Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2021joint venture update▲ Good
Carnarvon notes Advance Energy has published a presentation on its capital raise to fund the Buffalo farm-in. It restates the December terms (up to 50%, Buffalo-10 free carry up to US$20m) and expects completion shortly, with no new figures.
9 Mar 2021investor presentation● Neutral
Corporate presentation to an institutional investor conference. The visible text is only disclaimers citing previously announced resource estimates (latest 17 September 2020). No new results are shown.
3 Mar 2021contract award▲ GoodMajor
The Noble Tom Prosser rig, used on the 2019 Dorado-2 and -3 appraisal wells, is contracted for Pavo-1 (101 MMboe gross target) then Apus-1 (307 MMboe), starting late 2021. This firms up the drilling plan; success could add to Dorado resources, and the wells remain unproven.
26 Feb 2021half year report● Neutral
Half-year to 31 December 2020: loss after tax A$4.25m (A$2.58m a year earlier). A$4.1m of exploration spend was capitalised, mainly Dorado pre-FEED. The report restates known plans: FEED in early 2021, FID in 2022, Buffalo-10 drilling in 2021.
15 Feb 2021contract award▲ Good
Petrofac is appointed drilling management contractor for the Buffalo-10 well, following the tender noted in December. Drilling is still targeted for 2H 2021, and the Advance Energy farm-out is said to be on track to complete in March 2021.
11 Feb 2021investor presentation● Neutral
Corporate presentation to the Bell Potter Unearthed conference. The visible text is only disclaimers, citing resource estimates already announced (latest 17 September 2020). No new results are shown.
27 Jan 2021quarterly activities report● NeutralMajor
December quarter report: cash A$106m. Dorado phase 1 is expected to deliver about 30 million barrels net to Carnarvon. FEED entry is now planned for 1H 2021 and FID for 1H 2022, later than the 2021 FID previously targeted. Apus and Pavo drilling is planned for late 2021 or early 2022.
17 Dec 2020farm in farm out agreement▲ GoodMajor
Binding deal: AIM-listed Advance Energy can earn up to 50% of Buffalo by funding the Buffalo-10 well (up to US$20m), at 2.5% per US$1m. Carnarvon stays operator. Drilling targeted 2H 2021. Needs at least US$10m by 31 March 2021. Ends the long-running farm-out search.
1 Dec 2020joint venture update● Neutral
Carnarvon relays Santos' investor day update: initial Dorado liquids development expected to deliver production from late 2025, with Pavo and Apus drilling advanced to start in late 2021. Carnarvon's Phoenix permit interests (20% and 30%) are unchanged.
11 Nov 2020other● Neutral
Chairman Leonhardt's AGM address as he steps down after leading since 2005 and hands over to Bill Foster. Dorado FID is planned for 2021. No executive incentives were awarded this year and a performance rights plan is proposed.
11 Nov 2020investor presentation● Neutral
Managing director's AGM presentation; the visible text is only disclaimers and a contents list, with resource figures cited as previously announced. No new results are shown.
12 Oct 2020investor presentation● Neutral
CEO presentation to the Macquarie small and mid cap oil and gas conference. The visible text is only disclaimers, citing previously announced resource estimates (latest 17 September 2020). No new results are shown.
12 Oct 2020other● Neutral
Carnarvon's first sustainability report, covering environment, climate-risk governance, people and ethics. The visible text includes no new financial or resource figures, so it adds nothing new for the share story.
12 Oct 2020annual report● Neutral
2020 annual report, lodged again with the chairman's review visible: Dorado FEED expected shortly, Buffalo proceeding under Timor-Leste jurisdiction, Leonhardt's last report as chair. Financial statements are not shown in the visible text.
5 Oct 2020director officer appointment▲ Good
Debra Bakker, a resources-project banker, joins the board as a non-executive director from 5 October 2020. The chairman says she will oversee management's funding work for the Dorado development, filling the board search noted in July.
