Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Feb 2022investor presentation● Neutral
Bell Potter presentation restates known items: the roughly $85M asset sale, net debt of $12M, 725.9M shares, a three-well sub-salt program in 2023 and the two-well Palm Valley/Dingo program starting March. No new announcements.
9 Feb 2022farm in farm out agreement▲ GoodMajor
Central farms out interests in EP82, EP112 and EP125 to Peak Helium, which will fund Central's costs (capped at $20M gross per well) for two sub-salt wells at Mt Kitty and Magee/Mahler. Central's EP112 interest falls from 45% to 35%, with Dukas drilling planned 2023. Resolves the Peak talks.
7 Feb 2022drilling spud● Neutral
Range-10, the first of two Range step-out pilot wells, spudded on 5 February 2022 with a 630m target depth. It will be tested for several months to confirm water and gas flow rates, continuing the pilot toward a 2023 FID.
31 Jan 2022quarterly activities report● Neutral
December quarter: cash $23.6M, net debt $12.4M after a $29M prepayment from the Amadeus sale proceeds. Sales 1.23 PJe and revenue $7.7M, lower because Central now holds half as much of the producing fields. Price $6.26/GJe; sale book profit expected circa $36M.
27 Jan 2022drilling scheduled▼ Bad
NZOG repeats Central's news: Ensign 963 is delayed about a month, mobilising to Palm Valley in late February, with Palm Valley-12 spudding a couple of weeks later. Dingo-5 will follow back-to-back. No new information.
27 Jan 2022drilling scheduled▼ Bad
Cue repeats Central's news: Ensign 963 is delayed roughly a month, mobilising to Palm Valley in late February with Palm Valley-12 starting in March 2022. Dingo-5 follows back-to-back. No new information.
25 Jan 2022drilling scheduled▼ Bad
The Ensign 963 rig, contracted for the Palm Valley and Dingo exploration wells, is delayed about a month by Buru's drilling problems; it now mobilises late February with spud in March 2022 (previously mid-February). Range 9 and 10 step-outs now expected to start early February after heavy rain.
20 Dec 2021drilling scheduled● NeutralMajor
Ensign Rig 963 is contracted for Palm Valley Deep and Dingo exploration wells, with spud expected first half of February 2022. Range 9 and 10 step-outs are delayed by rain, and Zevon seismic awaits heritage clearances. Mereenie sales capacity is about 35 TJ/d, with reserves update due Q1 2022.
20 Dec 2021drilling scheduled● Neutral
Cue repeats Central's update: Ensign Rig 963 contracted, spud mid-February 2022 for Palm Valley-12/12A and Dingo-5. Coil tubing work aims to lift Mereenie sales capacity from about 35 to 37 TJ/d. No new information.
20 Dec 2021drilling scheduled● Neutral
NZOG repeats Central's update: Ensign Rig 963 is contracted for Palm Valley-12/12A and Dingo-5, with spud expected mid-February 2022. A coil tubing unit goes to Mereenie in January, and Palm Valley-13 is outperforming. No new information.
29 Nov 2021contract award▲ Good
Cue signs the same four-year Power and Water Corporation gas agreement, for up to 0.95 PJ of the 12.6 PJ total, from 1 January 2022. Repeats Central's news from the partner's side.
29 Nov 2021contract award▲ Good
NZOG confirms a new gas supply agreement with Northern Territory's Power and Water Corporation via Macquarie Mereenie. Gas from the partners totals 12.6 PJ over 4 years from 1 January 2022, selling some of the new Mereenie capacity. Repeats Central's news.
29 Nov 2021contract award▲ GoodMajor
Central signs a firm gas deal for up to 3.15 PJ to Power and Water Corporation over four years from 1 January 2022, take-or-pay at a fixed price with CPI escalation. It sells part of the new Mereenie capacity and is expected to lift Central's average gas price.
19 Nov 2021other● Neutral
Jobkeeper payments notification required under the Corporations Act. The visible text contains no figures or detail. Administrative; no business information.
10 Nov 2021investor presentation● Neutral
AGM presentation restates known items: the $85M sale, Range pilot with low early water rates needing longer dewatering, FID targeted early 2023 with first gas two years later, and 96 PJ net exploration targets. Zevon full seismic is now planned mid-next year, with drilling early 2023.
