Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2021investor presentation● Neutral
Half-year presentation repeats known results and plans: Mereenie capacity target 45 TJ/d (now 32 TJ/d), Range pilot, and up to four Amadeus wells targeting 593 PJ gas and 29 mmbl oil, with drilling in Q3 CY2021 subject to the farmout. No new announcements.
25 Feb 2021investor presentation● Neutral
Notice of a webcast on 26 February 2021 where the CEO will cover half-year results and current and planned activities. No new information.
23 Feb 2021half year report▲ Good
Half-year to 31 December 2020: net profit after tax $2.5M, EBITDAX $12.9M on sales of 5.11 PJE and revenue $28.9M. Cash $38.5M, net debt $31.2M (from $46.1M). Largely repeats the quarterly figures; management expects comparable second-half EBITDAX but sharply higher exploration spending.
23 Feb 2021half year report▲ Good
Half-year to 31 December 2020: net profit after tax $2.5M, EBITDAX $12.9M. Cash is $38.5M and net debt $31.2M, down from $46.1M at June. Plans to drill two Mereenie wells and recomplete four by mid-year, and Range pilot wells from April. Largely repeats the quarterly figures.
23 Feb 2021joint venture update▼ BadMajor
Santos, operator of EP112 (Santos 70%/Central 30%), needs more time and has given no timing for a Dukas drilling proposal, so the end-2020 decision target was missed. Minimum commitment still requires a well by mid-December 2022. Central shifts its focus to its 100% EP115 prospects, including Zevon.
29 Jan 2021quarterly activities report▲ Good
December quarter sales fell 5% to 2.49 PJE and revenue 4% to $14.1M, owing to scheduled maintenance. Cash rose to $38.5M after the gas pre-sale prepayment, and net debt fell to $31.2M. Farmout terms are targeted for Q1 2021; Mereenie wells and Range drilling are on track.
25 Jan 2021contract award▲ GoodMajor
Central contracts Silver City's Rig 34 to drill three Range appraisal pilot wells, with the first expected to spud in early April 2021. Follows the November restart of the 50:50 Incitec Pivot JV; the 270 PJ 2C resource supports FID targeted end 2021. Gross output could be about 45 TJ/d.
2 Dec 2020other● Neutral
New Chair Mick McCormack introduces himself, noting he is the fourth Chair in 2.5 years and promising stability, good governance and a focus on the growth strategy. Backs the CEO and management. No new operational or financial information.
27 Nov 2020director officer appointment● NeutralMajor
Wrix Gasteen resigns as a director effective 28 November 2020, so the chair handover to Mick McCormack is brought forward from the planned 1 March 2021. McCormack becomes Chair immediately. Resolves the transition announced three days earlier.
24 Nov 2020director officer appointment● NeutralMajor
Chair Wrix Gasteen said at the AGM it would be his last as Chair, and Central announced he would step down on a date given as 1 March 2020 (apparently meaning 2021). Director Mick McCormack was named to take over as Chair.
24 Nov 2020admin correction● Neutral
Central announced that Chair Wrix Gasteen would step down on 1 March 2021, to be succeeded by director Mick McCormack. The Board said enough progress would have been made on its growth initiatives by then to allow an orderly handover.
23 Nov 2020material agreement▲ Good
The 12-month extension of the Macquarie loan facility, announced 22 October, is now unconditional after conditions precedent were met. This confirms the term runs to September 2022. Note the gas pre-sale had already become unconditional on 4 November.
10 Nov 2020investor presentation● Neutral
Chair's AGM address says the growth strategy is unchanged: take Range to FID by end 2021, farm out the producing assets to fund 2021 exploration, and complete the Dukas well. Also backs the Amadeus to Moomba pipeline. Repeats known facts.
10 Nov 2020investor presentation● Neutral
Managing Director's AGM presentation repeats known points: $5.4M maiden profit, $65M revenue, 155 PJ 2P gas, Range heading to FID in late 2021, 2021-22 Amadeus exploration plan. Notes 94% of September quarter sales under term contracts and 5.6% interest cost. No new announcements.
