Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 June 2014drilling progress report● Neutral
Phoenix South-1 finished the intermediate section at 3,706 m on schedule and is setting 9 5/8-inch casing. The final section, expected to reach the main Triassic targets, should take about three weeks. Next update in around four weeks.
4 June 2014drilling progress report● Neutral
Phoenix South-1 has finished the shallow hole section and was at 1,502 m, setting 13 3/8-inch casing before drilling the intermediate section. Next update in about two weeks. No results yet.
27 May 2014drilling spud▲ GoodMajor
Phoenix South-1 spudded on 25 May 2014 on the North West Shelf, the well Carnarvon is free-carried on (20%). Drilling is expected to take 60-70 days to 4,500 m, possibly 5,000 m if gas is found. It will be plugged and abandoned afterwards.
19 May 2014drilling scheduled● Neutral
The Atwood Eagle rig has left its previous location and is heading to Phoenix South-1, with spud expected around 24-25 May. Apache and JX Nippon earn 40% and 20% by drilling to 4,500 m; Carnarvon keeps 20%.
13 May 2014drilling scheduled● Neutral
Apache says the Atwood Eagle rig should reach the Phoenix South-1 location around 15 May, with drilling starting about five days after it leaves its previous site. Carnarvon will hold 20% once the farm-in terms are met. Spud is now close.
1 May 2014farm in farm out completion▲ GoodMajor
The sale of half of Carnarvon's 40% Thai interest to Loyz is completed. Carnarvon received US$33m, leaving cash of about A$50m, and keeps 20% plus up to US$32m in future payments. Net reserves are cut to 1.6 MMbbl proved and 5.9 MMbbl proved and probable.
31 Mar 2014resource reserve update● NeutralMajor
Independent review at 31 December 2013 shows Thai reserves net to Carnarvon (40%) of 3.2 MMbbl proved and 11.8 MMbbl proved and probable, in line with the prior year's 2P of about 12.2 MMbbl. Field output is stable at about 3,000 bopd gross after choking back.
9 Jan 2014drilling scheduled▼ BadMajor
Apache says the Phoenix South-1 spud is now likely in the second quarter of 2014, pushed back from the December-February window. Apache cites its other projects. The MD notes the later date lowers cyclone risk and the chance of exceeding the well cap.
24 Dec 2013farm in farm out agreement▲ GoodMajor
Apache will fund Carnarvon's share of Phoenix South-1 and contingent Roc costs up to a raised cap of US$70m per well (from US$50m). Apache gets an option, by 3 July 2014, over 40% of WA-436-P and WA-438-P, cutting Carnarvon to 30%. Carnarvon says it is now fully funded.
9 Dec 2013drilling progress report▲ Good
WBEXT-2BST2 reached its casing point at 1,206 m MD after entering the top five metres of the primary igneous V2 target, with strong oil shows and gas readings. It will now drill through the reservoir to about 1,400 m. No flow test yet.
15 Nov 2013drilling spud▲ Good
Rig is on site in Thailand and the WBEXT-2BST2 sidetrack is due to spud within days, targeting the 50 m igneous V2 reservoir to about 1,400 m. This restarts drilling after WBEXT-2C, which has produced over 15,500 bbls. 3-7 further wells follow.
26 Aug 2013resource reserve update● NeutralMajor
Chapman's assessment at 31 Dec 2012 gives Carnarvon net 1.5 MMbbl developed, 2.4 MMbbl proved undeveloped, 8.3 MMbbl probable and 21.3 MMbbl possible. Company says overall levels are similar to the prior year's Gaffney Cline assessment. Development needs drilling and approvals.
26 Aug 2013resource reserve update● Neutral
Independent consultant Chapman assessed Thailand reserves at 31 December 2012. Net to Carnarvon: 1.5 million barrels developed producing, 2.4 million proved undeveloped, 8.3 million probable undeveloped and 21.3 million possible undeveloped.
29 July 2013drilling result● Neutral
WBEXT-2C reached 1,235 m MD. The shallower WBV1 igneous showed oil across about 20 m; the deeper WBV2 showed gas but no oil. It will now be completed and tested over some weeks. No flow rate yet.
17 July 2013drilling spud● Neutral
The operator spudded the WBEXT-2C appraisal well on 16 July in L44/43 (Carnarvon 40%), targeting two fractured igneous zones to about 1,280 m. It is the first drilling since the early-2013 rig stand-down, expected to take about 12 days.
