Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2018director officer appointment▲ Good
Stuart Baker joined the board as a non-executive director from 7 December 2018. He has over 40 years in oil and gas, including as a Morgan Stanley energy analyst. Second appointment following the recent resignations.
7 Dec 2018director officer appointment▲ Good
Kathy Hirschfeld joined the board as a non-executive director from 7 December 2018. She is Chair of Powerlink and a former BP executive in refining and exploration. Starts to refill the board after three non-executive resignations.
6 Dec 2018production update▲ GoodMajor
Mereenie upgrade and Palm Valley restart are now in production, with only the new Mereenie compressor still in run testing. Incitec Pivot's gas contract is now expected to start between 29 December 2018 and 10 January 2019, slightly later than the early December expected before. Completes the Gas Acceleration Programme.
19 Nov 2018investor presentation● Neutral
QUPEX conference presentation recapping the year: West Mereenie 26 and Palm Valley 13 drilled, Palm Valley restarted, Mereenie upgrade on track to 44 TJ/d firm. Repeats the reserves upgrade and growth plans already announced; no new information.
14 Nov 2018director officer appointment▼ BadMajor
Non-executive directors Dr Peter Moore and Dr Sarah Ryan resigned. Together with Tim Woodall's earlier exit, the non-executive board has lost three directors in about six weeks. No reasons are given in the text.
14 Nov 2018investor presentation▲ Good
AGM presentation by acting CEO: FY2018 revenue $34.94m, gas sales up 46%, with the Northern Gas Pipeline three weeks away. Sets out a growth strategy (exploration, acquisitions, value-add projects) and a plan to use 2019 free cash flow to repay $22m debt. Mostly repeats known facts.
14 Nov 2018other● Neutral
AGM chairman's address: plant upgrades on track to meet contracts, with about three weeks to go. A new CEO is expected in Q1 2019, with Devaney a candidate. The board is looking to add directors after three resignations.
14 Nov 2018other▼ Bad
Chairman's AGM remarks: a remuneration report strike is expected, and shareholder votes against directors led to Moore and Ryan resigning. Only Kriewaldt and Gasteen remain as non-executives, so Devaney is to be offered an executive director role. Board search continues.
13 Nov 2018resource reserve update▲ GoodMajor
Independent NSAI estimate as of 30 June 2018: Central's net 2P gas reserves up 37% to 169 PJ, 1P up 65% to 134 PJ, 3P 205 PJ. 2P oil up 154% to 0.97 million barrels. Contingent resource (2C) gas fell 36% to 91.2 PJ. Increase attributed to the Northern Gas Pipeline and PV13.
31 Oct 2018farm in farm out completion▲ GoodMajor
Santos completed 1,337 km of seismic and elected Stage 3, drilling the Dukas prospect in EP112 in Q1 2019 to earn 70%, free-carried for Central. Santos stays at 40% in EP82, EP105 and EP106, leaving Central 60%. Dukas could hold multiple TCF if successful.
15 Oct 2018drilling result▲ GoodMajor
Palm Valley-13 stopped early at 2,242 m MD versus the 3,471 m plan, after a second test of 12.1 mmscfd and 85 m net pay. Central says further drilling is not justified. Tie-in to production is planned for early 2019. Note: the release misdates the stop as 13 September; a correction followed.
15 Oct 2018admin correction● Neutral
Corrected re-release of the Palm Valley-13 update, fixing the date drilling ceased to 13 October 2018 (not 13 September). Results are unchanged: TD 2,242 m MD, 12.1 mmscfd, 85 m net pay.
10 Oct 2018investor presentation● Neutral
Morgans Queensland Conference presentation, 10-12 October. The text provided is only the legal disclaimer, so no new information can be drawn from it.
5 Oct 2018flow test result▲ GoodMajor
Palm Valley-13 found strong gas from 1,888 m, flowing 13.6 mmscfd through a 3.5-inch orifice at 2,020 m MD, with 45 m net pay. No water or fracking needed. Positive early result for the well, with about 1,400 m of drilling planned still.
