Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2010farm in farm out agreement▲ GoodMajor
Carnarvon farms into New Zealand's PEP38524 to earn 10% by funding part of the Tuatara-1 well, targeting 80-100 million barrels with about 25% chance of success. Its share of cost is US$2.4-2.8m. Needs NZ government approval. New country for Carnarvon.
30 June 2010drilling scheduled▲ Good
Partner Sun Resources relays that the L20/50 environmental assessment for the three best targets was submitted on schedule. Drill sites are leased, and a campaign is on track to start late 2010. Continues the L20/50 drilling plan.
30 June 2010drilling result▼ BadMajor
Five new wells extended the Bo Rang North oil envelope but did not deliver the expected 400 bopd each. Output stays about 6,500 gross (2,600 net). L44W-A14 found little oil near the 3P limit. Only 6-9 more development wells are now planned for 2010, down from 18.
21 May 2010drilling progress report● Neutral
Production is 6,500 bopd gross, behind plan because only half the forecast wells were drilled, partly from well-bore collapses. New wells average about 400 bopd. L44W-A15ST1 found 60 m of reservoir. The 9,000 bopd gross average target is retained.
20 May 2010drilling progress report▲ Good
Phoenix aeromagnetic survey of 15,856 km² is complete. The 1,100 km² 3D and 410 km 2D seismic surveys remain on schedule for mid-to-late July, taking about six weeks. Continues the Bedout Q2 seismic thread.
15 Apr 2010drilling progress report● Neutral
Operator sets a 2010 sales target of 10,000 bopd gross, with up to 27 development wells on one rig from late April. NSE-G3 is suspended for later sidetracking. Five wells were drilled in Q1; Thai political unrest has not affected operations.
31 Mar 2010resource reserve update▲ GoodMajor
Year-end 2009 audit by Gaffney Cline lifts net 2P reserves 48% to 24.5 million barrels (up 9.0m before 2009 production of 1.1m). 1P is 6.4m and 3P 57.0m. Confirms the expected increase from the 2009 Bo Rang North discoveries.
9 Mar 2010farm in farm out agreement▲ Good
Partner Rialto farms out 20% of WA-399-P to Jacka Resources, leaving Carnarvon operator at 50%, Rialto 30% and Jacka 20%. Jacka carries the upcoming seismic. A mapped prospect resembles the Macedon Trend; Carnarvon's own stake is unchanged.
9 Mar 2010drilling scheduled▲ GoodMajor
Carnarvon finished interpreting 550 km of L20/50 seismic, identifying 23 leads across five play types. Five to six are high-graded; one firm and two contingent wells are planned for Q4 2010, subject to approvals. Continues the early-February review thread; no well drilled yet.
9 Mar 2010drilling scheduled● Neutral
Partner Sun Resources re-releases Carnarvon's L20/50 update: seismic interpretation complete, 23 leads, nine locations for environmental approval, one firm and two contingent wells in Q4 2010. Repeats the Carnarvon announcement with no new information.
10 Feb 2010drilling result▼ Bad
NSE-G3 hit its deep volcanic target about 175 m deeper than expected because of an unmapped fault, so the objective was not tested. A sidetrack is planned after development drilling. Next three months focus on development drilling, using a new Elite rig expected to cut costs.
27 Jan 2010drilling progress report▲ Good
BR-2ST2, the third Bo Rang B horizontal well, is producing 866 bopd. NSE-G2, completed as a producer after the drill string stuck, makes 130 bopd with 80% water. High-impact NSE-G3 exploration well is nearing its target depth.
17 Dec 2009drilling progress report▲ Good
Further Bo Rang B success: BR-4D1 on test at 900 bopd. Gross output is about 6,950 bopd, at the higher end of December quarter guidance. March quarter guidance is 6,750-8,000 bopd gross. Si Thep-2 deep sandstone flows only about 14 bopd. Production licence expected within 14 days.
27 Nov 2009farm in farm out agreement● Neutral
Tap Oil announces its own 24% farm-in to Rangkas from Lundin, leaving Lundin 51% and Carnarvon 25%. Carnarvon's 25% is unchanged. Up to 500 km of 2D seismic is planned for first half 2010; Indonesian government approval is still needed.
13 Nov 2009drilling result▲ GoodMajor
Bo Rang B horizontal well BR-3D1 flows 700 bopd at 446 m, confirming both Bo Rang A and B commercial. L44-W4ST1 is producing 650 bopd on test; L44-W3ST1 was unsuccessful (water only). Si Thep-2 finds a 9 m sandstone, now being tested.
14 Oct 2009drilling progress report▲ Good
Further Bo Rang and L44-W appraisal success: L44-VD2ST2, a second horizontal well in Bo Rang "A", tests 548 bopd. L44-W2 flows gas from a shallow zone, and L44-W4ST1 recovers oil and gas. Si Thep-2, a high-impact deep exploration well, has begun drilling.