6 Feb 2013farm in farm out completion▲ GoodMajor
NOPTA approved and registered the Phoenix farm-out. Apache (operator, 40%) and JX Nippon (20%) join Carnarvon (20%) and Finder (20%) in WA-435-P and WA-437-P. Past-cost payment is due in the March quarter, and Phoenix South drilling is tentatively late 2013. Completes the October deal.
20 Dec 2012drilling progress report● Neutral
NSE-H4 is on plan at 929 m of 1,014 m, with about three more days of drilling and seven of testing if successful. No new result.
17 Dec 2012drilling spud● Neutral
Drilling began on 13 December at NSE-H4 (Carnarvon 40%), a new well targeting the main volcanic reservoir where wells have produced up to 1,200 bopd gross. At 865 m of a planned 1,014 m; production is expected within 7 days of completion if successful.
13 Dec 2012drilling result● Neutral
NSE-B2ST1 reached 1,050 m, was completed for production, and the rig moved on. Fluid losses are described as typical of earlier wells that went on to produce 1,340 to 2,650 bopd; first production is expected within a week, restricted. No flow result yet.
6 Dec 2012drilling progress report● Neutral
The NSE-B2ST1 infill well, after the earlier stuck-assembly delay, sidetracked successfully and reached 893 m, where drilling fluid losses began. The company calls losses a positive sign of fractures; target depth is 1,095 m, with production 5-7 days after completion if successful.
29 Nov 2012drilling progress report▼ Bad
NSE-B2ST1 hit trouble: the drilling assembly broke off while milling casing and could not be recovered. Operator continues milling before sidetracking, so the infill well is delayed with no result yet.
23 Nov 2012drilling progress report▲ Good
The seventh and final 2012 well in the WBEXT 1B sandstone program (WBEXT-1H) was completed on time and budget. Testing and water injection start in December, targeting about 800 bopd gross from this block, with five more wells contingent for early 2013.
22 Nov 2012drilling spud● Neutral
Drilling began at NSE-B2ST1, an infill well in the Na Sanun East field (40% Carnarvon), targeting about 106 m of volcanic pay to 900 m depth over ~12 days. The field has produced ~5 million barrels and holds ~2 million barrels gross 2P.
29 Oct 2012farm in farm out agreement● NeutralMajor
Carnarvon (55%) and Sun farm out 100% of the L20/50 Thai block to Siam Moeco (Mitsui subsidiary), ending its search for partners. Carnarvon's share is 55% of US$8.5m on commercial production plus 55% of a 2% royalty capped at US$10m. Subject to government approval.
18 Oct 2012farm in farm out agreement▲ GoodMajor
Phoenix farm-out signed: Apache takes 40% and operates, JX Nippon 20%, in WA-435-P and WA-437-P. Carnarvon keeps 20% (from 50%) and is carried below an agreed cap on Phoenix South (firm) and Roc (contingent), plus a past-cost payment. Resolves the slipped deal.
15 Aug 2012drilling result● Neutral
First WBEXT sandstone development well, WBEXT-5C, flows at about 120 bopd gross, in line with expectation. NS-8B, meant to follow the NS-4A sandstone find, hit low-permeability clay and was shut in; WBEXT-4A volcanic well collapsed and was abandoned. Meetings with the land office began 14 Aug on ~500 bopd shut in.
22 Mar 2012resource reserve update▼ BadMajor
Independent GCA certifies Thai reserves at 31 Dec 2011: proved 3.8 MMbbl (down from 4.7) worth US$84m, A$0.12/share; proved plus probable 12.1 MMbbl (down from 20.4) worth US$222m, A$0.32/share. Confirms the expected downgrade, citing weak 2011 well results and 400,000+ bbl produced.
24 Nov 2011resource reserve update▲ GoodMajor
Phoenix operator Finder's update puts Phoenix South and Roc prospects at about 5.5 Tcf each (high-side, not assessed by Carnarvon), alongside 870 Bcf for the existing Phoenix gas. Joint farm-out is planned to start Q1 2012, with drilling possibly 2012/13.
12 Oct 2011drilling result▲ GoodMajor
NSE F6 well flows about 1,000 bopd gross (400 net), the first high-rate well in that field, and three follow-up wells are planned. Thai production is now 1,300 bopd net. WBEXT sandstone drilling is delayed to January 2012 by environmental approvals.
18 Aug 2011drilling progress report● Neutral
July Thai production averaged 2,788 bopd gross (1,115 net). NSW-A exploration well was suspended after a tight objective and oil shows below. Around 14 development wells and up to five exploration wells are planned for the rest of 2011; a second rig may be available around October.
