Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2008drilling result▲ Good
DST#2 on CBM93001 (973-1007m) gave a very strong initial blow and a strong main flow. Gas peaked at 132 units while coring, and about 75m of coal is logged so far. About 100m of Permian remains to drill. Central calls results quite positive.
15 Sept 2008drilling result▲ GoodMajor
CBM93001 cored a coal at 977-981m with gas peaking at 132 units, about 22 times background, the strongest gas yet in the well. Central calls the preliminary results quite positive for its CBM programme. DST #2 is expected soon.
11 Sept 2008drilling progress report▼ Bad
CBM93001 is still waiting on replacement drill stem test and coring parts. The first test, on a 7-9m coal, is expected to finish that day. No new results.
10 Sept 2008drilling progress report▲ Good
CBM93001 reached 811m after drilling about 79m of coal with good cleating and fractures. Gas peaked at 8 units, four times background. A drill stem test is being prepared to measure permeability.
9 Sept 2008drilling progress report● Neutral
CBM93001 reached 795m, with further coring delays from contractor and service company issues. Gas rose to up to 6 units, and visible gas release was seen from coal cores at the surface.
8 Sept 2008drilling progress report● Neutral
CBM93001 reached 774m in the Purni Formation. Coring was slowed by a broken latchkey on the wireline system, with a replacement due. Gas readings are modest at 3-4 units.
5 Sept 2008drilling progress report▼ Bad
Overnight problems with the blowout preventer stack delayed the restart of drilling in the Permian coals at CBM93001. Drilling was expected to start by 0900. No new results.
4 Sept 2008drilling progress report● Neutral
The 7in casing is cemented at 705m and CBM93001 is about to drill ahead into the Permian coals. Drilling and drill stem tests are expected over the next few days. No new results.
3 Sept 2008drilling progress report● Neutral
CBM93001 was preparing to cement 7in casing at 705m, just above the Permian coals. Background gas is around 6 units. No new results.
2 Sept 2008resource reserve update▲ GoodMajor
Central outlines the Madigan Prospect, straddling EP 93 and the EP 97 Simpson block, with up to c.500 MMbbls oil in place (high, unrisked estimate). It may be drilled after Simpson 1 if that succeeds. Deeper targets may exceed the contracted rig's capacity.
2 Sept 2008drilling progress report● Neutral
CBM93001 reached 705m, with the top of the Permian Purni coal target interpreted at 696m. A 7in casing string was about to be set. No gas or coal results yet.
1 Sept 2008drilling progress report● Neutral
CBM93001 was at 280m in the Winton Formation, about to set 9 5/8in casing and drill ahead. Plans are unchanged. He Nuclear Limited is now named as a joint venture partner alongside PXA.
29 Aug 2008resource reserve update▲ GoodMajor
Central reports a new Devonian carbonate play in the Warburton Basin below EP 97, with Erec and Lucan prospects having combined potential above about 5 billion barrels oil equivalent (unrisked, high estimate). Simpson 1 will test the top of the Erec prospect. Interests are projected at 65% Central, 20% Rawson and 15% PXA.
29 Aug 2008drilling spud● Neutral
CBM93001 spudded at 2200 hours NT time on 28 August and was at 52m by morning. It is the second well of the 2008 seven-well programme. It will drill stem test and core the coals, and can be completed as a producer if results justify.
26 Aug 2008drilling scheduled● Neutral
Updated 2008 drilling programme announced, with CBM93001 expected to spud 27 August. The programme table is not in the supplied text, so no new detail can be reported. The rest repeats the earlier CBM93001 description.
25 Aug 2008drilling scheduled● Neutral
CBM93001, a c.1,200m coal bed methane well updip from the abandoned Blamore 1, was expected to spud on 27 August. The announcement summarised Blamore 1 results (15m residual oil column, up to 160m net coal), which the MD called 'unequivocally positive'.
18 Aug 2008drilling result▼ BadMajor
Blamore 1 was plugged and abandoned short of its planned 2,500m total depth after long-running hole problems and equipment faults prevented drill stem testing. It found a 15m residual oil column and up to 160m net coal. Rig 2 moved to CBM93001, and a redrill remained an option.
14 Aug 2008drilling result▲ GoodMajor
Preliminary log interpretation shows Blamore 1 net Permian coal of slightly over 160m, about four times the thickness expected, with gases from methane to pentane. This lifts the CBM case in the Pedirka Basin. CBM93001 is the next well.
11 Aug 2008drilling progress report● Neutral
Blamore 1 is preparing to run drill stem test tools over several intervals to check permeability. Preliminary log reading suggests there may be more coal than the roughly 87m logged earlier. Test results to follow.
8 Aug 2008drilling progress report● Neutral
Logs from 1,500m to 1,960m are complete at Blamore 1 and sidewall cores are being recovered and examined. Stopping at 2,128m is still under consideration. No new oil shows or results.
7 Aug 2008drilling progress report▼ Bad
Blamore 1 is running electric logs and preparing sidewall cores. Central is now considering completing the well at 2,128m rather than the planned 2,500m, which would leave the deeper primary targets untested. No new oil shows.
6 Aug 2008drilling progress report▲ Good
The 7-inch casing at Blamore 1 was run successfully over the tight section, and a full suite of electric logs is now being run from 1,500m to 1,960m. No new oil shows reported.
5 Aug 2008drilling progress report● Neutral
Blamore 1 is still running 7-inch casing over the tight section, down to about 900m. Electric logs over the Purni coals follow. No new results or oil shows.
4 Aug 2008drilling progress report▼ Bad
The cement plug attempt at Blamore 1's tight section near 1,300m failed, so 7-inch casing is being run over the problem zone before electric logging. Central wants logs over the Purni coals, as some may hold enough gas to test.
1 Aug 2008drilling progress report● Neutral
Blamore 1 is preparing a cement plug over the troublesome tight hole section near 1,300m, before drilling out to run logs. No new results; no further oil shows; planned depth remains 2,500m.
31 July 2008drilling progress report▼ Bad
Blamore 1 crews are reaming a tight hole section near 1,300m before setting casing or a cement plug so logging can continue. Depth stays 2,128m; no new oil shows. The tight section is a fresh hole problem on top of the earlier stuck pipe.
30 July 2008drilling progress report● Neutral
Blamore 1 is still circulating and conditioning the hole on a wiper trip before more logging. Depth stays 2,128m, about 87m of cumulative coal and gas peaks up to 233 units. No new oil shows; repeats the consultant's CBM view.
29 July 2008drilling progress report● Neutral
Blamore 1 is circulating and conditioning the hole on a wiper trip before continuing intermediate logging runs. No new results; depth still 2,128m, with no oil shows beyond those reported.
28 July 2008drilling progress report● Neutral
Stuck pipe in Blamore 1 was backed off at 2,064m; the crew is rigging up to run intermediate electric logs. Depth remains 2,128m, short of the 2,500m plan. No new oil shows.
25 July 2008drilling progress report▼ Bad
Blamore 1 is still at 2,128m, attempting to establish circulation before fishing out the stuck pipe. No new results; no further oil shows.
