Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2019quarterly activities report● Neutral
September quarter sales fell to 3.5 PJE from 4.0, as Mereenie overlifting ended and the pipeline had a planned outage. Cash was $16.5M after $4.7M of debt repayments; $21.5M of CY2019 repayments are targeted. Range pilot drilling is planned for Q1 CY2020.
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 2019agm notice● Neutral
Notice that the 2019 Annual General Meeting will be held in Brisbane on 7 November 2019 at 10:00am. Administrative notice only.
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.
13 Aug 2019drilling result● NeutralMajor
Dukas-1 will be suspended at 3,704 m because pressures ahead exceed the rig's capability; the Heavitree target is not reached. Central sees gas to surface as evidence of a working petroleum system. A forward plan is expected over the next few months.
9 Aug 2019drilling result▲ GoodMajor
Range 2 (615 m TD) completes the exploration programme; net coal is about 30 m and permeability meets or beats expectations. The fifth well is cancelled, pilot wells are targeted for early 2020 (subject to approvals), and a first 2C booking is expected within weeks.
6 Aug 2019drilling progress report▼ Bad
Dukas-1 at 3,704 m met formation pressure well above earlier nearby wells, with an inflow of gas of unknown composition. The joint venture may suspend the well and return later. The Heavitree target is not yet reached, expected within a few hundred metres.
31 July 2019drilling result▲ Good
Range 3 (745 m TD) showed permeability better than expectations; Range 2 spudded 30 July. Central says a first 2C resource booking is expected after interpretation. Dukas-1 resumed drilling on 31 July.
30 July 2019quarterly activities report● Neutral
June quarter sales were 4.0 PJE (up from 3.7), operating cash flow $8.4M, cash $17.8M after $7.25M debt repayments. Palm Valley 13 added about 7 TJ/d, offset by the 2P cut to 26 PJ. Dukas-1 drilling and Range continue.
23 July 2019drilling progress report▲ Good
Range 5 (710 m TD) preliminary tests show permeability in line with expectations; Range 3 spudded 21 July. At Dukas-1 the stuck liner has been fished out and drilling will continue to total depth in the 9½-inch hole, resolving the earlier delay.
18 July 2019investor presentation● Neutral
Noosa conference presentation: about $100M market cap, net debt $64M at 30 June 2019, 713.4m shares, June quarter sales 3.8 PJE. Reserves restated at 153 PJ 2P after the Palm Valley cut; Dukas-1 and Range drilling continue, with $10M more debt reduction targeted in CY2019.
12 July 2019drilling result▲ Good
Range 4 reached 845 m, intersecting Walloons coals from 285 to 630 m; preliminary tests show encouraging permeability in the deepest, expected-worst well. Range 5 spudded 11 July. Dukas-1 liner problems add four to seven days' delay; full Range interpretation due end of August.
5 July 2019drilling progress report● Neutral
Dukas-1 has drilled to 3,515 m in the Gillen Formation; logging is under way before an intermediate liner is set. The Heavitree target is up to two weeks away, as the Lower Gillen may be thicker than expected.
1 July 2019director officer appointment▲ Good
Dr Julian Fowles, a former senior Oil Search executive with 17 years at Shell, joins the board as a non-executive director from 28 June 2019. This continues the board additions that follow the new management team.
1 July 2019drilling spud▲ GoodMajor
Range-4, the first slimhole well in the Project Range programme in ATP 2031, spudded 30 June 2019, meeting the June quarter target. The 4-5 well programme should take about 8 weeks; wells will gather coal data and be plugged afterwards.
21 June 2019drilling progress report● Neutral
A rig is contracted for a 4-5 well Project Range programme in ATP 2031, first spud expected late June or early July, about 8 weeks. Dukas-1 reached 2,997 m, delayed several days by a top drive repair; the Heavitree target is one to two weeks away.
12 June 2019resource reserve update▼ BadMajor
Palm Valley reserves cut after existing wells underperformed: 2P falls from 42.0 to 27.8 PJ (26.1 PJ at 31 May 2019), with 13.6 PJ reclassified as contingent resource. Central's total 2P drops 8.4% to 154.5 PJ; firm sales obligations are said to be unaffected.
6 June 2019drilling progress report● Neutral
Dukas-1 has drilled to 2,604 m with surface casing cemented. Low background gas in the Gillen Formation could indicate the salt is an effective regional seal. The Heavitree target is estimated about two weeks away; Central keeps 30% after the free carry.
31 May 2019production update▲ Good
PV13 has been ramped up to 6.3 TJ/d, with Palm Valley now delivering 12.4 TJ/d, roughly doubling field deliverability. The tie-in came in significantly under budget; the rate is capped by the reused PV1 wellhead skid.
