Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2019joint venture update▲ GoodMajor
Operator Santos released early concept select information: a liquids development with gas re-injection is the preferred Dorado model, with FEED still due early 2020. Carnarvon (20%) has begun talks with banks about senior debt for most of its share, and oil traders have shown interest in structured finance. A formal process comes after concept is set.
15 Nov 2019investor presentation● Neutral
AGM presentation pitching Dorado as a large, de-risked resource, with the development phase now started. The visible text is mostly disclaimers and key messages; no new results are shown.
16 Oct 2019annual report● Neutral
The 2019 annual report (year to 30 June 2019) restates the year's story: Dorado's progress, the Buffalo project moving to Timor-Leste jurisdiction, and the 33c and 39c raisings. The chairman expects Dorado liquids to firm into a development over about 18 months. Financial figures not shown in the text.
8 Oct 2019flow test result▲ GoodMajor
Dorado-3 Caley test flowed about 11,100 bbl/day oil plus 21 MMscf/day gas, limited by rig equipment, implying about 30,000 bbl/day per production well. This ends the 2019 appraisal drilling; management now turns to development of Dorado, in which Carnarvon holds 20%.
8 Oct 2019flow test result▲ Good
Santos reports the Dorado-3 Caley test flowed about 11,100 bbl/day of oil and 21 MMscf/day gas, constrained by equipment, implying around 30,000 bbl/day per production well. It says this supports entering FEED in early 2020. Operator's version of Carnarvon's same-day release.
1 Oct 2019drilling progress report● Neutral
Baxter testing is complete, and the Caley oil test is expected to start within the coming week. No new result.
23 Sept 2019flow test result▲ Good
Operator Santos confirms the completed Baxter flow test: about 48 MMscf/day gas and 4,500 bbl/day condensate, with reservoir quality and condensate ratio better than expected. Repeats Carnarvon's 19 September result from the operator's side.
19 Sept 2019flow test result▲ GoodMajor
Dorado-3 Baxter flow test reached about 48 MMscf/day gas and 4,500 bbl/day condensate (about 15,300 boe/day), above expectations and limited by surface equipment. Caley oil test is next. A positive step toward development of Dorado, where Carnarvon holds 20%.
12 Sept 2019investor presentation● Neutral
Presentation for the Good Oil Conference, repeating the Dorado-3 wireline results and the Buffalo contract signing. Flow test results are expected late September to early October. No new information.
12 Sept 2019drilling progress report● Neutral
Dorado-3 logging is finished and the 7-inch liner is set; the rig is preparing for flow tests, Baxter first and then Caley. No new result.
6 Sept 2019other● Neutral
S&P index notice: Carnarvon is to be added to the S&P/ASX All Australian 200 index from 23 September 2019. Index membership only; no change to the company's operations.
4 Sept 2019drilling result▲ GoodMajor
Dorado-3 wireline logs confirm oil in the Caley (about 53 m net pay, linked to Dorado-1 and -2) and gas in the Baxter. Crespin had unexpected hydrocarbons; Milne was water wet. Flow tests of Caley and Baxter go ahead; the company says Milne and Crespin changes are minor.
2 Sept 2019material agreement▲ GoodMajor
Carnarvon signed the Buffalo production sharing contract with Timor-Leste in Dili, and Australia and Timor-Leste then ratified the maritime boundary treaty on 30 August. Carnarvon keeps 100% of the Buffalo oil field on terms equivalent to Australia's, and the three-well environmental plan carries over.
30 Aug 2019director officer appointment● Neutral
Financial Controller Alex Doering has been made Joint Company Secretary alongside Thomson Naude, who stays on as CFO and Joint Company Secretary. Administrative change.
28 Aug 2019drilling progress report● Neutral
Dorado-3 has cut 175 m of core across the Caley and Baxter (less than the 230 m planned, as non-reservoir sections were drilled) and is drilling at about 4,357 m toward a 4,575 m target. Logs show hydrocarbon indications; wireline results are still awaited.
