Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2011drilling scheduled● Neutral
As operator, Carnarvon says L20/50 operations start 17 January 2011, with rig mobilisation taking 5-7 days. Two firm wells and one contingent are planned, 2-3 weeks each. Carnarvon cites over 45 MMbbl net potential. Krai Thong site ready end January, Chalawan mid-to-late February.
21 Dec 2010farm in farm out agreement● Neutral
Partner Sun Resources says it signed a binding deal with Peak Oil & Gas, farming out a capped 7.5% of L20/50 and keeping 42.5%. Peak carries Sun through the first well (Tapao Kaew, 21 MMbbl gross). Drilling targeted January 2011. Carnarvon's 50% is unchanged.
14 Dec 2010drilling scheduled● Neutral
Partner Sun Resources re-releases Carnarvon's L20/50 update: rig contracted, January 2011 drilling start. Shows a 42.5% Sun, 50% Carnarvon, 7.5% Peak interest split. No new information.
2 Dec 2010drilling progress report▲ Good
Seismic vessel Geo Celtic has left Broome to acquire 1,100 km2 of 3D and 407 km of 2D seismic over the Phoenix gas field area, taking about six weeks. Carnarvon and Finder (50/50) then plan to seek a farm-out partner to fund drilling.
29 Nov 2010drilling scheduled▲ Good
As operator, Carnarvon says L20/50 road and site works are underway, with drilling targeted for mid-January 2011. Two firm wells (Tapao Kaew, Krai Thong) and one contingent (Chalawan) are planned; gross mid-case prospect sizes are 21, 37 and 32 MMbbl.
29 Nov 2010farm in farm out agreement● Neutral
Partner Sun Resources says the L20/50 joint venture has committed to a second firm well, with a third contingent. Peak Oil & Gas will carry Sun's A$1.3m share of the first well to earn 7.5%. Largely repeats Carnarvon's own update of the same day.
26 Nov 2010drilling progress report● NeutralMajor
WBEXT-1A's 3,000 bopd test rate has been choked back to 200 bopd because of water, and WBEXT-2ST2 stopped flowing, possibly separate from the WBEXT-1 pool. WBEXT-1C is producing 3,500 bopd; L33 wells began selling on 20 Nov (1,450 bopd combined). Management still expects 1-1.5 MMbbl annual guidance to be met.
3 Nov 2010resource reserve update▲ GoodMajor
Independent estimate (GCA) puts contingent resources over the new WBEXT and L33 discoveries at 10.3 million barrels net (2C) and prospective resources at 4.5 million barrels net. Carnarvon expects year-end reserve additions to more than offset the expected NSE-F1 downgrades; WBExt-1C to be drilled.
27 Aug 2010drilling progress report▼ BadMajor
WBEXT-1 has averaged 3,360 bopd gross over 15 days of its 90-day test; WBEXT-1A is setting casing above a deeper volcanic zone. Bo Rang B results matched expectations, but NSE-F1 appraisal will likely cut its 2P to under half of 4.8 million barrels net and remove all 3P.
24 Aug 2010farm in farm out agreement● Neutral
Partner Sun Resources signed a term sheet for Peak Oil & Gas to earn up to 20% of L20/50 by carrying up to US$3.43m of Sun's well costs. Sun keeps at least 30%; Carnarvon stays 50% operator, first firm well planned December quarter 2010.
16 Aug 2010drilling result▼ Bad
Roc Oil repeats that Tuatara-1 reached 1,911 m with minor oil shows at 1,790-1,850 m and no economic zones on logs; cement plugs being run before abandonment. Third-party release confirming Carnarvon's earlier dry-hole news; nothing new.
16 Aug 2010drilling result▼ BadMajor
Tuatara-1, Carnarvon's first New Zealand well (10%), reached 1,911 m and is being plugged and abandoned. Only minor oil shows at 1,790-1,850 m, and logs found no zones of economic potential. The 80 million barrel target was not realised. Dry hole.
