Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2009resource reserve update● Neutral
A Mulready Consulting report for Central estimates a best-case 1.25 trillion barrels of liquid fuels from Pedirka Basin coal via underground gasification and gas-to-liquids. It builds on February's coal Exploration Target. Unproven technology; Central says it remains an Exploration Target until more drilling.
5 June 2009resource reserve update▲ GoodMajor
Seismic remapping lifts the Johnstone oil prospect (EP 115) to up to 998 MMbbls undiscovered oil in place, 669 MMbbls in the Pacoota Sandstone, over three times earlier. Company estimate, untested; Johnstone-1 is planned for the second half of 2009, subject to partner approval.
29 May 2009resource reserve update▲ Good
A Central technical note says newly described Neoproterozoic plays in the northeastern Amadeus Basin may hold over 12 TCF of undiscovered gas in place (high estimate). These are company estimates, untested by drilling; Ooraminna targets are planned for the drilling schedule.
18 May 2009drilling scheduled● Neutral
Central clarifies its 2009 plan after shareholder confusion: 3-4 Amadeus wells (Johnstone, Ooraminna-2, Magee-2, optional Mt Kitty), 5-10 cored coal seam gas wells, and 1,250 km of seismic. Cost $22-44m, starting about late August or September, subject to partner approval and funding.
30 Apr 2009resource reserve update● Neutral
A technical paper suggests Central's four southern Georgina Basin permit applications could host up to 650 MMbbls of undiscovered oil and 50 TCFG of undiscovered gas in place. These are early, unconfirmed estimates for permits still in application, with no drilling planned yet.
22 Apr 2009drilling result● Neutral
Post-well study finds residual oil staining in Blamore-1 (31m) and Simpson-1 (17m), indicating at least two active petroleum systems in the Pedirka Basin. No commercial oil was found. Central plans seismic for late 2009/early 2010 over targets it estimates at about 6 billion barrels undiscovered oil in place.
23 Feb 2009farm in farm out agreement● Neutral
Central clarifies the Trident deals: Trident funds a 20% promoted share of $3m seismic and three wells per permit to retain 10% in EP 115 and EPA 111. Seismic spend is $1.2m in total, and drilling $2.4–6m. Trident may stop and keep 3.33% or 6.66%.
17 Feb 2009resource reserve update▲ GoodMajor
A commissioned independent report put the Pedirka Basin coal 'Exploration Target' at 0.6-1.3 trillion tonnes above 1,000m and 1.5-2.1 trillion tonnes in total. It built on the 2008 coal finds in EP 93 but is not a JORC resource, as there has not been enough drilling.
16 Feb 2009farm in farm out agreement▲ GoodMajor
Trident takes a second farm-in, over application EPA 111 (9,000 km2, next to Mereenie), alongside EP 115. It funds 20% of the first three wells and $3m of seismic on each permit to earn 10% of each. The EPA 111 share is subject to permit grant.
16 Jan 2009farm in farm out agreement▲ GoodMajor
Trident Energy paid Central $550,000 as the first step to earn 10% of EP 115 (including the Johnstone prospect, up to 320 MMbbl), and will fund 20% of the first three wells and the first $3m of seismic. This firms up the Trident talks flagged earlier.
23 Oct 2008drilling progress report▼ Bad
Hunt Rig 2 was released from Simpson 1 on 22 October and is moving to Kulgera ahead of the wet season. Logistics and equipment problems lengthened the program. Whether the rest of 2008 proceeds will be decided in mid-November.
20 Oct 2008drilling progress report● Neutral
Simpson 1 reached 2,165m in probable Warburton Basin sediments, with background gas about 1 unit. Electric logging has begun. Partner talks on farm-in and placements continue.
20 Oct 2008drilling result▼ BadMajor
Simpson 1 is plugged and abandoned at 2,165m after no significant hydrocarbons were found, so the well targeting up to 190 MMbbl is a dry hole. Partner talks may influence the rest of the program.
