Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2018material agreement▲ GoodMajor
Central signed a gas sales agreement to supply Incitec Pivot at least 20 TJ/d from Palm Valley and Mereenie, from NGP start (expected December 2018) to 31 December 2019. A 50:50 Queensland ATP 2031 joint venture was also agreed, with IPL funding up to $20m of drilling.
25 June 2018drilling progress report▼ Bad
West Mereenie-26 reached the target Lower Stairway 2 sandstone, with 425 m of horizontal section drilled. Only minor gas shows were seen, and there is evidence of fractures plugged with minerals, a cautious early sign for the Stairway play.
12 June 2018investor presentation● Neutral
Credit Suisse conference presentation. Notes the gas sales ramp is now in two stages because of external pipeline lateral upgrades. Initial firm capacity is 44 TJ/d at Mereenie and 15 TJ/d at Palm Valley, and Central's cost is $15m. Otherwise repeats known plans.
7 June 2018drilling progress report● Neutral
West Mereenie-26 has surface casing set at 544.8 m and was drilling at 916 m measured depth, with 518 m to go before reaching the target Stairway Sandstone. No results yet.
6 June 2018director officer appointment● NeutralMajor
Central promotes Mike Herrington to President – Operations and Chief Development Officer, appoints Ross Evans (ex-Lattice Energy) as Chief Operations Officer and Robin Polson as Chief Commercial Officer. MD Richard Cottee's tenure is to be extended two years, with details still to come.
23 May 2018drilling spud● NeutralMajor
West Mereenie-26 spudded on the night of 22 May, about a month later than the 20-21 April expected. It targets Stairway gas, with 36 days planned to reach 2,915 m measured depth including up to 1,481 m horizontal. Central operates with 50%.
4 May 2018other● Neutral
Notice of a webinar on 9 May 2018 where the Managing Director will discuss the March quarter report. No new information.
30 Apr 2018director officer appointment● NeutralMajor
Chair Robert Hubbard retires on 14 May 2018, and the board unanimously backs director Martin Kriewaldt as the new Chairman. This resolves the open chair succession thread; Hubbard had flagged he would step down around the end of the financial year.
30 Apr 2018other● Neutral
Annual corporate governance statement describing board practices and committees. It carries no new events or figures of note visible here; routine compliance disclosure.
11 Apr 2018production update▲ GoodMajor
Board approved reopening Palm Valley without waiting for Palm Valley-13, after a review found existing wells can produce 15 TJ/d for two years. Central targets 15-20 TJ/d there and total sales of 54 TJ/d by 1 December, up from 17 TJ/d.
11 Apr 2018drilling scheduled● Neutral
West Mereenie-26 is expected to spud 20-21 April, drilling for 35-40 days; the $12m plant upgrade ($6m Central share) is on budget and time. Central also negotiated a further $5m extension of its Macquarie debt facility.
29 Mar 2018regulatory community update▲ GoodMajor
The ACCC's final determination authorises Mereenie joint marketing for three years, resolving the open ACCC thread. Central says this lets more Mereenie gas be developed sooner.
29 Mar 2018regulatory community update▲ Good
The ACCC's own release of its final determination authorising Central and Macquarie to jointly market Mereenie gas for three years. Duplicates Central's own announcement of the same day.
22 Mar 2018drilling scheduled● Neutral
Ensign Rig 932 is moving to Mereenie, with the first equipment on site. West Mereenie-26, the first well of a now three-well programme, is expected to start in April 2018, after earlier hopes of March.
21 Mar 2018contract award▲ Good
Central awarded contracts for the new Mereenie field compressor (delivery early October) and restaging of two existing compressors (mid to late November). With separators already delivered, key long-lead items are placed for the 1 December 2018 target.
21 Mar 2018investor presentation● Neutral
Roadshow presentation repeating known plans: Mereenie upgrade, three-well programme (current 2P 125.9 PJ, potential net 227-415.5 PJ) and the Queensland permit. No new announcements.
