Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2018investor presentation● Neutral
Managing Director letter and shareholder update restate Dorado as the breakthrough discovery, with follow-on targets to be presented shortly. Buffalo PSC talks with Australian and Timor-Leste governments are described as making solid progress. AGM set for November. Mostly repeats known items.
28 Aug 2018annual report● Neutral
Annual report for the year to June 2018 is largely unreadable in this extract (garbled text). Readable parts note the Dorado oil discovery, Phoenix South reaching target depth in August with hydrocarbons, Buffalo redevelopment progress, and Gavin Ryan joining the board.
28 Aug 2018annual report● Neutral
Appendix 4G confirms Carnarvon's corporate governance statement for the year to 30 June 2018 is on its website and was board-approved as at 28 August 2018. Administrative filing accompanying the annual report; no new business information.
23 Aug 2018other▲ GoodMajor
Carnarvon commented on Santos's planned US$2.15bn cash acquisition of Quadrant, its Phoenix partner holding 70-80%. It welcomes Santos as incoming partner, notes the value attributed to Phoenix is not disclosed, and cites Dorado 2C oil as third largest on the North West Shelf.
22 Aug 2018listing compliance notice● Neutral
Carnarvon replied to an ASX aware query about the timing of its 13 August Phoenix South-3 update. It noted the share price rose from 17.5c on 13 July to an intraday high of 69.5c on 8 August, with volumes far above normal. Compliance matter; outcome not stated here.
20 Aug 2018resource reserve update▲ GoodMajor
Carnarvon booked Dorado gross contingent resources: 2C 171 MMbbl oil, 16 MMbbl condensate and 552 Bscf gas (283 MMboe); 1C 128 and 3C 566 MMboe. CVN's 20% net 2C is 57 MMboe. Resolves the pending Dorado resource revision.
15 Aug 2018other● Neutral
This is a third-party release by 3D Oil about its own permit WA/527-P, ~80 km from Dorado-1, saying Dorado results raise its oil potential. It carries no new Carnarvon information or change to Carnarvon's interests.
14 Aug 2018other● Neutral
Chair's letter to shareholders recaps strategy and Phoenix results, saying Dorado oil is now the focus over Phoenix South gas condensate. Restates Buffalo plans: 31 MMbbl mean recoverable volume, Buffalo-10 targeted 2019. Mostly repeats known items; no new announcement.
13 Aug 2018drilling result▼ BadMajor
Phoenix South-3 found a 131 m gross hydrocarbon column in the Caley, but only ~16 m net reservoir at 8% porosity. Sampling recovered no hydrocarbons, and permeability was at the low end of expectations. Core analysis over months must show whether it can flow commercially; rig being released.
9 Aug 2018drilling progress report▲ Good
Phoenix South-3 drilled to ~5,393 m MD through the Caley; logging-while-drilling showed porous sandstones with elevated gas and resistivity at ~5,200-5,300 m, indicating hydrocarbons. Wireline logging is next to confirm fluids and reservoir quality. Early positive sign, not yet confirmed.
8 Aug 2018drilling result▲ GoodMajor
Wireline logging at Dorado-1 found more light oil in the Crespin (22 m net) and Milne (18 m net) Members, lifting total net hydrocarbon pay to 132 m across four zones. Adds to the July Caley oil discovery; volume estimate to follow.
3 Aug 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) has set its 7-5/8in liner at ~5,205 m MD and is drilling ahead at ~5,210 m, expecting the Caley. It will go to ~5,500 m, with slower controlled drilling because PS-2 could not fully evaluate the Caley. No result yet.
1 Aug 2018director officer appointment● Neutral
Gavin Ryan, a lawyer with BHP Petroleum, BP, PTTEP and Shell experience, joined the board as a non-executive director (appointed 30 July 2018) with no CVN securities. The company says this adds legal and commercial skills, including PSC and Buffalo field experience.
31 July 2018drilling progress report▲ Good
Dorado-1 has set its 7in liner at ~4,044 m MD and drilled to ~4,620 m. Crespin and Milne sandstones show elevated gas and resistivity, indicating hydrocarbons. Total depth is raised to ~4,650 m, followed by wireline logging.
