Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2008drilling progress report▼ Bad
A second water well (363m) is on line for Blamore 1 road compaction; a third is due in 7-10 days, then 7-10 more days of road work before Hunt Rig 2 can move. Water-equipment problems have delayed the planned 25 April Blamore 1 spud. CBM93001 will be drilled after Blamore 1.
24 Apr 2008resource reserve update● Neutral
A technical note compares the Horn Valley Siltstone to the US Bakken shale and says it may host up to about 10 billion barrels of undiscovered oil in place (high estimate). It has never been flow tested, so this is an unproven, conceptual estimate.
4 Apr 2008drilling progress report▲ Good
Hunt Rig 2 is on track to mobilise by end April for Blamore 1; vendors are finalised and Drill pads are levelled. Line clearing is done at Guinevere and Vivienne (1.235 billion bbl UOIIP combined); Johnstone is now put at up to 300 MMbbl with a possible new play.
28 Mar 2008drilling progress report▲ Good
Casing for 4 conventional and 3 CBM wells is secured, water bores have started, and 70 km of extra 2D seismic is planned along the Blamore road. Blamore 1 is still set to spud 25 April; the Hunt Rig 2 contract is expected to be signed imminently.
27 Mar 2008drilling scheduled● Neutral
Rawson Resources, operator of EP 97, re-released Central's announcement: Blamore 1 spuds 25 April 2008, followed by Simpson 1 in EP 97, where Rawson has a 20% free carried interest. No new information.
27 Mar 2008drilling scheduled● Neutral
Blamore 1 is planned to spud on 25 April 2008, followed by Simpson 1. Seismic profiles showing the well locations are attached. This confirms the date flagged earlier; the first test of Central's Pedirka thesis.
14 Mar 2008drilling progress report▲ Good
Access roads reached Blamore and Simpson. Hunt Rig #2 was inspected and judged fit for purpose, and was released early from another job, so the 25 April Blamore 1 spud may come forward. Early Fugro seismic over Johnstone, Surprise and Stuart is called good quality.
3 Mar 2008resource reserve update● Neutral
Central describes a new Pioneer truncation play at Mt Kitty, possibly up to 2.6 TCF of gas in place on top of 3.0 TCF in the main target. It depends on a seal not yet proven, and Mt Kitty 1 cannot test it.
15 Feb 2008farm in farm out completion▲ GoodMajor
Central signed the formal farmout and joint operating agreements with PXA, converting the May 2007 MoU. PXA funds 40% of seismic (up to $3m per permit) and of up to three wells per permit, earning up to 20%. 2008 plan: 4 conventional wells, 3 CBM wells.
8 Feb 2008farm in farm out agreement● NeutralMajor
Central ended negotiations with Advent Energy on a farmin, after the 2007 MoU. A PXA farmin is expected to be signed within a week, funding 40% of up to $3m seismic and 3 wells per permit. DB Zwirn bond drawdown expected late February or March; first well April.
18 Jan 2008drilling progress report● Neutral
Seismic is under way: 100 km acquired in the Stone Plains area (EP 112), with Fugro chosen for processing. Blamore, Simpson, Waterhouse, Mt Kitty and Ooraminna are called ready to drill. Hunt Rig 2 programme restated: minimum two wells, options for more.
18 Dec 2007drilling scheduled▲ GoodMajor
Central says up to 1,153 km of 2D seismic has started in the Amadeus and Pedirka/Eromanga Basins. The 2008 drilling plan has two firm wells (Blamore or Simpson, and Mt Kitty 1), with up to 5 more and 3 coal bed methane wells contingent on bond approval and a farmout. Blamore and Simpson oil-in-place estimates were raised to 81 and 161 MMbbl (high).
29 Oct 2007farm in farm out agreement▲ GoodMajor
The Rawson MoU became a formal farmin agreement on 26 October. Merlin funds 100 km of seismic and one well per block to hold 80% of the Simpson, Bejah and Dune blocks (best estimate 260 mmbbls). Subject to Central Land Council road access and reasonable road costs.
13 Aug 2007farm in farm out agreement▲ Good
Rawson Resources' side of the same MoU: Merlin earns 80% of each EP 97 block by funding 100% of a well each, plus a 100 km seismic survey. The rig drilling Blamore in EP 93 in Q4 2007 may then move to EP 97. Still subject to due diligence and a formal agreement.
13 Aug 2007farm in farm out agreement▲ GoodMajor
Central's subsidiary Merlin signed a non-binding MoU with Rawson Resources to fund up to 3 wells and 100 km of seismic in EP 97 (Pedirka Basin) to earn 80% and operatorship of three prospect blocks. Targets 256 million barrels 'best' estimate; subject to due diligence and board approvals.
