Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2011drilling result▲ GoodMajor
WBEXT-1F found two new sandstone pools (D sand producing about 83 bopd gross), and WBEXT-2BST1 is producing a restricted 1,100 bopd gross. Thai production is 3,365 bopd gross (1,346 net). Several other wells are being tested or drilled.
20 June 2011drilling scheduled▲ Good
The Thai joint venture adds a second rig (EMAS 700) alongside Elite 01 to drill sandstone and volcanic targets at once. An indicative 26-well remaining 2011 program is listed, subject to JV approvals. Carnarvon holds 40%.
8 Apr 2011resource reserve update▼ BadMajor
GCA certified Thai 2P reserves at 20.4 MMbbl net at 31 Dec 2010, down 17% from 24.5 MMbbl. New WBExt (5.5) and L33 (1.9) additions were outweighed by a 10.5 MMbbl Na Sanun East downgrade. 1P is 4.7, 3P 51.9; 2P NPV A$307m, A$0.45 per share.
17 Mar 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas (7.5% of L20/50), repeats Carnarvon's report that Krai Thong-1 found water and will be abandoned, with Chalawan deferred. Notes over 90% Peak acceptances, offer closing 17 March. No new Carnarvon information.
17 Mar 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Krai Thong-1 found water in tested zones and will be plugged and abandoned, with Chalawan deferred. Sun holds 42.5% of L20/50. No new Carnarvon information.
17 Mar 2011drilling result▼ BadMajor
Krai Thong-1 (37 MMbbl gross target) will be plugged and abandoned: wireline testing found water as the mobile fluid. Chalawan drilling is deferred. This is the second dry L20/50 well after Tapao Kaew; reservoir quality and seals were good, and a basement fracture network was noted.
16 Mar 2011drilling progress report● Neutral
Operator Apache completed the Gazelle 3D seismic survey over WA-399-P on schedule on 11 March, fully funded by Apache under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before the JV decides next steps.
14 Mar 2011drilling progress report● Neutral
Krai Thong-1 stopped at about 1,300 m, short of the planned 1,425 m, after hard rock slowed drilling. Operator believes all targets were penetrated. Several sandstone zones with elevated resistivity and minor oil shows await wireline testing; no result yet.
14 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 stopped at about 1,300 m with minor oil shows in several sandstone zones, wireline logging to follow. No new Carnarvon information.
8 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 has set casing at 605 m and is preparing to drill the final section to TD (planned ~1,425 m) over 3-4 days. No new Carnarvon information.
8 Mar 2011drilling progress report● Neutral
Krai Thong-1 has drilled to 605 m and set casing, and is about to drill the 8½-inch section to a planned ~1,425 m over 3-4 days. No results yet; logs will decide testing or abandonment.
8 Mar 2011drilling progress report● Neutral
Raisama repeats Carnarvon's update that Krai Thong-1 is at 605 m with casing set. It says it has acceptances for over 90% of Peak shares, with its offer closing 17 March. No new Carnarvon information.
1 Mar 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Krai Thong-1 spudded and was at 132 m running casing on 1 March. Adds that the rig left Tapao Kaew on 21 February. No new information.
1 Mar 2011drilling progress report● Neutral
Operator Apache began the 'Gazelle' 3D seismic survey over WA-399-P on 28 February, about 12 days long. Apache pays for it under the July 2010 farm-in. Carnarvon holds 13%. Data will be processed before any next step is decided.
1 Mar 2011drilling spud● Neutral
Krai Thong-1, second L20/50 well (37 MMbbl gross target, TD ~1,425 m), spudded 28 February after Tapao Kaew's dry result. It had drilled to 132 m and was running casing. Targets are expected within 9-12 days.
21 Feb 2011drilling result▼ BadMajor
Tapao Kaew-1, Carnarvon's first operated Thai exploration well on L20/50 (21 MMbbl gross target), reached 1,792 m and found no hydrocarbon-bearing reservoir. It will be plugged and abandoned. A lower section was inconclusive due to failed logging tools. Rig moves to Krai Thong.
21 Feb 2011drilling result▼ Bad
Partner Sun Resources repeats Carnarvon's result: Tapao Kaew-1 reached 1,792 m, found no hydrocarbons and will be plugged and abandoned. Notes Peak has completed its free carry of Sun on this well. Nothing new for Carnarvon.
21 Feb 2011drilling result▼ Bad
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's report that Tapao Kaew-1 reached 1,792 m without finding hydrocarbon-bearing reservoir and will be plugged and abandoned. No new Carnarvon information.
15 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m, no significant reservoir or hydrocarbon shows yet. Adds prospect background and the Peak carry. No new information.
15 Feb 2011drilling progress report▼ Bad
Tapao Kaew-1 was at 1,600 m of a planned 1,715 m. No significant reservoir sands or hydrocarbon shows so far, with slower drilling through claystone. Deeper sands are still hoped for. Logs in 2-3 days decide testing or abandonment.
15 Feb 2011drilling progress report● Neutral
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's update: Tapao Kaew-1 at 1,600 m with no significant reservoir sections or shows yet. Mostly background on Raisama's Peak offer. No new Carnarvon information.
8 Feb 2011drilling progress report● Neutral
Partner Sun Resources repeats Carnarvon's update: Tapao Kaew-1 at 605 m, logging, with first targets in 3-4 days. No new information.
8 Feb 2011drilling progress report● Neutral
Tapao Kaew-1 has drilled to 605 m and is logging the intermediate section. First targets are expected within 3-4 days and total depth (~1,715 m) within 6-8 days. No results yet.
8 Feb 2011drilling progress report● Neutral
Raisama, acquiring Peak Oil & Gas, repeats Carnarvon's update that Tapao Kaew-1 is at 605 m and logging. No new information.
1 Feb 2011drilling spud● Neutral
Raisama, via Peak Oil & Gas, re-reports Carnarvon's update that Tapao Kaew-1 has spud and is drilling at 112 m. Peak is earning 7.5% of L20/50. No new information on Carnarvon.
1 Feb 2011drilling spud● NeutralMajor
Carnarvon's first operated Thailand exploration well, Tapao Kaew-1 on L20/50, spudded late January and was drilling at 112 m on 1 February. Target depth is about 1,715 m, with 21 MMbbl gross potential and reaching depth in about 12 days.
1 Feb 2011drilling spud● Neutral
Partner Sun Resources re-reports Carnarvon's update that Tapao Kaew-1 has spud and is drilling at 112 m, targeting about 1,715 m. Peak still carries Sun's share of this well. Duplicates Carnarvon's own announcement.
19 Jan 2011drilling progress report● Neutral
Partner Sun Resources reports, citing Carnarvon as operator, that rig mobilisation for L20/50 has started, with some equipment at the Tapao Kaew-1 site by 21 January. Repeats known prospect sizes and the Peak carry. No new information.
7 Jan 2011drilling scheduled● Neutral
Raisama, which is acquiring Peak Oil & Gas, repeats Carnarvon's schedule of L20/50 drilling from 17 January. Peak carries 50% of the first well cost (capped at US$1.3m) to earn 7.5%. Nothing new on Carnarvon itself.
7 Jan 2011drilling result▼ BadMajor
Thailand update: WBExt-2AST1, WBExt-3 and WBExt-4 volcanic tests were sub-commercial. WBExt-1C, the main producer, saw water breakthrough on 5 January, cutting it from 3,400 to 2,300 bopd. Field output fell to ~4,700 bopd gross, ~1,900 bopd net to Carnarvon. Contradicts earlier hopes for the extension.
