Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2020material agreement▲ GoodMajor
Central signs a non-binding-style MOU with AGIG and Macquarie Mereenie to progress the 950km Amadeus to Moomba Gas Pipeline (124 TJ/d) towards a final investment decision in 2H 2021, with first gas in Q1 2024. It could cut transport distance to east coast markets; the MOU can be terminated if milestones are missed.
7 Aug 2020investor presentation● Neutral
June quarter presentation repeats known points: FY2020 sales of 12.34 PJE and revenue of $65M, both records; cash of $25.9M; the 16% reserve upgrade; and the Dukas plan. Range is aiming to restart, with production possibly from 2023. Exploration drilling is planned for 1H 2021, subject to funding.
3 Aug 2020other● Neutral
Notice that the June quarter webcast will be held on 7 August 2020. Administrative only, with no new information.
31 July 2020quarterly activities report● Neutral
June quarter sales were 2.53 PJE (down 4.7%) and revenue $14.0M (down 8%) on weak oil and spot gas prices. Cash was $25.9M. FY2020 sales were 12.3 PJE, up 14%. Over 96% of gas came from fixed-price contracts. Farmout talks continue with short-listed parties.
24 July 2020resource reserve update▲ GoodMajor
Net 2P oil and gas reserves rise 16% (22.5 PJE after production) to 161.2 PJE at 30 June 2020, driven by Mereenie and Palm Valley and the PV13 well. 105 PJ of 2C contingent gas is confirmed; Stairway appraisal and Palm Valley laterals are targeted for 2021, subject to JV approval and farmout.
16 July 2020farm in farm out agreement● NeutralMajor
Central and Santos agree the Dukas forward plan: drilling targeted for 1H 2022, with a well option decision by year end. Central keeps 30% of EP112; Santos may elect to carry Central's first $3M of well costs in return for 30% of EP82, otherwise Central's EP112 stake rises to 45%. Resolves the JV negotiation.
30 June 2020joint venture update▼ BadMajor
Central says Santos JV talks on a Dukas forward plan are taking longer than hoped. The CEO now says a 2021 spud is not achievable, though negotiations are 'well advanced'. This contradicts the earlier 2021 completion target for Dukas-1, suspended at 3,704m.
18 June 2020security holder rights change● Neutral
562,339 unvested long-term incentive share rights were cancelled. The 18.15M options at 20c expiring 30 June 2023 remain unchanged. Administrative notice.
4 June 2020director officer appointment▲ Good
Dr Agu Kantsler joins the board as a director from 15 June 2020. He is a former Woodside exploration head and an Oil Search non-executive director, appointed as an exploration expert. The chairman cites completing the Dukas well as a goal.
14 May 2020investor presentation● Neutral
March quarter presentation repeats 2.7 PJE sales, $15.3M revenue, $26.1M cash, the loan extension to September 2021 and the paused Range work. Nothing new in the text shown.
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.
30 Apr 2020quarterly activities report● Neutral
March quarter sales fell 27% to 2.7 PJE and revenue 17.6% to $15.3M as spot gas sales dried up. Cash rose to $26.1M, helped by $7.7M final settlement from the Range farm-out. Range is paused, head office headcount cut 10%, and farm-out talks continue with several parties.
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.
30 Jan 2020quarterly activities report▲ Good
December quarter sales rose 6.7% to 3.7 PJE and revenue 7.5% to $18.5M, helped by better pipeline availability. Cash was $14.9M; CY2019 debt repayments hit the $21.5M target, with net debt $72.8M. Farm-out drew several interested parties.
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.
7 Nov 2019agm notice● Neutral
Chairman Wrix Gasteen's AGM address repeats the $51M CY2020 exploration programme (205 PJ risked gas, 9.5 MMbbl oil) to be funded by a farmout, and Range's 135 PJ net 2C. He says a Dukas forward plan is unlikely soon, as a larger 15,000 PSI rig is unlikely in CY2020.