10 Nov 2021agm notice● Neutral
Chair McCormack's first AGM address reviews the year: Mereenie wells, the Amadeus sale to NZOG and Cue, the Range pilot and the two-well exploration program starting next month. Notes Stephen Gardiner joined the board and Fowles and Gasteen left. No new figures.
28 Oct 2021quarterly activities report● Neutral
September quarter: cash $23.8M (from $37.2M), sales 2.58 PJe, revenue $15.9M, price $6.15/GJe. Net debt $14.6M after the 1 October sale repayment. Range FID now targeted early 2023, with two step-out wells due December quarter; first exploration well to start by year-end.
25 Oct 2021joint venture update● NeutralMajor
Central is in talks with private helium explorer Peak Helium to farm out part of its Amadeus permits including Dukas (EP112); Santos has already farmed down to Peak. Central is considering a budget targeting Dukas drilling in Q1 2023, ahead of the mid-December 2022 permit commitment, which does not depend on any farmout.
8 Oct 2021agm notice● Neutral
Shareholder letter giving details for the AGM on 10 November 2021 at 10am Brisbane time, in person in Brisbane or online. Proxies are due by 8 November. Administrative; no business news.
1 Oct 2021asset acquisition disposition● Neutral
Cue confirms its purchase of 7.5% of Mereenie and 15% each of Palm Valley and Dingo from Central completed 1 October 2021. Cue paid $8.9M and funds Central's costs up to a $12M cap. Repeats news already out from Central and NZOG.
1 Oct 2021asset acquisition disposition▲ Good
NZOG confirms the Amadeus acquisition completed on 1 October 2021. NZOG holds 17.5% of Mereenie and 35% each of Palm Valley and Dingo, Cue holds 7.5% and 15%, and Central stays operator. Cash paid to Central was A$29M, plus a carry of up to A$40M.
1 Oct 2021asset acquisition disposition▲ GoodMajor
Sale of 50% of Central's Amadeus assets to NZOG and Cue completed 1 October 2021. Central received $30M cash, repaid $30M of debt (loan now $36.8M), has about $24M cash, and expects a circa $35M book profit in FY2022. $31M of the $40M carry remains.
27 Sept 2021drilling result● Neutral
NZOG re-releases Central's news that WM27 and WM28 are complete and the rig released. WM28 is producing, WM27 awaits regulatory approvals before tie-in, and the program adds about 10 TJ/d. Notes the Central sale completes 1 October. No new information.
27 Sept 2021drilling result● Neutral
Cue re-releases Central's WM27 and WM28 completion news, noting about 10 TJ/d of added capacity and the sale completing on 1 October 2021. The attached text is partly garbled, but the Cue part is readable. No new information.
27 Sept 2021drilling result▲ Good
Both new Mereenie wells are tied in and the rig released on 23 September. WM28 is online; WM27 is a single-zone Pacoota-1 producer due online shortly. The program adds about 10 TJ/d of capacity, and conceptual planning has begun for Stairway appraisal, subject to JV approval.
21 Sept 2021investor presentation● Neutral
FY2021 results: revenue $59.8M (down 8%), EBITDAX $26.1M, net profit $0.25M (versus $5.4M in FY2020), cash $37.2M, net debt $31.3M. Presentation restates the $85M Amadeus sale, a circa $35M accounting profit, and the two-well exploration program targeting 96 PJ net.
21 Sept 2021other● Neutral
Appendix 4G, the standard governance checklist lodged with the annual report. Says the corporate governance statement is current as at 9 September 2021 and is on the company website. No new substance.
21 Sept 2021other● Neutral
Corporate Governance Statement for FY2021, lodged with the annual report. Visible text discloses compliance with the ASX principles, with a board charter adopted from 16 November 2020 and 15 women (16.8%) among employees. Administrative; no new business information.
21 Sept 2021annual report● Neutral
Central's 2021 annual report is released. The visible chair's letter says the three-well Range pilot is drilled and testing, four Mereenie wells recompleted and two new wells drilled, and a two-well Northern Territory exploration program is expected to start in October. Remainder truncated.
20 Sept 2021asset acquisition disposition▲ Good
Cue says the remaining third-party approvals for its purchase of 7.5% of Mereenie and 15% of Palm Valley and Dingo from Central are received. Completion is set for 1 October 2021. Repeats news already out from NZOG and Central.