29 June 2007farm in farm out agreement▲ GoodMajor
Central signed a non-binding MoU with unlisted Trident Energy over EPA 115 (not yet granted): Trident funds a $3m seismic programme and three wells at the 20% level to earn 10%. Central keeps 50% and operatorship, with a stated 100% free carry.
29 June 2007drilling result▲ GoodMajor
Preliminary seismic interpretation suggests a possibly very large structure, approaching 400 km2, at Mt Kitty with a roughly 100m thick Heavitree target. Depth conversion is pending and final mapping is due within weeks. This is an early, unconfirmed result, not a discovery.
28 June 2007resource reserve update▲ GoodMajor
A technical note by Greg Ambrose estimates the Horn Valley Siltstone in the Amadeus Basin holds 12, 67 and 90 TCF of gas in place (low/best/high) as an unconventional play. Central puts total unconventional prospective resources at 160 TCF (best). Unproven, never tested.
25 June 2007farm in farm out agreement● Neutral
Re-release of the Advent Energy farmout announcement, repeating the same MoU terms. Nothing new.
25 June 2007farm in farm out agreement▲ GoodMajor
Central agreed commercial terms in an MoU with Advent Energy, backed by MEC Resources. It covers all 18 permits, with up to 54 wells and $54m of seismic at the 40% promoted level for a 20% interest. With PXA, Central would fund only 20% and keep operatorship. Not yet binding.
22 June 2007resource reserve update▲ GoodMajor
A Mulready report adds 25 TCF of coal bed methane gas in place in EPAs 105-107. Recoverable prospective resources across seven Pedirka permits rise to 34, 47 and 70 TCF. The company sees no immediate sales gas market. These are unproven prospective resources.
8 June 2007resource reserve update▲ Good
Exploration Manager Greg Ambrose's study identifies an overlooked Aralka petroleum system across 90,000 km2 of the Amadeus Basin, with up to 21 billion barrels of oil equivalent expelled. This is a preliminary estimate of generated hydrocarbons, not recoverable resources. An updip Ooraminna test is planned for Q3 2007.
1 June 2007farm in farm out agreement▲ GoodMajor
Central signs an MoU with Petroleum Exploration Australia (PXA), chaired by Barry Dawes. PXA would fund 40% of up to $3m of seismic per permit area and 40% of drilling for a 20% interest in each permit. Detailed agreements are targeted for end June; it is not yet binding.
14 Mar 2007resource reserve update● Neutral
Mulready's full independent report supports the 9 March release. It estimates about 67.4 TCF of original gas in place, with 25, 34 and 51 TCF recoverable in low, best and high cases. It adds no new resource estimate beyond the summary already released.
9 Mar 2007resource reserve update▲ GoodMajor
Independent reports estimate Pedirka Basin coal bed methane prospective resources of 25 TCF low, 35 TCF best and 50 TCF high, for a notional Alice Springs gas-to-liquids plant. These are unproven prospective resources, not reserves. Scout drilling is the proposed next step.
7 Mar 2007drilling result▲ Good
Central finished acquiring 484 km of 2D seismic over Mt Kitty, Ooraminna and Waterhouse, the first such programme in the area since 1992 outside the producing fields. It sets up drilling of the three prospects, which together have a high case of 3.4 TCF of gas. No well results yet.
24 Jan 2007drilling progress report▲ Good
Central has started seismic acquisition over Ooraminna, Waterhouse and Mt Kitty, after line clearing began at Mt Kitty. This delivers the long-planned Amadeus seismic. Prospect size estimates are repeated: 3.4 TCF, 300 MMbbl and 105 BCF helium at high case.
17 Jan 2007farm in farm out agreement▲ GoodMajor
The He Nuclear MoU became a formal farm-out agreement. He Nuclear funds A$5 million of a roughly A$10 million programme (seismic plus a well each at Mt Kitty and Magee) to earn 25% of each prospect. This resolves the MoU thread and delivers Central's first signed farm-out.
8 Dec 2006drilling result▲ Good
A spectral attenuation study of seismic over Avalon and Blamore shows moderate to strong anomalies at all target zones except Poolowanna, which the company says can indicate hydrocarbons. RPS's c.60 MMbbl mean estimate is repeated. Supportive technical data, not a well result.
6 Dec 2006drilling result▲ Good
Aerial and satellite (ASTER) studies map possible gas seepage zones over Ooraminna and Waterhouse, likened to Palm Valley. These are interpretations, not drilling results. High-case estimates are 0.7 TCF for Ooraminna and 1.1 TCF for Waterhouse; further seismic is planned for Dec/Jan.
