Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2016drilling spud● NeutralMajor
Outtrim East-1 began drilling on 18 June 2016, targeting 1,440m in about 25 days. Carnarvon holds 28.5% and Quadrant operates. Hydrocarbon results follow wireline logging; recoverable volume estimates will take several months after the well.
8 June 2016drilling scheduled▲ GoodMajor
Roc-2 is on schedule for late June or early July 2016, with coring and flow testing, to 5,250m. Roc-1 lab results beat expectations: permeability averaging about 130mD, up from 10-100mD, and condensate ratio about 60 bbl/MMcf, up from 20-40.
16 May 2016drilling scheduled● Neutral
Outtrim East-1 is on schedule to start mid-June 2016, taking about 25 days; Carnarvon's net cost is about A$7m for its 28.5%. A second Quadrant deal covering WA-486-P and TR/3 was terminated by mutual agreement. Roc-2 expected in July.
17 Mar 2016resource reserve update▲ GoodMajor
Independent audit by RISC puts Roc gross contingent resource at up to 372 Bscf gas and 18 million barrels condensate (3C), plus high-case prospective 328 Bscf and 16 million barrels. Partners agreed to appraise; Roc-2 planned early second half 2016. Fulfils the volume promise made earlier.
18 Jan 2016drilling result▲ GoodMajor
Roc-1 has finished: the rig has left, the well was on budget, and lab analysis confirms condensate-rich gas at the top end of 20-40 barrels per million cubic feet. Recoverable volumes are due within about six weeks. A$30-40m (gross) of drilling carry remains for any further well in WA-437-P. No Roc-2 decision yet.
4 Jan 2016drilling result▲ GoodMajor
Roc-1 is a condensate-rich gas discovery: 10m net hydrocarbon pay within a 40m gross sand (4,380-4,420m), condensate ratio estimated at 20-40 barrels per million cubic feet. This updates the earlier hint of light oil. The partners will not deepen the well, preferring a later test nearer the structure's crest.
29 Dec 2015drilling progress report● Neutral
Roc-1 reached 4,943m and wireline logging has started, with a focus on the 40m gross hydrocarbon sand. Logging should take three to five more days, after which the partners decide whether to drill deeper. No results yet.
23 Dec 2015drilling result▲ GoodMajor
Roc-1 shows a 40m gross sandstone (4,380-4,420m) with hydrocarbon indications and inferred light oil, 10-13% porosity. The joint venture will deepen from 4,750m to about 4,950m before logging. Seismic suggests a structure up to 54 km2. Preliminary; wireline logs will confirm.
18 Dec 2015drilling result▲ GoodMajor
Roc-1 shows minor hydrocarbons in the upper sands (3,750-4,200m), likely not commercial. Deeper, 4,200-4,435m, gas readings and resistivity point to hydrocarbons and a working petroleum system, with gas levels like Phoenix South-1. Wireline logs at total depth will confirm.
16 Dec 2015drilling progress report● Neutral
Roc-1 has drilled from 3,435m to about 4,000m in the reservoir section. The operator will skip the intermediate logging run and log at total depth. No results reported.
14 Dec 2015drilling progress report● Neutral
Casing is set and the Roc-1 reservoir section has started slightly ahead of prognosis, at 3,435m. Total depth of about 4,750m is expected in roughly two weeks, with the top reservoir around 3,750m.
9 Dec 2015drilling progress report● Neutral
Roc-1 finished the intermediate section at 3,405m and is setting 9 5/8" casing. The reservoir section follows in about a week. No results yet.
2 Dec 2015drilling progress report● Neutral
Roc-1 has set 13 3/8" casing at 1,341m and is drilling ahead at 1,425m. Next comes the reservoir section equivalent to the Phoenix South-1 oil zone. No results yet.
25 Nov 2015drilling spud▲ GoodMajor
Roc-1 spud on 24 November 2015, a week after the ~17 November expectation. Drilling to 4,700m is expected to take 35-40 days. Carnarvon holds 20% in WA-437-P and is carried for the well.
23 Nov 2015drilling scheduled● Neutral
Roc-1 is ready to spud but waiting for rig owner Noble to get certification and approval for safety modifications to the Tom Prosser rig. Spud is slightly later than the ~17 November expectation. Carnarvon holds 20% of WA-437-P.
