2 July 2019drilling progress report● Neutral
Roc South-1 has drilled to about 4,113 m and is preparing to set casing. The Caley and Baxter reservoirs are expected in the next section; no new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2019drilling progress report● Neutral
Roc South-1 has set 13-3/8 inch casing at about 1,258 m and is drilling at about 2,710 m. No hydrocarbons are expected in this section; no new result.
18 June 2019drilling spud● NeutralMajor
Roc South-1 has started, about 15 km from Dorado-1, after Dorado-2 operations finished. It is an exploration well targeting Caley, Baxter, Crespin and Milne, planned to about 5,000 m. Dorado-3 follows. Carnarvon holds 20%.
6 June 2019drilling result▲ Good
Operator Santos confirms the Dorado-2 result: 85 m net Caley reservoir, oil-water contact at 4,003 m, 40 m net oil pay. All reservoirs are in pressure communication with Dorado-1; Santos expects a significant gas resource increase. Duplicates Carnarvon's announcement.
6 June 2019drilling result▲ GoodMajor
Dorado-2 confirmed a major resource: an oil-water contact in the Caley as planned (about 40 m net oil pay), gas-condensate in the Baxter, and a water-wet Crespin. Raises confidence in a fast-tracked Caley oil development. Updated volumes to follow.
3 June 2019investor presentation● Neutral
June 2019 investor presentation on the Dorado discovery. Most content is unreadable slide fragments in this extract, with the usual disclaimers; no new information can be identified.
31 May 2019regulatory community update▲ GoodMajor
A new 3D seismic survey (Keraudren 3D, about 3,090 sq km, ~70 days) has started over Dorado, Roc and nearby prospects including Pavo and Apus. Data is due in early 2020 to support the late-2020 FID; this addresses the earlier Apus seismic need.
29 May 2019drilling progress report● Neutral
Dorado-2 cut 233 m of core and is at about 4,500 m. Early logging-while-drilling tool readings suggest similar reservoirs to Dorado-1 with indications of hydrocarbons; definitive results await wireline logging.
21 May 2019drilling progress report● Neutral
Dorado-2 has reached the coring point at about 3,935 m. About 200 m of core will be cut across the Caley and Baxter reservoirs, with no information available during coring. No new result.
13 May 2019drilling progress report● Neutral
Dorado-2 has drilled to about 2,250 m with 13-3/8 inch casing set at about 1,230 m. No hydrocarbons are expected in this section; no new result.
3 May 2019drilling spud● NeutralMajor
Dorado-2 drilling has begun, about 2.2 km from Dorado-1, with surface casing set. It targets a down-dip position to find hydrocarbon contacts, with a planned depth of around 4,550 m. Carnarvon holds 20%.
29 Apr 2019drilling progress report● Neutral
The Noble Tom Prosser rig is nearly on location for Dorado-2, the first appraisal of the 2018 Dorado discovery. Roc South-1 and Dorado-3 follow. Carnarvon holds 20%. Ahead of the planned May spud.
18 Apr 2019investor presentation● Neutral
April 2019 presentation on the Dorado discovery, with resource tables dated to earlier announcements (e.g. Dorado gross 2C 283 MMboe). The company states no new information materially changes them; nothing new is announced.
11 Mar 2019investor presentation● Neutral
March 2019 investor presentation, titled a unique exposure to the Dorado discovery, is mostly unreadable slide fragments in this extract. Only the disclaimers are legible; no new information can be identified.
8 Mar 2019other▲ Good
S&P index announcement adds Carnarvon to the S&P/ASX 300 and All Ordinaries from 18 March 2019. It was removed from the All Ords in March 2017, so this reverses that; it is not a company announcement.
25 Feb 2019half year report▼ Bad
Half-year to December 2018 shows a loss of A$1.927m versus a A$391k profit a year earlier. A$16.5m of exploration was capitalised, mainly Dorado-1 and Phoenix South-3. Insurers agreed US$1.913m part-payment on the Phoenix South-2 claim.
14 Feb 2019capital raising announcement▲ GoodMajor
The placement is completed: A$50m before costs from 151.6m new shares at 33c, with Euroz and RBC as joint lead managers. It funds Dorado-2 and -3, Roc South-1 and studies; management calls the funding position robust.