16 Aug 2010drilling result▼ Bad
Carnarvon's own release repeats that Tuatara-1 (10%) hit 1,911 m, had only minor oil shows, and logs showed no zones of economic potential. Well is being plugged and abandoned. Duplicates the earlier dry-hole report.
12 Aug 2010drilling progress report● Neutral
AWE reports Tuatara-1 drilling ahead at 1,796 m, 814 m since the last report, toward 2,025 m. Gas shows await logging. Third-party release.
12 Aug 2010drilling progress report● Neutral
Roc Oil repeats that Tuatara-1 is at 1,796 m, 814 m progress, with gas shows to be assessed by logs. Third-party release.
12 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 1,796 m, drilling ahead toward 2,025 m. Earlier gas shows will be assessed by logs after total depth.
9 Aug 2010drilling progress report● Neutral
Roc Oil repeats that Tuatara-1 is at 982 m with intermittent gas shows and no oil shows to date. Third-party release; nothing new.
9 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 982 m with intermittent gas shows from 780-900 m. No oil shows reported so far; significance awaits logging at total depth.
9 Aug 2010drilling progress report● Neutral
AWE reports Tuatara-1 drilling at 982 m with intermittent gas shows between 780 and 900 m, to be assessed by logs after total depth. No oil shows so far. Third-party release.
5 Aug 2010drilling progress report● Neutral
Operator AWE reports Tuatara-1 at 773 m after setting 13-3/8" casing, 613 m progress in the week. Carnarvon holds 10%. No results yet. Third-party release.
5 Aug 2010drilling progress report● Neutral
Carnarvon relays that Tuatara-1 is at 773 m after running casing, 613 m of progress in the week, toward a proposed 2,025 m. No results yet.
5 Aug 2010drilling progress report● Neutral
Roc Oil reports Tuatara-1 at 773 m, 613 m progress in the week, after casing and blowout preventer set. No results. Third-party release repeating Carnarvon's update.
29 July 2010drilling spud● Neutral
Roc Oil reports Tuatara-1 spudded on 28 July and was at 160 m. It also exercised an option on 23 July to lift its permit interest to 20%. Carnarvon stays at 10%. Third-party release.
29 July 2010drilling spud● Neutral
Partner Rawson relays Kea's release that Tuatara-1 began drilling on 27 July, targeting 2,000 m with an 80 million barrel median resource. NZ approval for Kea's 10% is mentioned. Third-party notice confirming the spud expected for late July.
29 July 2010drilling spud● Neutral
Operator AWE reports Tuatara-1 began drilling on 28 July and was at 160 m after setting conductor. Planned depth is 2,025 m. Carnarvon's NZ subsidiary holds 10%. Third-party release duplicating Carnarvon's own announcement.
29 July 2010drilling spud● NeutralMajor
Carnarvon confirms Tuatara-1, its first New Zealand well, started drilling on 28 July in PEP 38524 and was at 160 m. The target is the Moki Sandstones, to a proposed 2,025 m. Carnarvon holds 10%. Spud was expected late July.
15 July 2010farm in farm out agreement● Neutral
Rialto, Carnarvon's WA-399-P partner, re-releases the same Apache farm-out terms (Apache 60% operator, Carnarvon 13%, Rialto 12%, Jacka 15%). Adds only Rialto's own comments; nothing new for Carnarvon shareholders.
15 July 2010farm in farm out completion● Neutral
Jacka Resources re-releases the WA-399-P farm-out, confirming it signed revised farm-in agreements. Final interests: Apache 60% operator, Jacka 15%, Carnarvon 13%, Rialto 12%. No new information beyond Carnarvon's own 14 July announcement.
14 July 2010drilling scheduled● Neutral
Third-party notices say Tuatara-1 should spud before end of July, once AWE's rig finishes the nearby Kahu-1 well. Results are expected before end of August. Carnarvon holds 10%. Confirms the timing; this is not Carnarvon's own announcement.
14 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms out WA-399-P: Apache takes 60% and operatorship by funding a 3D seismic survey in late 2010, replacing planned 2D. Carnarvon falls from 50% to 13%, receiving cash from Jacka. Resolves the pending Jacka thread; frees budget for new projects.