17 Sept 2020resource reserve update▲ GoodMajor
New 3D seismic splits the old Apus feature into three prospects, Apus, Petrus and Kepler, with 293 million barrels of oil combined (gross, Pmean, prospective). Apus alone is 235 million barrels, with 23% chance of success. Drilling depends on business conditions.
27 Aug 2020admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2020. Administrative, no substantive news.
27 Aug 2020annual report● Neutral
Annual report to 30 June 2020. The visible text is the chairman's review: Dorado FEED expected shortly, Buffalo proceeding under Timor-Leste jurisdiction, and Leonhardt's last report as chair. Financial figures are not shown in the text.
20 Aug 2020joint venture update▲ Good
Dorado concept definition is well advanced: oil and condensate with gas reinjection, facilities designed for 75,000 to 100,000 barrels a day. Three FPSO bidders presented proposals, and FEED is expected to start in the second half of 2020, with FID in 2021.
30 July 2020director officer appointment● NeutralMajor
Chairman Peter Leonhardt, chair since 2005, will retire after the 2020 AGM. Director Bill Foster, on the board since 2010, will take over as chair, and a search for a new non-executive director has begun.
14 July 2020investor presentation● Neutral
Investor conference presentation; the visible text is only disclaimers and a contents list, with resource figures cited as previously announced. No new results are shown.
17 June 2020other▲ Good
Carnarvon says the 2019 Keraudren 3D seismic gave very high quality data over Dorado and Roc, and confirmed the structure of the Apus and Pavo prospects. Final data is due before end 2020. No resource figures given.
12 June 2020other● Neutral
S&P index rebalance notice effective 22 June 2020. The visible text lists additions and removals but does not show Carnarvon among them; the list is truncated, so any effect on Carnarvon is not shown.
13 May 2020contract award● NeutralMajor
Santos, the Dorado operator, awarded pre-FEED contracts to three FPSO contractors, and wellhead platform interest was strong. FID is now targeted for 2021, subject to markets, versus end 2020 before. Carnarvon holds 20%.
6 May 2020asset acquisition disposition▲ GoodMajor
Carnarvon has lifted its equity in the WA-155-P (Outtrim) permit to 70% and become operator. It sees gas potential in the Belgravia prospects and a larger 'JBS structure', and plans to mature the project for farm-out. Earlier it held 28.5%.
24 Mar 2020other▼ BadMajor
Carnarvon says Dorado engineering and pre-FEED work continues broadly to plan, but 2020 seismic acquisition will be deferred and 2021 exploration drilling in the Keraudren area depends on market conditions. A first sign of COVID-19 and low oil prices trimming exploration plans; cash remains A$119m, no debt.
16 Mar 2020other● Neutral
Shareholder update on COVID-19 and the oil price fall: Carnarvon says nothing prevents FEED starting, and plans stay unchanged. Cash of A$119m (31 December) is said to cover 2020 spending and reach a Dorado liquids final investment decision.
10 Mar 2020investor presentation● Neutral
Euroz conference presentation repeating known facts: A$119m cash at 31 December 2019 covering 2020, a preferred liquids-first Dorado concept using 8 to 10 wells, FEED now expected in the June quarter 2020, and the operator's goal of production by 2025. Pavo and Apus are lead 2021 drilling candidates.
28 Feb 2020half year report● Neutral
Half-year report to 31 December 2019, but the text is garbled and the figures cannot be read. The readable narrative covers Dorado appraisal success, the Buffalo contract, and a write-off of a relinquished permit's exploration costs; amounts not readable.
12 Feb 2020other▲ Good
First preliminary processed data from the 2019 Keraudren 3D seismic survey has arrived, with quality markedly better than the earlier Capreolus 3D. It will help position Dorado wells and refine nearby prospects; final data is due late 2020, with exploration drilling possible from 2021 subject to approvals and a rig.
