Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2021asset acquisition disposition▲ GoodMajor
New Zealand Oil & Gas said the last third-party approvals had been received and all conditions to buying 50% of Central's Mereenie, Palm Valley and Dingo interests were satisfied. Completion was set for 1 October 2021.
20 Sept 2021asset acquisition disposition▲ Good
Central confirms the sale of 50% of its Amadeus Basin producing interests to NZOG and Cue (agreed 25 May 2021) is now unconditional, with completion scheduled for 1 October 2021. Repeats the NZOG and Cue news from earlier that day.
16 Sept 2021other● Neutral
Central will release its FY2021 results and annual report on 21 September 2021 and host a webinar at 10am AEST. Administrative notice with no new substance.
13 Sept 2021agm notice● Neutral
Central's 2021 AGM will be held 10 November 2021, in person and online. Director nominations close 21 September. Administrative notice only.
10 Sept 2021asset acquisition disposition▲ Good
NZOG says the Northern Territory Government gave regulatory approval for its purchase of Central's Amadeus Basin assets. This satisfies a key condition, but other third-party approvals remain outstanding.
6 Sept 2021drilling result● Neutral
NZOG re-releases Central's WM28 completion news, adding comment from its CEO. It quotes 182 PJ of 2C resource across the Pacoota and Stairway formations (46 PJ net to NZOG including Cue). No new well information.
6 Sept 2021drilling result● Neutral
Cue re-releases Central's WM28 completion announcement as Mereenie partner-to-be. It notes satisfaction of conditions to its 7.5% Mereenie and 15% Palm Valley and Dingo purchase is continuing. No new information.
6 Sept 2021drilling result▲ GoodMajor
WM28 was completed as a dual-zone producer with good flow tests, expected online mid-September. Mereenie wellhead capacity now exceeds 40 TJ/d (100% JV). Stairway flows could help convert 108 PJ of 2C resource (54 PJ net). The WM27 lower-zone sidetrack is cancelled over hole instability.
24 Aug 2021production update▼ BadMajor
Range pilot gas rate rose to about 50,000 scfd from 35,000 in July, but water production is lower than expected, so dewatering will run beyond the three-month test. Two more step-out wells (Range 9 and 10) are planned for late 2021 or early 2022. FID timing will slip; first gas from 2024 still targeted.
2 Aug 2021farm in farm out completion▲ GoodMajor
Santos chose not to provide the carry, so it must transfer 15% of EP112 (home of the Dukas prospect) to Central. Central's interest rises from 30% to 45% and Santos falls from 70% to 55%. This resolves the carry election thread.
30 July 2021quarterly activities report● Neutral
June quarter sales were 2.57 PJe and revenue $15.4M; FY2021 revenue was $59.8M, down 8%, on sales of 10.3 PJe. Cash is $37.2M and net debt $31.1M. The Amadeus sale is still expected to complete in the September quarter.
21 July 2021drilling spud● Neutral
WM28, the second new Mereenie development well, spudded 21 July 2021. WM27 was drilled to 1,367m but suspended pending equipment for a mud-drilled sidetrack to assess the lower reservoir (Pacoota-3). The rig returns to WM27 after WM28.
15 July 2021production update▲ GoodMajor
Range pilot wells began producing gas earlier than expected after pumping started 14 June, reaching about 35,000 scfd after four weeks and still rising. Water rates are lower than expected, implying less water-handling capital. A tender for gas processing infrastructure is underway.
30 June 2021director officer appointment▲ Good
Stephen Gardiner, Oil Search's CFO for 8 years until March 2021, joins Central's board as a non-executive director from 1 July 2021. The chair ties his arrival to the NZOG sale, Range FID in 2022 and the Amadeus to Moomba pipeline.
11 June 2021production update▲ Good
The Range pilot started producing on 11 June 2021: all three wells are completed, facilities commissioned, and pumps are running at low speed, producing water. The pilot will run about three months or longer, feeding the 2022 FID decision. Gas flow not yet reported.
4 June 2021drilling spud● Neutral
NZOG re-releases Central's WM27 spud announcement, adding that its shareholder vote on the Amadeus deal is scheduled for 24 June 2021. Post-completion NZOG's Mereenie interest would be 17.5%. No new information on the well.
