Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2017drilling scheduled● Neutral
After a 11 December joint venture meeting, Phoenix South-3 is still expected in March 2018 (about 90 days to roughly 5,156 m) and Dorado-1 in May 2018 (about 45 days to roughly 4,400 m). Confirms existing timing; adds well depths and durations.
13 Nov 2017drilling scheduled▲ GoodMajor
Quadrant has signed the ENSCO-107 jack-up for Dorado-1 (CVN 20%), expected to start around May 2018, with Phoenix South-3 around March 2018. The Caley primary target holds a mean 545 Bscf gas and 31 MMbbl condensate (prospective, unproven). Rigs are now secured for both wells.
28 Aug 2017resource reserve update▲ GoodMajor
Independently audited Buffalo (100% CVN) contingent resource is 31.1 million barrels best estimate (2C), range 15.3 to 47.8 million. Scoping work says redevelopment is economic even at 1C. A production licence and development plan are still needed before reserves.
21 July 2017resource reserve update● Neutral
Carnarvon outlines the Belgravia Triassic prospect in WA-155-P(1) (CVN 28.5%): 440 Bcf gas and 18 MMbbl condensate (91 MMboe) gross mean, 29% chance of success. Unproven; a result from Woodside's nearby Swell-1 well would be a relevant test.
18 July 2017drilling scheduled▲ Good
Quadrant has signed Transocean's GSF Development Driller-1 semi-submersible to drill Phoenix South-3, starting between 1 February and 1 April 2018. Insurance proceeds are still expected to cover most of the cost. Resolves the rig-tender question from the 29 June update.
29 June 2017drilling scheduled● NeutralMajor
Dorado-1 is pushed from 2H 2017 to mid-2018 to align with the operator's 2018 campaign; Phoenix South-3 redrill is expected early 2018. An insurance claim on Phoenix South-2 is expected to cover most of that cost. Roc pre-FEED work has begun.
13 June 2017resource reserve update▲ GoodMajor
Interpretation of reprocessed seismic on 100%-owned WA-521-P identifies prospects totalling about 1.5 billion barrels unrisked mean prospective resource. Labyrinth (420 MMbbl) and Mouse (361 MMbbl) are the largest; chance of discovery is 34% and 26%. Unproven prospects, not discoveries.
28 Mar 2017resource reserve update▲ GoodMajor
Phoenix South Caley prospective resource raised 32% to 489 Bscf gas and 57 MMbbl condensate (143 MMboe, gross mean), due to higher pressure and more liquids seen in Phoenix South-2. Delivers the update promised after that well; Carnarvon holds 20%. A possible stratigraphic upside needs more drilling.
23 Feb 2017drilling scheduled▲ GoodMajor
The joint venture has committed to long-lead items for Dorado-1 in WA-437-P (Carnarvon 20%), with drilling expected in the second half of 2017. Primary Caley target is 545 Bscf gas and 31 MMbbl condensate (mean prospective). Could serve as a tie-in point for Roc and Phoenix South.
16 Jan 2017drilling result● Neutral
Phoenix South-2 operations are finished and the rig has left. The well could not be suspended for later re-entry, so further Caley testing needs a new well. Company expects a positive impact on Caley volumes, with an update to follow.
19 Dec 2016drilling result▲ GoodMajor
Phoenix South-2 found a 39m gas and condensate zone (5,176-5,215m) near the top of the Caley, but high pressures stopped drilling. Up to 185m more potential reservoir is untested. Company says higher pressure may mean larger volumes; resources to be updated. Carnarvon holds 20%.
8 Dec 2016drilling progress report● Neutral
Phoenix South-2 has set the 9 5/8-inch liner and is drilling ahead at about 4,840m toward the Caley target. Final depth of about 5,500m is expected in 2-3 weeks. Caley mean prospective resource remains 470 Bscf and 25 MMbbl. No new results.
2 Dec 2016drilling progress report▼ BadMajor
Phoenix South-2 drilled through the Barret sandstone with strong shows, but preliminary logs show no live oil column in this fault block. Barret oil volume range likely falls to about two-thirds of the 14 November range. Caley gas target is unaffected; Carnarvon holds 20%.
23 Nov 2016drilling progress report● Neutral
Phoenix South-2 reached about 3,700m and is setting 13 5/8-inch casing. The next section runs to about 4,700m, with Barret logging, then the Caley in the final hole section. Roughly three weeks to the Barret evaluation. No results yet.