17 Oct 2008drilling progress report● Neutral
Simpson 1 reached the Warburton Basin sediments at 2,073m, with gas about 1 unit. Drilling continues briefly to try for the top Warburton sandstone, which held a possible gas zone at Colson 1. Partner talks continue.
16 Oct 2008drilling progress report● Neutral
Simpson 1 is at 2,077m in Crown Point Formation sandstones, with the Tirrawarra top at 1,990m. Background gas is about 1 unit, so no oil shows are reported. Talks with several potential partners on farm-in and share placements continue.
15 Oct 2008drilling progress report● Neutral
Simpson 1 reached 1,989m in the Purni Formation sandstones with minor coals. Gas stays at 1-2 units. No new results.
14 Oct 2008drilling progress report● Neutral
Simpson 1 drilling was delayed by blocked bit jets at 1,899m. The report gives interests as Central 65%, Rawson 20% and PXA 15%. No new results.
13 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,899m, having cut 7m of coal at the top of the Purni Formation (1,868-1,875m) with gas up to 8 units. The text is cut off mid-sentence and was later corrected.
10 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,370m in the Algebuckina Sandstone, whose top came in 46m high to prediction. Gas is low at about 2 units. No hydrocarbon result is reported.
9 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,072m after about 7 hours lost to drill pipe washouts. No further sandstones have been seen since the casing shoe. No new results.
8 Oct 2008drilling progress report● Neutral
Simpson 1 is at 861m in the Bulldog Shale, with background gas of 2 units. The option period has expired and Central is free to deal with others. No new results.
7 Oct 2008drilling progress report● Neutral
Simpson 1 casing is cemented at 804m and drilling is about to resume. The exclusive option held by a potential partner, which paid c.$600,000, expired on 6 October. Central can now negotiate with any party.
6 Oct 2008drilling progress report▲ Good
Simpson 1 is at 804m with 9 5/8in casing run. Formation tops are coming in higher than predicted, and gas peaks reached 130 units in minor sandstones, much higher than in the same intervals at Blamore 1. Central calls this interesting, with no firm conclusions.
3 Oct 2008drilling progress report● Neutral
Simpson 1 is at 607m. The Oodnadatta Formation top came in 134m higher than predicted. Gas readings are low. Partner talks continue. No significant results yet.
2 Oct 2008drilling progress report● Neutral
Simpson 1 is at 279m in Winton Formation claystones with low background gas. Central repeats that a new joint venture partner may join and could change the seven-well program. No new results.
2 Oct 2008drilling spud● Neutral
Partner Rawson Resources confirms Simpson 1 spudded on 1 October in EP 97, with Rawson holding a 20% free carried interest. It repeats Central's announcement and adds nothing new.
1 Oct 2008drilling spud● NeutralMajor
Simpson 1 spudded on 1 October, c.100km southeast of CBM93001, targeting up to 190 MMbbls (high-case) oil. The spud was delayed from 27 September by a sandstorm and a contractor equipment failure. Farm-in talks continue with potential partners, and the program could change.
23 Sept 2008drilling scheduled● Neutral
Central is dismantling the rig at CBM93001 to move c.100km to Simpson 1, targeting up to 190 MMbbls (high-case) oil, with spud expected by 28 September. CBM93001 is suspended as a potential producer. A potential partner paid a $600,000 option fee, ending 6 October.
19 Sept 2008drilling result▲ GoodMajor
CBM93001 finished at 1,266m with up to 140m of coal over 0.2m thick and a single bed near 30m. Central says Blamore 1's coal package, c.50km away, has not thinned appreciably. Well to be suspended as a potential producer. Simpson 1 is next, spud expected by end September.
18 Sept 2008drilling result▲ GoodMajor
CBM93001 reached about 1,265m total depth, past the planned c.1,200m, with high connection gas of 172 units and an aquifer flow near 1,218m. Both drill stem tests showed strong blows. The well is to be logged and completed as a potential CBM gas producer.
