Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
10 July 2019quarterly activities report● Neutral
June 2019 quarterly: Dorado-2 confirmed a major resource, while Roc South-1 found no producible hydrocarbons in Caley and Baxter. Cash was A$73.8m after A$18.9m exploration spend. Buffalo PSC terms agreed with Timor-Leste, and NOPSEMA accepted the plan to drill three wells.
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.
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.
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.
8 Apr 2019quarterly activities report● Neutral
Quarter to March 2019: cash A$93.3m after the A$50m placement and A$1.2m exploration spend. Dorado-2 now due to start in May (previously April). Buffalo PSC terms agreed in principle, awaiting the Australia–Timor-Leste treaty; FID still targeted late 2020.
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.
21 Jan 2019quarterly activities report▲ Good
Quarter to December 2018: cash A$48.3m after only A$1.2m exploration spend. Santos takeover of Quadrant is complete. Dorado-2 due around April; Buffalo PSC terms agreed in principle and a Buffalo farm-out process has started.
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.