3 Oct 2018material agreement▼ BadMajor
Gas Acceleration Programme cost forecast rises $11.5m, covering Mereenie and Palm Valley facilities and the PV13 well. Ooraminna-3 drilling is deferred to 2019. A $7.5m increased Macquarie debt facility, subject to conditions, would fund the overrun net of savings.
2 Oct 2018other● Neutral
Securities Dealing Policy, a standard rule set restricting directors, staff and associates from trading Central shares while holding inside information. Administrative document with no new business information.
1 Oct 2018director officer appointment● Neutral
Non-executive director Timothy Woodall resigned effective 29 September 2018, having joined the board in December 2017. The announcement gave no reason and simply thanked him for his contribution.
28 Sept 2018half year report▲ GoodMajor
FY2018 net loss was $14.1m, improved from $24.7m. Gas sales rose 46% to a record 4,842 TJ and revenue 41% to $34.9m. Cash was $27.2m. Acting CEO Devaney points to the December pipeline start.
28 Sept 2018annual report● Neutral
2018 Annual Report, with the chairman's letter calling the pipeline reform, IPL gas deal and IPL-funded $20m Queensland farm-in 'company-making'. The financial detail repeats the same-day results release. The text provided is truncated.
28 Sept 2018other● Neutral
Corporate governance statement as at 5 September 2018, describing board roles, diversity and committees. Administrative, with no new business information.
28 Sept 2018other● Neutral
Appendix 4G, a standard corporate governance checklist lodged with the annual report. No new information.
28 Sept 2018drilling progress report● Neutral
Palm Valley-13 reached 1,845 m measured depth, with the 7-inch liner cemented and a downhole valve installed. Drilling continues, with the Pacoota Sandstone target expected next. No gas result yet.
12 Sept 2018investor presentation● Neutral
RIU Good Oil Conference presentation in Perth. The text provided is only the legal disclaimer, so no new information can be drawn from it.
11 Sept 2018drilling progress report● Neutral
Palm Valley-13 reached 1,119 m measured depth, with 9 5/8-inch casing run and cemented with full cement returns to surface. It is targeting a total depth of 3,471 m MD, with a near-horizontal reservoir section of up to 1,570 m.
29 Aug 2018regulatory community update▲ GoodMajor
Queensland Surat Basin permit ATP 2031 (77 km2) formally granted to Central's subsidiary, following the March preferred-bidder news. Incitec Pivot funds up to $20m of exploration under the 50:50 JV agreed 25 June.
21 Aug 2018drilling spud● NeutralMajor
Palm Valley-13 spudded on 21 August, a 100% Central well using the Ensign 932 rig. It targets known Pacoota P1 gas at a high angle, planned 46 days to 3,476 m measured depth. It is the second of the three programme wells.
31 July 2018director officer appointment▼ BadMajor
MD/CEO Richard Cottee will leave on 31 January 2019, and CFO Leon Devaney becomes acting CEO. This replaces the earlier plan to extend Cottee's tenure two years, which was announced in June and had details pending.
19 July 2018investor presentation● Neutral
Noosa conference presentation. States WM26 proved the Stairway gas-bearing and naturally fractured, but the fractures are closed by mineralisation, so more work is needed. Post-upgrade firm capacity is 15.43 PJ/yr net, a 184% sales increase; Ben Visser is named General Manager Operations.
6 July 2018drilling result● Neutral
West Mereenie-26 finished drilling an 893 m horizontal section through the Lower Stairway 2 to 2,388 m measured depth. It was logged and is being suspended, with the rig released by 7 July. Log analysis will decide next steps; no flow rate has been reported.
28 June 2018drilling progress report▼ Bad
West Mereenie-26 is at 2,274 m measured depth with about 700 m to go. Background gas is rising, but natural permeability is low and further work may be needed to complete the well.