18 Sept 2009resource reserve update▲ GoodMajor
Gaffney Cline assesses net contingent resources (2C) of 11.3 MMbbl: Bo Rang A and B 9.6, L44-W 1.7 (L44/43 portion only). A further 4.1 MMbbl of prospective resource at NSE-F1 extension. Conversion to reserves depends on the production licence being granted.
18 Sept 2009farm in farm out agreement▲ GoodMajor
Carnarvon farms into the 3,977 km² Rangkas block onshore West Java, Indonesia, for a 25% interest, with Lundin Petroleum holding 75% and operating. It is a new venture outside Thailand. 2D seismic is due in 2010, and the deal needs Indonesian government approval.
16 Sept 2009drilling result▲ GoodMajor
Two new Bo Rang oil fields confirmed. Bo Rang "A" flows 686 bopd plus 3.29 MMscf/d of gas from a horizontal well. Bo Rang "B" flows only 36 bopd. This resolves the earlier minor-oil Bo Rang wells. Seven more wells are planned by year end and a production licence is expected by year end.
31 Aug 2009drilling progress report● Neutral
Mixed Thai appraisal news. Bo Rang-2 tested up to 1,200 bopd but was sidetracked after operational problems; the sidetrack is cleaning up. L44-W2's main zone is tight, L44-VD2 is sub-commercial, and NSE-J1 and J2 disappoint. L44-W4 has spudded.
5 Aug 2009farm in farm out agreement▲ GoodMajor
Carnarvon agrees, subject to government ratification, to swap 50% of its new WA-435-P for 50% of three neighbouring Finder permits (WA-436/437/438-P). Finder operates all four, covering over 21,000 km². Targets are possible multi-Tcf gas structures, unproven.
30 June 2009drilling result● Neutral
NSE-I1 finds oil in a shallow zone but flows only 75 bopd with about 200 bbl/d water. Bo Rang-1 RD gets only minor oil, so Bo Rang-2 is drilling. J1 and J2 development wells hit good fluid losses; L44-W2 appraisal about to spud.
28 May 2009drilling result▲ GoodMajor
NSE-H3 finds a new shallow oil pool at 610 m, pumping 840 bopd, with no reserves previously booked there. The deeper main target was lost to a collapsing hole and will be re-drilled. Eight other wells crossed this zone untested, so more wells are planned.
12 May 2009drilling result▲ GoodMajor
L44-W is confirmed as a potentially significant new oil field, flowing about 1,220 bopd with under 0.5% water, straddling L44/43 and L33/43. This resolves the earlier water-affected test. Appraisal wells and a Bo Rang-1 twin follow; a production licence application is planned.
29 Apr 2009drilling result▲ Good
NSE-E2ST1 sidetrack succeeds at 1,350 bopd, appraising the zone E2 found only 15 barrels in. L44-W tested oil and water, with water traced to a deeper zone being plugged. NSE-H2 makes 420 bopd; NSE-I1 and H3 drilling.
1 Apr 2009drilling result● NeutralMajor
NSE-F1 is a new oil discovery, producing about 60 bopd of lighter oil from a possibly separate compartment, and NSE-H1 produces 630 bopd. But NSE-D2ST2 makes only 143 bopd and L44-R2 was tight. Production has fallen to about 9,000 bopd gross (3,600 net) from over 14,000 at year end.
17 Mar 2009resource reserve update▲ GoodMajor
Independent audit lifts net 2P reserves 46% to 16.6 mmbbl from 11.4, with 3P at 36.8 mmbbl (down from 45.7) and 1P at 3.7. This resolves the awaited year-end revision. A further 2.6 mmbbl of contingent resource at L44-R is excluded.
11 Feb 2009drilling result▼ Bad
Exploration wells outside the proven areas disappoint: L44-V Bo Rang tested no oil, gas or water despite shows, L44-CD1 recovered 100% water, and the NSE-E2 deeper zone gave about 15 barrels. Production is steady at about 12,500 bopd. NSE-F1 and NSE-G1 are drilling.
7 Jan 2009drilling result▼ BadMajor
NSE-E2 missed the main reservoir (faulted out) but found a deeper oil-stained zone, and the NSE-D2 first sidetrack is still above the gas/oil contact. Thailand exited 2008 at 13,446 bopd gross (5,378 net), below the 15,000 gross target. L44-V had strong oil and gas shows.
11 Dec 2008drilling result▲ GoodMajor
NSE-E1 exploration well flows about 173 bopd of oil (448 bbl/d of fluid) from a separate new pool west of the main field, an area with no reserves booked in the 2007 report. NSE-E2 will follow. The Bo Rang L44-V appraisal well is also drilling.
