8 May 2020other● Neutral
Notice that the March quarter webinar will be held on 14 May 2020, including an update on JV negotiations to complete the Dukas exploration programme. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2020director officer appointment● Neutral
Joint Company Secretary Joe Morfea steps down, which the company attributes to restructuring in response to market conditions. Daniel White remains Company Secretary. Minor administrative change.
27 Mar 2020joint venture update● Neutral
Incitec Pivot confirms the 50/50 Range (ATP 2031) project is temporarily paused at Central's request, with both partners committed to restarting the three-well pilot. It also notes its gas supply from Central ended in December 2019. Confirms the Central announcement.
27 Mar 2020regulatory community update▼ BadMajor
Covid-19 operational update: cash was $27.2M at 29 February, and 8.5 PJ a year of take-or-pay contracts underpin over $48M of annual revenue. The Range pilot and pre-FID work are paused, so the early-2021 FID target will be delayed. The CY2020 exploration schedule is no longer feasible.
12 Mar 2020other● Neutral
CEO letter responds to the Covid-19 market fall and oil price drop, saying almost all revenue is domestic gas and about 10 PJ a year is under fixed-price contracts, about 85% take-or-pay. Growth timing could be adjusted if the downturn drags on. Largely reassurance, little new.
6 Mar 2020security holder rights change● Neutral
2,128,243 unvested long-term incentive share rights were cancelled. The 18.15M options at 20c expiring 30 June 2023 are listed unchanged. Administrative notice.
26 Feb 2020other● Neutral
Central releases an updated Securities Dealing Policy, as the Listing Rules require. Administrative only; no new information on operations or finances.
25 Feb 2020half year report▲ GoodMajor
Half-year to December 2019 shows Central's first net profit, $3.2M versus a $19.1M loss a year earlier. Revenue rose 78% to $35.7M and EBITDAX hit $17.2M, driven by the Northern Gas Pipeline. Repeats the farmout, Range and Macquarie extension points already known.
25 Feb 2020half year report▲ Good
Half-year to December 2019 shows a statutory profit of $3.2M, with gas volumes up 135% and EBITDAX of $17.2M versus $2.6M a year earlier, driven by the pipeline. Chairman says Dukas-1 completion is committed for 2021, in discussion with Santos.
18 Feb 2020investor presentation● Neutral
Video and slide presentation on the December quarter, repeating 3.7 PJE sales, $18.5M revenue, the AGL contract and the loan extension to September 2021. No new information in the text shown.
12 Feb 2020debt financing▲ Good
The 12-month extension of the Macquarie finance facility announced on 10 February has become unconditional after conditions precedent were met.
10 Feb 2020debt financing▲ GoodMajor
Central extends its $72.8M Macquarie facility by 12 months to 30 September 2021 on substantially the same terms, instead of refinancing with a new lender. Repayments rise to $2M a quarter after September 2020; Range FID is now targeted for early 2021.
8 Jan 2020farm in farm out agreement● NeutralMajor
Central appoints Flagstaff Partners to run the farm-out of the CY2020 exploration targets and the Mereenie, Palm Valley, Dingo and Surprise operating assets, to fund the programme. Completion is targeted by mid-2020. Advances the open farmout thread; no deal yet.
19 Dec 2019contract award▲ Good
The AGL Energy gas sale agreement announced on 11 December is now unconditional, with supply expected to begin 1 January 2020. Confirms the earlier announcement.
11 Dec 2019contract award▲ GoodMajor
New gas sale agreement with AGL Energy for up to 21.9 PJ over three years from 1 January 2020, replacing the expiring Incitec Pivot contract. Central expects most revenue in the first two years, and the Mereenie JV also agreed a 2.4 PJ overlift return. Resolves the post-2019 contract gap.
11 Nov 2019other● Neutral
Notice that the Managing Director's AGM presentation from 7 November is now on the company website. Administrative only, no new information.
7 Nov 2019investor presentation● Neutral
CEO's AGM presentation recaps the year: Northern Gas Pipeline from 3 January 2019, Range 135 PJ net 2C, and the 2020 exploration programme (205 PJ risked). Lists targets such as Mamlambo (29 MMbbl oil) and Palm Valley Deep (131 PJ). Largely repeats known facts.
21 Oct 2019investor presentation● Neutral
Presentation and video detailing the CY2020 exploration programme announced 11 October, repeating the 321 PJ best-estimate and 205 PJ risked prospective gas figures. Also restates Range 135 PJ 2C and the Dukas-1 forward plan still to come.
11 Oct 2019drilling scheduled▲ GoodMajor
Following its portfolio review, Central sets a $51M CY2020 Amadeus Basin programme: five prospects and two appraisal tests, with 321 PJ best-estimate gas (net) and 24 MMbbl oil. It will seek farminees to fund it, and a Mereenie Stairway test targets 54 PJ of 2C.
25 Sept 2019other● Neutral
Annual corporate governance statement as at 25 September 2019, describing board roles, committees and diversity policy (19 women, 18% of staff). Compliance document with no new business information.
25 Sept 2019admin correction● Neutral
Appendix 4G, the required checklist confirming where the corporate governance statement can be found, lodged with the annual report. Administrative only.
25 Sept 2019annual report● Neutral
Full 2019 annual report lodged, with chairman's and CEO letters, directors' report and audited accounts. Chairman's letter calls the year a watershed, citing the Northern Gas Pipeline, Dukas-1 and Range. Extracts shown repeat the results release.
25 Sept 2019annual report▲ Good
FY2019 statutory net loss was $14.5M (after $15.8M exploration expense), but EBITDAX doubled to $22.5M on record gas sales of 10.2 PJ, up 111%, with revenue up 70% to $59.4M. Net gearing was around 32% in September 2019.
6 Sept 2019other● Neutral
Notice of investor briefings by CEO Leon Devaney, with interim chairman Wrix Gasteen attending, in Perth (11 Sep), Melbourne (12 Sep) and Sydney (13 Sep). They will repeat the 30 August webinar; no new information.
4 Sept 2019security holder rights change▲ Good
Board shortens the life of the executive options announced 20 August: expiry moves to 30 June 2023 from 2032, a four-year term. Options went to four executives only; the CEO's inclusion needs shareholder approval at the November AGM.
2 Sept 2019director officer appointment▼ BadMajor
Chairman Martin Kriewaldt resigns from the board with immediate effect. Director Wrix Gasteen becomes interim chairman while the board looks for a new director and chair. No reason for the resignation is given.
30 Aug 2019investor presentation● Neutral
August company update: market cap $135M, net debt $64M, 2C gas now 240 PJ including Range. Gas sale agreements are targeted for September/October, and refinancing offers from three banks are being narrowed to a preferred bank. Largely repeats known facts.
22 Aug 2019investor presentation● Neutral
Notice of a company update webinar on 30 August 2019 covering Dukas, Project Range and the June quarter report. No new information.
21 Aug 2019resource reserve update▲ GoodMajor
NSAI certifies 270 PJ of 2C contingent resources (100% JV) at Project Range, above the earlier 150-180 PJ estimate, because the deeper Taroom coals are now expected to contribute. Central's 50% share is 135 PJ; a production pilot is planned for early 2020.
20 Aug 2019security holder rights change● Neutral
Board approves staff equity: 3.3m STIP shares, 6.55m vested LTIP shares (1.08m to the CEO), 7.85m new LTIP rights, and 13.05m executive options at 20c, exercisable from 1 July 2022, replacing future LTIP grants for key executives.