13 Nov 2015drilling scheduled▲ GoodMajor
Quadrant has received the Tom Prosser rig and Roc-1 is expected to spud around 17 November 2015. Drilling to 4,700m should take 35-40 days. If successful, the well will be re-entered in Q3 2016 for flow testing and coring. Carnarvon holds 20% in WA-437-P.
14 Sept 2015drilling scheduled● Neutral
The Tom Prosser rig left Singapore for Australia and will first drill a Wandoo well for Vermilion. Roc-1 is now expected to start in early to mid November 2015, taking about 50-60 days. Timing is slightly later than the earlier Q4 plan, but still within it.
7 Apr 2015resource reserve update▲ GoodMajor
Independent assessor DeGolyer and MacNaughton puts recoverable oil in the Phoenix 3D area at 48-232 million barrels gross, best 104m. Phoenix South contingent resource is 19m best; Roc prospect 42m best, 42% chance of success. Roc-1 now planned for Q4 2015, after earlier mid-2015 timing.
11 Dec 2014drilling result▼ BadMajor
Carnarvon cannot yet size Phoenix South-1; incomplete lab data (special core analysis not started) pushes oil-in-place and recoverable estimates to about end of Q1 2015, missing the end-2014 target. Oil confirmed as light black oil near 47 API. Roc-1 now expected mid-2015.
11 Nov 2014drilling result▲ Good
Thai well WBEXT-10B was completed as a producer, flowing 400-450 bopd with 2-3% water cut after a week of testing. Drilling moves to WBEXT-3F, with three more wells in the campaign. Field output rose above 4,500 bopd gross, up from about 4,000.
14 Oct 2014drilling spud● Neutral
Thai drilling restarts with WBEXT-10B, an appraisal well targeting the igneous reservoir, about three weeks to drill. Five wells are scheduled; some L33/43 drilling is delayed by wet weather. Output holds at about 4,000 bopd gross (800 net).
20 Aug 2014drilling result▲ Good
Phoenix South-1 finished drilling at 4,595 m after reaching the Locker shale. Two further minor 10 m sands appear hydrocarbon-bearing on preliminary real-time data. Rig leaves by end-August; net cost remains about A$6m to Carnarvon.
18 Aug 2014farm in farm out completion▲ GoodMajor
Apache and JX Nippon committed to drill Roc-1 in WA-437-P, expected in 2015, funded to US$70m gross, so Carnarvon keeps a carried 20%. Apache also exercised its option over WA-436/438-P, taking 40% and operatorship and leaving Carnarvon with 30%.
18 Aug 2014drilling result▲ GoodMajor
Phoenix South-1 is an oil discovery: four oil columns, 66 m net pay, light 46-48 degree API oil, and permeability pointing to a productive reservoir. Recoverable volumes are due by end-2014. Carnarvon's net well cost stays about A$6m. It resolves the open drilling question.
11 Aug 2014drilling progress report● Neutral
Phoenix South-1 reached 4,540 m, past the 4,500 m target, with gas and liquid hydrocarbon indications across several sandstones. Wireline logging runs 5-7 days, after which the joint venture decides whether to drill deeper. No firm results yet.
29 July 2014drilling result▲ GoodMajor
Phoenix South-1 saw gas and signs of liquid hydrocarbons from the main target sand, intersected near 4,160 m, before a bit broke at 4,321 m. A second minor sidetrack is needed. Management stresses the signs are preliminary and unquantified.
18 July 2014drilling progress report● Neutral
Phoenix South-1 sidetrack has set its 9 5/8-inch casing and was drilling at about 3,750 m in the final section, where the main Triassic targets are expected. Drilling should take about three more weeks, then a week of logging and sampling. No results yet.
8 July 2014drilling progress report● Neutral
The Phoenix South-1 sidetrack succeeded and was drilling at about 1,960 m by 7 July. Total depth is now expected mid-August, with operations done by end-August. Carnarvon's estimated extra cost has risen from about $4m to about A$6m because costs will exceed the US$70m cap.
23 June 2014drilling progress report▼ BadMajor
A casing tool stuck in Phoenix South-1, so Apache must cut the casing and drill a sidetrack, adding about 20 days. If the cost cap is exceeded, Carnarvon's extra cost is estimated at about $4m, which it says it can comfortably fund.
18 June 2014drilling spud● Neutral
Thai drilling resumes: the rig is on site for L33-5A, an exploration well on 2013 3D seismic targeting the igneous reservoir, about three weeks to drill. Five to seven wells are planned, funded from operations at about 4,000 bopd gross. Carnarvon holds 20%.