4 June 2021drilling spud▲ Good
WM27, the first new Mereenie development well, spudded on 3 June 2021, in line with the May plan. The four recompleted wells are being brought back online. The programme aims for 45 TJ/d capacity and at least 40 PJ more gas (101 PJ net is stated in the text).
25 May 2021asset acquisition disposition● Neutral
Buyer NZOG's own announcement of the same deal: it takes 70% of the purchased interests and Cue 30%, paying $29M cash with a development carry capped at $40M. NZOG shareholder meeting expected in June. Adds nothing new to Central's terms.
25 May 2021investor presentation● Neutral
Presentation repeats the NZOG/Cue sale terms: $85M value for 50% of the Amadeus producing assets, $40M carry funding about $100M gross of work including Palm Valley Deep (123 PJ target) and Dingo Deep (69 PJ). Debt falls by $30M. No new terms.
25 May 2021asset acquisition disposition▲ GoodMajor
Central agreed to sell 50% of its Mereenie, Palm Valley and Dingo interests to NZOG and Cue for about $85M: $29M cash, a $40M exploration/development carry, and $23M of assumed prepaid gas obligations. $30M repays Macquarie debt; $35-40M profit expected. Completion is expected Q3 2021, subject to conditions including FIRB and NZOG shareholder approval. This resolves the farmout thread.
25 May 2021asset acquisition disposition● Neutral
Cue's announcement of its part of the deal: it acquires 7.5% of Mereenie and 15% each of Palm Valley and Dingo, paying $8.7M cash and carrying up to $12M of costs. Completion is not conditional on Cue's own shareholder vote. Central remains operator.
13 May 2021drilling result▲ Good
All three Range pilot wells were drilled to 675-685m, confirming 26-28m of net coal across the Walloon seams. Permeability testing at Range-6 matched the strong 2019 exploration results. Testing is still due to start in June, supporting a 2022 FID.
30 Apr 2021quarterly activities report● Neutral
March quarter sales rose 4% to 2.59 PJe and revenue 9% to $15.5M. Cash is $37.7M and net debt $30.8M. Farmout outcome is now expected before mid-year, with exploration drilling pushed to Q4 2021. Santos has not concluded its Dukas work, so Central is prioritising Zevon.
28 Apr 2021drilling progress report▲ Good
Range-8, the third pilot well, spudded 28 April; Range-7 reached 680m and intersected the coals from 214m to 607m as planned. Drilling of the pilot is now essentially done, with production testing to follow.
22 Apr 2021drilling progress report● Neutral
Recompletion work has begun on WM20, the first of four Mereenie recompletions, to be followed by two new wells. Targets are unchanged: capacity toward 45 TJ/d and at least 40 PJ more gas (20 PJ net).
22 Apr 2021drilling progress report▲ Good
Range-7 spudded 22 April, and Range-6 reached 675m, intersecting the Walloon coals from 260m to 610m, and was cased and suspended as planned. Wells will be brought online once all three pilot wells and the surface facilities are ready.
12 Apr 2021drilling spud● NeutralMajor
Range-6, the first of three Range pilot wells, spudded on 11 April 2021 with a 704m target depth. Testing should start in June, giving about three months of data to support an FID now stated as 2022, versus the earlier end-2021 target.
31 Mar 2021farm in farm out agreement▼ Bad
Central's Amadeus Basin producing-asset farmout target slips from Q1 to second quarter CY2021, 'should it proceed'. The process continues but the delay extends the open thread and leaves the funding for planned exploration unresolved.
30 Mar 2021contract award▲ GoodMajor
Central contracts Easternwell Rig 27 to recomplete four Mereenie wells and drill two new ones, aiming to lift capacity from 32 to 45 TJ/d and add at least 40 PJ (20 PJ net). Central's 50% cost is $13.5M from existing cash; first new well spuds in May.
4 Mar 2021security holder rights change● Neutral
4,574,604 unvested share rights from the 2017 long-term incentive plan are cancelled after failing performance tests. 29,190,639 share rights and 18,151,116 options remain unquoted. Housekeeping with no cash effect.