14 Nov 2016resource reserve update▲ GoodMajor
Roc, Phoenix and Phoenix South gross 2C contingent resources are 109 million boe (332 Bscf gas, 20 MMbbl condensate, 31 MMbbl oil), around minimum economic levels. Phoenix South-2 targets 470 Bscf and 25 MMbbl in the Caley, mean prospective. Carnarvon has 20%.
4 Nov 2016drilling progress report● Neutral
Phoenix South-2 began drilling on 30 October and is at about 1,500m, setting 20-inch casing. The next section runs to about 3,500m, with no reservoir expected. Routine progress update.
25 Oct 2016drilling scheduled▲ GoodMajor
Phoenix South-2 will start within about 7 days, using the Ocean Monarch rig straight after Roc-2. It targets the Phoenix South oil field and the deeper Caley gas-condensate, to about 5,500m. Carnarvon pays the first A$5m of an expected A$20m net well cost, with a small promote offset against future production.
4 Oct 2016drilling progress report● Neutral
Roc-2's 7-inch liner is set across the Caley formation and the well is being cleaned out. A drill stem test string will then be installed, taking over a week. Flow test results are now expected in about two weeks. No new results.
23 Sept 2016drilling result▲ GoodMajor
Roc-2 wireline logs confirm 60m gross gas and condensate sands, 30m net reservoir, with 100-350 mD permeability. Condensate is about 50-60 bbl per million cubic feet, similar to Roc-1. Pressure data suggests Roc-1 and Roc-2 are separate structures in some sands. Flow test expected in about three weeks.
19 Sept 2016drilling progress report● Neutral
Roc-2 reached 5,290m total depth and is preparing wireline logging and formation testing over seven to ten days. Deeper Milne sands show hydrocarbons but are not seen as commercially significant at Roc, though they are a positive sign for the Dorado structure.
9 Sept 2016drilling result▲ GoodMajor
Roc-2 confirms hydrocarbon-bearing reservoir in good quality rock in the Caley section, based on logging-while-drilling data. The well is at about 4,610m, heading to about 5,250m. Volumes and flow rates await wireline logging and testing. Carnarvon holds 20%.
6 Sept 2016drilling progress report● Neutral
Roc-2 successfully cut about 120m of core from 4,290m to 4,410m across the Caley target and is pulling it out. Whether hydrocarbons are present will be reported after a logging-while-drilling pass. No results yet.
25 Aug 2016drilling progress report● Neutral
Roc-2 reached 4,057m and is setting a liner. About 120m of core across the Caley target is planned next. Results so far are similar to Roc-1. No information is available during coring.
16 Aug 2016drilling progress report● Neutral
Roc-2 reached 3,433m and is setting intermediate casing. Minor gas and fluorescence shows were seen in shallower sections, which the company calls regionally interesting. Caley coring is still expected late August or early September.
3 Aug 2016drilling progress report● Neutral
Roc-2 is at about 2,230m, now around 10 days behind schedule after a rig drilling-system fault that has been fixed. Coring of the main Caley target is expected late August or early September. Results follow a logging run after coring.
19 July 2016drilling progress report● Neutral
Roc-2 has set 20-inch casing at about 1,275m and started the next hole section, heading to about 3,500m. No reservoir is expected in this section. Routine progress update.
11 July 2016drilling spud● NeutralMajor
Roc-2, the appraisal well on the Roc gas-condensate discovery, began drilling on 9 July 2016. It targets about 5,250m with 120m of core, taking about 60 days plus about 40 days of testing. Carnarvon holds 20%.
11 July 2016drilling result▲ GoodMajor
Outtrim East-1 finished at 1,441m with 91m of core recovered. Early fluorescence data indicates hydrocarbons in the target interval. Volumes need months of lab work. Partners skipped the full logging suite, judging data sufficient. Carnarvon holds 28.5%.
8 July 2016drilling progress report● Neutral
Outtrim East-1 has begun coring at about 1,250m, aiming for 90m of core across the Pyrenees and Murion members. Final drilling to about 1,440m and wireline logging follow. No results yet; Carnarvon holds 28.5%.
1 July 2016drilling progress report▼ Bad
Outtrim East-1 reached 1,011m, with casing set shallower than expected after shallow-hole difficulties at about 400m caused a delay of roughly 10 days. Carnarvon's expected well cost is now about A$10.5m, up from the roughly A$7m quoted in May. No results yet.