13 Mar 2018investor presentation● Neutral
Rock Me Amadeus conference presentation mostly repeating known plans, and adding details on the new Queensland permit (ATPA 2031): 77 km2, 377 PJ gas in place with 150-180 PJ potentially recoverable, and a roughly $20m, 9-well programme.
12 Mar 2018joint venture update▲ GoodMajor
The Mereenie joint venture approved drilling West Mereenie-26 and an immediate $12m plant upgrade, lifting capacity from 25 to 63 TJ/d (58 TJ/d sold). Only one Stairway well will be drilled, with the second well's funds redirected to the larger upgrade.
2 Mar 2018regulatory community update▲ GoodMajor
Central confirms the ACCC's draft approval and interim authorisation of Mereenie joint marketing, ending the long wait. It will seek joint venture approval quickly for the West Mereenie-26 well and a plant upgrade to about 63 TJ/d gross.
2 Mar 2018regulatory community update▲ Good
The ACCC released a draft decision to authorise Central and Macquarie to jointly market Mereenie gas for three years, and granted interim authorisation now, so negotiations can start. Final decision is pending; this is the ACCC's own release of the news Central announced.
1 Mar 2018joint venture update● Neutral
Incitec Pivot confirms Central is preferred bidder for the Queensland acreage. It has an exclusivity MoU and may provide up to $20m for appraisal; IPL says gas could flow in 2022 if reserves are proven, and says the economics remain challenging.
1 Mar 2018asset acquisition disposition▲ GoodMajor
Central was named preferred bidder for a Queensland Government gas permit (PLR201718-1-1), partnering with Incitec Pivot. They are negotiating a 50:50 joint venture, with IPL providing up to $20m for exploration and appraisal. Not yet final.
26 Feb 2018half year report▲ Good
Half-year to 31 December 2017: operating revenue rose 39.8% to $17.7m and gas sales volumes rose 50.6%, reflecting the EDL contract. Producing-asset EBITDAX rose 81.7% to $8.7m. Cash was $28.6m. An ACCC decision on the Mereenie joint marketing was expected later in February.
7 Feb 2018investor presentation● Neutral
Notice of a quarterly webinar on 8 February 2018 about the December quarter report, with the presentation attached. Administrative; the visible text carries no new figures or events.
2 Feb 2018contract award● NeutralMajor
Central contracted Ensign's mothballed Rig 932 for up to four wells, structured so only two (Palm Valley and Ooraminna) need drilling, with an option for two at Mereenie. Palm Valley goes first if the ACCC is still delayed, with a spud in 6-8 weeks.
20 Dec 2017director officer appointment● Neutral
Timothy Woodall, a director of FAR Limited with 25 years in oil and gas M&A and finance, joins as non-executive director. With Hubbard's planned departure in the first half of 2018, the company says this completes the board renewal.
7 Dec 2017investor presentation● Neutral
Sydney Mining Club presentation arguing east coast gas is short. It says the Northern Gas Pipeline starts around November 2018 with 30 TJ/d contracted and about 60 TJ/d uncontracted, and drilling aims to lift 2P reserves from 126 PJ to 400-500 PJ. Mostly known themes.
29 Nov 2017agm notice● NeutralMajor
AGM chairman's address: Robert Hubbard intends to retire in the first half of 2018, saying the board should be led by someone not tied to the failed scheme recommendation. One more director is to be added. Funding is secure after the August raising.
29 Nov 2017investor presentation● Neutral
AGM presentation repeating the 'Closing the GAP' deck, with a reserves table: current 2P of 125.9 PJ, and potential net 227-415.5 PJ from the four-well, $25m programme if drilling confirms it. Largely known facts.
14 Nov 2017investor presentation● Neutral
'Closing the GAP' presentation restating known facts: targeted reserves of 446 PJ, cash of $28.6m, FY2018 EBITDA forecast positive, and the Mereenie marketing agreement awaiting ACCC interim approval. No new announcements.