24 July 2018drilling result▲ Good
More wireline work confirmed Dorado-1's ~80 m net Caley oil column and found 10.5 m net pay of gas and condensate at the top of the Baxter, a separate stacked column. The Baxter result is interim, and drilling continues to ~4,550 m.
24 July 2018drilling progress report● Neutral
Phoenix South-3 has set 9-5/8in casing at ~5,165 m MD and drilled to ~5,208 m, with results consistent with PS-2. It is preparing a 7-5/8in liner, then 6-1/8in hole to ~5,500 m, with slower controlled drilling through the reservoir. No Caley result yet.
18 July 2018drilling result▲ GoodMajor
Dorado-1 found a significant oil discovery in the Caley: 79.6 m net pay in a 96.1 m column, light 49.6° API oil, no water contact. This was previously expected as gas-condensate; a revised contingent oil resource is promised after drilling. Baxter sands also hydrocarbon-bearing.
13 July 2018drilling progress report● Neutral
Re-release of the 12 July Dorado-1 update (same text, still dated 12 July): hydrocarbon indications in the Caley from logging-while-drilling, drilling at ~3,990 m MD. No new information.
12 July 2018drilling progress report▲ Good
Dorado-1 logging-while-drilling showed sandstones with elevated gas readings and higher resistivity from ~3,853 to 3,947 m MD in the Caley, indicating hydrocarbons. Definitive results need wireline logging. Early encouraging sign; the well continues to ~4,575 m.
9 July 2018drilling progress report● Neutral
Dorado-1 has set its 9-5/8in liner at about 3,637 m MD and is drilling 8-1/2in hole at ~3,640 m. The Caley is expected before about 4,050 m MD. No hydrocarbon results yet.
29 June 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) is at 5,041 m MD, slower than planned due to inspection and maintenance and slow drilling through the seal rock. Caley now expected near 5,183 m MD, earlier than the ~5,360 m guided. Formations are close to prognosis and similar to PS-2.
22 June 2018drilling progress report● Neutral
Dorado-1 (CVN 20%) has drilled 12-1/4in hole to about 3,637 m MD; next it will run the 9-5/8in liner and drill 8-1/2in hole into the Caley target. Caley top was previously expected near 3,800 m. No hydrocarbon results yet.
15 June 2018drilling progress report● Neutral
Dorado-1 has set 13-3/8-inch casing at 1,162 m MD and is drilling 12.25-inch hole at about 1,250 m. The Caley top is expected near 3,800 m MD. No hydrocarbon results yet.
14 June 2018drilling progress report● Neutral
Phoenix South-3 has set the 11-3/4-inch liner at 4,619 m MD and is drilling 10-5/8-inch hole at 4,634 m. Caley top still expected near 5,360 m MD. No new results.
7 June 2018investor presentation● Neutral
Shareholder update says the A$20m raising brings total cash to A$65m and that Buffalo-10 is on track for 2019 drilling. It restates Buffalo (31 MMbbl 2C, over US$2.3bn revenue, under A$150m capex) and says positive Phoenix South-3 or Dorado-1 results could allow equity reduction. No new results.
5 June 2018drilling spud▲ GoodMajor
Dorado-1 (CVN 20%, operator Quadrant) has started drilling, with the 30-inch casing set and 17.5-inch hole next. It targets the Caley at 545 Bscf plus 30 MMbbl condensate (125 MMboe Pmean), under 20 km from the Roc wells.
4 June 2018capital raising announcement▲ Good
The share purchase plan was oversubscribed and will be scaled back pro-rata, completing the A$4m SPP. Together with the 11 May placement, this makes the A$20m raising complete. Allotment is 6 June.
31 May 2018drilling progress report● Neutral
Phoenix South-3 has drilled to 4,619 m MD and is preparing to run the 11-3/4-inch liner. Caley top still expected at about 5,360 m MD. No new results.
28 May 2018drilling progress report● Neutral
Phoenix South-3 is drilling at 4,352 m MD after setting 13 5/8-inch casing. The Caley depth is now expected at about 5,360 m MD (previously ~5,300 m). No hydrocarbon results yet.
23 May 2018drilling progress report● Neutral
The Ensco-107 rig is near the Dorado-1 site, waiting for swell to ease before moving on location, at no cost to Carnarvon. Spud is therefore not yet under way, against the before-end-May plan. Phoenix South-3 is setting casing at 3,733 m.
