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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 Oct 2022quarterly activities report● Neutral
September quarter report: cash A$105m (A$112m at June), no debt. Dorado FID is not in 2022; the FPSO contract needs costs to settle and the NOPSEMA OPP is still awaited. Repeats the 1.5 bn boe Bedout prospects and about 75% renewable feedstock secured.
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.
25 July 2022quarterly activities report● Neutral
June quarter report recaps the Dorado Production Licence grant, the 43 MMbbl gross Pavo 2C resource and the A$2m renewable diesel grant, with Dorado still described as FID-ready in 2022. Financing work continues, including a possible sell-down. Mostly repeats known events; text partly garbled and truncated.
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.
26 Apr 2022quarterly activities report● Neutral
March quarter report recaps the Pavo-1 oil discovery, the A$70m placement and the Apus-1 result (reservoirs found, no commercial pool). Dorado FID is still targeted for 2022, with debt, offtake prepayment or partial sell-down options for funding. Mostly repeats known events; the text is truncated.
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.
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%.
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.
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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.