9 Nov 2020farm in farm out agreement▲ GoodMajor
The Amadeus Basin farmout, running since January 2020, advances to final due diligence with a preferred bidder under limited exclusivity, aiming to complete in Q1 2021. It remains non-binding with significant transaction risk, and the company says completion is not assured.
4 Nov 2020material agreement▲ Good
The Macquarie pre-sale gas agreement for 3.5 PJ announced on 22 October has become unconditional after its conditions precedent were met. This clears the way for the December prepayment.
3 Nov 2020joint venture update▲ GoodMajor
The Range Gas Project, paused since March 2020, restarts with Incitec Pivot (50:50). A 3-well appraisal pilot is targeted for 1H 2021, FID for end 2021, and first gas potentially in 2023. Net 2C resource is 135 PJ to Central.
30 Oct 2020quarterly activities report▲ Good
September quarter sales rose 3.6% to 2.62 PJE and revenue 5% to $14.8M. Cash was $26.3M and net debt $44.6M. Farmout is described as progressing with encouraging progress; the Macquarie gas sale and loan extension are recapped.
26 Oct 2020director officer appointment● Neutral
Non-executive director Dr Julian Fowles resigns effective 31 October 2020 after being appointed CEO of Karoon Energy, which requires him to leave other boards. He joined Central's board in June 2019. Board falls by one director.
22 Oct 2020material agreement▲ GoodMajor
Central sells 3.5 PJ of gas to Macquarie for 2022-23, prepaid in full in December 2020, to fund four Mereenie well recompletions and two new wells in 2021. The $69.8M Macquarie loan is also extended 12 months to 30 September 2022.
12 Oct 2020investor presentation● Neutral
Company presentation repeating known points: $5.4M maiden profit, $65M revenue, 155 PJ 2P gas, Range restart aimed at FID in late 2021, and a 2021-22 exploration plan. Adds a market cap of $87M and 723.4M shares on issue.
9 Oct 2020agm notice● Neutral
Shareholder letter explaining the AGM is a virtual meeting on 10 November 2020, with proxies due by 8 November. Administrative notice repeating the earlier AGM date.
25 Sept 2020other● Neutral
Corporate governance statement as at 30 June 2020, describing board practices against ASX principles. Administrative only; no new operational or financial information in the readable text.
24 Sept 2020annual report▲ Good
2020 annual report. The chairman cites the first full-year profit after tax, record sales volumes and revenues, and upgraded reserves, and welcomes the proposed Amadeus to Moomba pipeline. Truncated text shows no new figures beyond earlier announcements.
24 Sept 2020annual report▲ GoodMajor
FY2020 maiden full-year profit after tax of $5.4M, on record sales of 12.3 PJE (up 14%) and revenue of $65M (up 10%). EBITDAX rose 51% to $33.4M and net debt fell 30% to $46.1M. Confirms the first-profit and reserves points already flagged.
24 Sept 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2020. Administrative only; no operational or financial information.
23 Sept 2020security holder rights change● Neutral
211,528 unvested long-term incentive share rights cancelled, leaving 30,080,494 share rights and 18,151,116 options. Administrative notice.
18 Sept 2020security holder rights change● Neutral
717,033 unvested long-term incentive share rights cancelled, leaving 30,292,022 share rights and 18,151,116 options. Administrative notice.
10 Sept 2020agm notice● Neutral
Central will hold its AGM online on 10 November 2020. Director nominations close 22 September. Administrative notice.
1 Sept 2020director officer appointment▲ Good
Mick McCormack, former APA Group CEO, joins the board as a non-executive director from 1 September 2020. His pipeline experience is relevant to the Range project and the proposed Amadeus to Moomba pipeline. Follows Dr Agu Kantsler's June appointment.
