation supporting the A$70m placement announced the same day. Only disclaimers are readable in the truncated text; terms are covered in the placement announcement.
25 Mar 2022drilling result● Neutral
Pavo-1 reached final depth of about 4,235m, drilling about 680m of previously undrilled Early Triassic and Upper Permian rocks below the Archer Formation. No commercial hydrocarbons were found there, as expected. The well will be plugged after logging and the rig moves to Apus-1.
23 Mar 2022drilling result▲ GoodMajor
Operator Santos confirms the Pavo-1 discovery: 43 MMbbl gross 2C contingent resource for the northern culmination (Carnarvon 30%), plus 40 MMbbl gross prospective in the southern culmination at 60% chance. Santos cites tie-back breakeven below US$10/bbl. Adds numbers to the Carnarvon announcement.
23 Mar 2022investor presentation● Neutral
Investor briefing presentation released after the Pavo oil discovery announced the same day. The cover note adds no new results; the attached slides are truncated.
23 Mar 2022drilling result▲ GoodMajor
Pavo-1 (Carnarvon 30%) made a material oil discovery in the Caley Member: 46m net pay in a 60m gross column, light ~52° API oil. Pavo is 46km from Dorado and expected to tie back to it. Resolves the pending wireline question; the well continues deeper to about 4,200m.
11 Mar 2022drilling progress report● Neutral
Pavo-1 operations resumed after cyclone shutdown at about 3,282m. The well will be deepened to about 3,600m, then extensive wireline logging will be run over the Caley and Crespin reservoirs to confirm the hydrocarbon shows at 2,944-3,001m. No new result.
10 Mar 2022joint venture update▲ Good
Carnarvon's 50:50 renewable diesel venture with Frontier Impact Group is branded FutureEnergy Australia. Technip Energies is running FEED for a first biorefinery near Narrogin, WA, on a 12-month option over a 65Ha site, targeting an FID in 2022.
8 Mar 2022investor presentation● Neutral
Corporate presentation dated 8 March 2022, with the readable text limited to disclaimers and a heading on Dorado development in 2022. The truncated text shows no new figures or results.
4 Mar 2022director officer appointment● Neutral
General Counsel Gavan Sproule replaces Thomson Naude as Joint Company Secretary, alongside Alex Doering. Naude stays CFO and focuses on Dorado financing and FID. Administrative change.
4 Mar 2022investor presentation● NeutralMajor
Dorado FEED is on track to be FID ready by mid-2022, with initial output of 75,000-100,000 bopd gross confirmed. Carnarvon has begun a formal funding process via Azure Capital: senior debt, mezzanine, or selling part of its 20% share. Capital cost is not yet defined.
28 Feb 2022drilling progress report▲ GoodMajor
Pavo-1 reached about 3,282m and found multiple porous sands in the Caley to Crespin, similar to Dorado. Elevated gas and resistivity at 2,944-3,001m indicate hydrocarbons. Wireline logs are needed for confirmation; cyclone precautions are delaying them.
25 Feb 2022half year report● Neutral
Half-year report to 31 December 2021, but the text is largely garbled. The readable part repeats Dorado FEED progress, the Altera and Sapura contracts, 75,000-100,000 bpd initial rate and mid-2022 FID. Financial figures cannot be read.
22 Feb 2022drilling progress report● Neutral
Pavo-1 has drilled to about 2,875m and the 9 5/8-inch liner is being set. Next is the 8.5-inch section through the expected reservoir. Routine progress, no new result.
15 Feb 2022drilling progress report● Neutral
Pavo-1 has drilled the 17.5-inch hole to about 1,009m and set casing; the rig is preparing the next 12.25-inch section to about 3,000m. No hydrocarbons are expected in this section. Routine progress.
9 Feb 2022drilling spud● NeutralMajor
The rig is at the Pavo-1 site and about to start drilling the surface hole. Target remains 82 MMbbl liquids gross mean, 34% chance of success, 30% Carnarvon interest. No hydrocarbons expected in the upper sections.
7 Feb 2022regulatory community update● Neutral
Keraudren Extension Phase II 3D seismic survey (about 650 km²) has begun, completing the 3,260 km² Keraudren Extension survey in the Bedout basin. It aims to identify future drill targets after Pavo-1 and Apus-1; builds on the 2,711 km² acquired in mid-2021.
4 Feb 2022drilling scheduled● Neutral
Noble Tom Prosser rig is moving to Pavo-1, with drilling due within a week. Target is 82 MMbbl liquids (gross mean) plus 108 Bcf gas, 34% chance of success; Carnarvon holds 30%. Apus-1 follows about 20km southwest.
24 Jan 2022drilling result▼ BadMajor
Wireline logging found Buffalo-10's oil column residual and uncommercial, so the well will be left safe and the rig demobilised. The CEO calls it disappointing. This ends the Buffalo-10 hope of a 31 MMbbl attic oil target; Carnarvon's focus shifts to Pavo-1 and Apus-1.
19 Jan 2022drilling result▼ BadMajor
Buffalo-10 hit the Elang reservoir about 80m deeper than predicted, outside the pre-drill range, with a roughly 12m gross oil column indicated while drilling. Carnarvon says seismic processing has not resolved the velocity distortion in the field. Wireline logs are still to confirm.
14 Jan 2022drilling progress report● Neutral
Buffalo-10 has drilled the 12.25-inch hole to about 2,707m, with geological markers within the pre-drill range. The Elang reservoir is expected in the final 8.5-inch section to about 3,500m, with logs before deciding on suspension.
6 Jan 2022drilling progress report● Neutral
Buffalo-10 conductor cemented and 17.5-inch hole drilled to about 804m. Next is casing, then the 12.25-inch section to about 2,800m. No hydrocarbons are expected in this section; routine progress.
31 Dec 2021drilling spud▲ GoodMajor
Buffalo-10 drilling has commenced; the top hole is drilled to about 120m after a slight tropical weather delay. This is the first Carnarvon-operated well in the Timor Sea redevelopment, with results due in coming weeks. No hydrocarbons are expected in the upper sections.
22 Dec 2021drilling scheduled▲ Good
Valaris JU-107 is en route to Buffalo-10, with drilling expected within a week and about 35 days to complete. The well targets the attic oil (contingent 2C 31.1 MMbbl, range 15.3-47.8) and would be suspended for later production if successful.
16 Dec 2021drilling scheduled● Neutral
Santos's Noble Tom Prosser rig should reach Pavo-1 in mid-late January 2022; the well takes about two months, then Apus-1 follows (just over a month). Pavo-1 mean 82 MMbbl liquids; Apus-1 235 MMbbl, both gross prospective and unchanged.
13 Dec 2021drilling scheduled▼ Bad
Valaris JU-107 rig handover to Carnarvon slips again, now expected late December, as the rig's current operator finishes its final operation. Carnarvon says the delay is not related to rig performance or its own preparation. Mid case 31 MMbbl unchanged.