27 Aug 2019annual report● Neutral
Annual report to 30 June 2019. The chair expects Dorado to move toward development over the next 18 months or so and notes the 33c (February) and 39c (July) raisings strengthened the balance sheet. Buffalo is seeking a new partner. Financials are not in the excerpt.
27 Aug 2019annual report● Neutral
Appendix 4G and corporate governance statement lodged with the 2019 annual report, pointing to the company website for the statement. Compliance paperwork only; no new information on projects or finances.
19 Aug 2019capital raising announcement● Neutral
The share purchase plan closed having raised about A$3.5m, short of the roughly A$5m aimed for, on top of the A$79m placement. Shares are to be allotted 23 August.
16 Aug 2019drilling progress report● Neutral
Dorado-3 has reached about 3,878 m and is preparing to set the 9-5/8 inch liner. About 230 m of core will be cut, then a further 150 m, before logging and flow tests. No new result.
12 Aug 2019drilling progress report● Neutral
Dorado-3 has set 13-3/8 inch casing at about 2,656 m and is drilling at about 3,180 m. Coring over the Caley and Baxter follows. No new result.
6 Aug 2019drilling progress report● Neutral
Dorado-3 has set 20-inch casing at about 1,025 m and is drilling at about 2,300 m. No hydrocarbons are expected in this section; no new result.
2 Aug 2019capital raising announcement● Neutral
Offer documents for the share purchase plan were sent to eligible shareholders, who can buy up to A$15,000 of shares. The offer closes 16 August. Administrative paperwork for the raise already announced.
30 July 2019drilling spud● Neutral
Dorado-3 drilling has started, with 30-inch casing set at about 190 m and the well at about 470 m. No hydrocarbons are expected in these top sections. Carnarvon holds 20%.
25 July 2019capital raising announcement▲ GoodMajor
The placement succeeded: 202.6m new shares at 39c (about A$79m), settling 29 July. The share purchase plan, aiming for about A$5m, opens 1 August. Completes the raise announced the day before.
What it means for a shareholder
203m new shares at A$0.390 to raise about A$79.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (2,564 at the issue price), your slice goes from 0.00019% to 0.000165% of the company. To keep it you'd need 385 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
24 July 2019investor presentation● Neutral
Presentation supporting the equity raise. Text is mostly unreadable fragments, with tables repeating the 15 July Dorado resource figures (2C 344 MMboe gross, 69 net) and Pavo/Apus prospect volumes already known. No new information identified.
24 July 2019capital raising announcement● NeutralMajor
Carnarvon launched a fully underwritten A$79m placement at 39c, an 8.2% discount to the last close, plus a roughly A$5m share purchase plan. Funds go to Dorado appraisal, FEED and its equity share of the initial development.
18 July 2019drilling scheduled● Neutral
The rig is moving to the Dorado-3 appraisal well, 900 m northwest of Dorado-1. It plans two or three flow tests and about 380 m of core. Carnarvon holds 20%. This follows through on the planned next step after Dorado-2.
15 July 2019drilling result▼ BadMajor
Roc South-1 finished at about 4,910 m with no producible hydrocarbons in Crespin and Milne either, so the well is a dry hole, the first of eight in this basin. Reservoir quality was good. Dorado plans are unaffected, per the company; rig moves to Dorado-3.
15 July 2019resource reserve update▲ GoodMajor
Independent review by ERCE puts Dorado gross 2C contingent resources at 344 MMboe (162 MMbbl liquids, 748 Bcf gas), up from 283 MMboe after Dorado-1. Carnarvon's net 2C is 69 MMboe. FID still targeted end-2020.
8 July 2019drilling result▼ BadMajor
Roc South-1 found the Caley and Baxter reservoirs but wireline logs show no producible hydrocarbons, so it adds no resource to Dorado. The deeper Crespin and Milne will still be tested; Dorado plans are unaffected, per the company.