What it means for a shareholder
152m new shares at A$0.330 to raise about A$50.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,030 at the issue price), your slice goes from 0.000254% to 0.000226% of the company. To keep it you'd need 386 more shares - about A$127 at the issue price.
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12 Feb 2019investor presentation● Neutral
Capital raise presentation supports the A$50m placement with Dorado, Roc, Buffalo resource tables and key risks. Restates known figures, e.g. Dorado gross 2C 283 MMboe and Roc South 74 MMboe Pmean; no new results.
12 Feb 2019capital raising announcement● NeutralMajor
Carnarvon launches a ~A$50m placement of 151.6m shares at 33c, a 10.8% discount to the last close. It funds Dorado-2 and -3, Roc South-1, engineering studies and possible 3D seismic. About 13% of shares on issue; not underwritten.
What it means for a shareholder
152m new shares at A$0.330 to raise about A$50.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,030 at the issue price), your slice goes from 0.000254% to 0.000226% of the company. To keep it you'd need 386 more shares - about A$127 at the issue price.
Create a free account to see this worked out for your own holding.
6 Feb 2019investor presentation● Neutral
JP Morgan Investor Day presentation repeats the Dorado, Roc, Buffalo and Labyrinth story and existing resource tables. No new announcement is readable in this extract.
29 Jan 2019drilling scheduled▲ GoodMajor
Roc South-1 is added to the 2019 programme, to be drilled straight after Dorado-2, before Dorado-3. Target is 74 MMboe gross Pmean (undrilled) with 63% chance of success. Carnarvon holds 20%. Follows the October 2018 prospect estimates.
4 Dec 2018drilling scheduled▲ GoodMajor
The Noble Tom Prosser jack-up rig is secured for two firm Dorado appraisal wells, the first around April 2019. Partners are Carnarvon 20% and Santos 80% operator. Moves Dorado from discovery toward a 2020 investment decision.
13 Nov 2018other● Neutral
Managing Director's post-AGM letter says two Dorado appraisal wells are planned for 2019, aiming for a final investment decision by 2020, with early Caley oil a focus. Apus needs 3D seismic. Santos-Quadrant deal awaits ACCC review. No new figures.
9 Nov 2018investor presentation● Neutral
AGM presentation restates Dorado as a world-class discovery, citing 362 MMboe gross 2C with Roc and potential early oil cash flow to fund larger development. Mostly repeats known material; no new announcement.
16 Oct 2018investor presentation● Neutral
October investor presentation states over 60% of CVN's 104 MMboe contingent resource is oil. It lists about 1,190m shares at 41c (A$488m market cap), A$50m cash at 30 September and A$438m enterprise value, with no debt.
15 Oct 2018resource reserve update▲ GoodMajor
Carnarvon assessed three oil prospects near Dorado: Roc South (56 MMbbl gross Pmean recoverable, 63% chance of success), Pavo (82 MMbbl) and Apus (612 MMbbl). They are prospective, undrilled resources. Delivers the follow-up details promised after Dorado.
10 Oct 2018annual report● Neutral
The 2018 annual report is released. The readable chairman's review restates the Dorado discovery, Phoenix South-3 hydrocarbons with commerciality still being evaluated, Buffalo progress under the Timor-Leste treaty, and Gavin Ryan's board appointment. Financial pages are not readable here.
9 Oct 2018regulatory community update▲ Good
Field surveillance at Buffalo in early October found no impediments to the preferred well locations targeting the attic oil. An Environmental Plan for up to three wells was submitted. Carnarvon is engaging both governments to drill in Timor-Leste jurisdiction in Q3 next year.
17 Sept 2018investor presentation● Neutral
Proactive Investors CEO series presentation reuses the Good Oil slides: Dorado as third largest NWS oil discovery, Roc gas and the portfolio. No new information beyond already announced results.
12 Sept 2018investor presentation● Neutral
Good Oil conference presentation repeats known material: Dorado as third largest North West Shelf oil discovery, Roc gas, Buffalo and the 20-30% Phoenix interests. It shows CVN's net 2C resources of 39 MMboe for Dorado oil, 31 MMbbl at Buffalo and 34 MMbbl for gas and condensate. No new announcement.