Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2019director officer appointment▲ GoodMajor
Damian Galvin, former CFO of Queensland Gas Company and WestSide Corporation, is appointed Chief Financial Officer from 12 August 2019 (possibly earlier). This fills the CFO vacancy flagged in February and supports the planned debt reduction and refinancing.
17 May 2019production update▲ GoodMajor
Palm Valley 13 was tied in and began flowing to sales on 17 May 2019, initially choked to about 0.5 TJ/d while ramped up over weeks. It is expected to lift field output toward the 15 TJ/d plant capacity, after the PV1 restart failed.
14 May 2019investor presentation● Neutral
Webinar presentation on the March quarter: sales averaged 38.9 TJ/d, unit production cost $2.28/GJE, Mereenie overlift imbalance about 4.6 PJ. Palm Valley under review; PV13 online in May. About $6m of remaining GAP costs; mostly repeats the quarterly report.
7 May 2019other● Neutral
Notice of a shareholder webinar on 14 May 2019 where the CEO will discuss the March quarter report. Administrative; no new information.
30 Apr 2019quarterly activities report▲ Good
March quarter: sales 3.7 PJE, up 190% on a year earlier; cash rose to $19.3m after $7.5m drawn from Macquarie and $4.75m debt repaid. Palm Valley averaged 7.4 TJ/d, below expectation; PV13 expected in May. Dukas total depth expected mid-2019.
16 Apr 2019drilling spud▲ GoodMajor
Santos spudded the Dukas-1 exploration well in EP112 on 16 April 2019, targeting about 3,600 m. Central is free-carried and keeps 30% after completion, with Santos holding 70%. This is the Southern Amadeus farm-out well flagged earlier.
11 Apr 2019regulatory community update▲ GoodMajor
NT regulator approved a 12-month suspension, to March 2020, of the Year 1 commitment to drill Ooraminna-3 on RL3 and RL4. Resolves the deferral application; the well is no longer required in 2019.
25 Mar 2019investor presentation● Neutral
Blue Ocean Energy Day presentation. Shows 711.0m shares on issue, net debt $75m, share price about 13c, and sales up 260% in the first two months after the pipeline. Reserves unchanged; mostly repeats known facts.
6 Mar 2019director officer appointment▲ Good
Dr Duncan Lockhart, with over 25 years' exploration experience, is appointed General Manager Exploration from 8 April 2019, reporting to the CEO. Follows the stated plan to strengthen exploration capability; investment is to be selective and funded from internal cash.
26 Feb 2019other● Neutral
New CEO letter: second half aims to show free cash flow can fund growth without new debt or equity. Senior debt refinancing talks begun, targeting Q3 CY2019; Dukas well on track for April; ATP2031 drilling early next quarter; CFO being recruited; Ooraminna-3 deferral applied for.
25 Feb 2019other● Neutral
Publication of the company's Securities Dealing Policy, setting out insider trading rules for directors, staff and associates. Administrative; no new business or financial information.
21 Feb 2019director officer appointment▲ GoodMajor
Leon Devaney, acting CEO since 31 July 2018 and a former CFO, is appointed permanent CEO and Managing Director from 21 February 2019, after an executive search. This resolves the open CEO question that followed Cottee's departure.
20 Feb 2019half year report● Neutral
Half-year report to 31 December 2018. Chairman calls 31 December 2018 the pivot from minor gas seller to significant producer, with most sales cash above normal costs going to debt reduction. Interest-bearing liabilities were $86.3m against $10.9m cash (per later presentation).
13 Feb 2019investor presentation● Neutral
Investor presentation: January gas sales in line with forecast, 90% firm contracts. Share price 13.5c, market cap about $95m. Repeats reserves, the Santos Dukas well and ATP 2031 plans (drilling now Q3 FY2019). Estimated transport cost to Ballera about $4.50/GJ.
13 Feb 2019admin correction● Neutral
Re-release of the 13 February presentation, adding a footnote to the reserves table saying the reserves were first reported on 13 November 2018. No change to figures.
5 Feb 2019director officer appointment● Neutral
Richard Cottee has resigned as a director. This follows his earlier-announced departure as MD/CEO, with the permanent CEO search ongoing.
30 Jan 2019quarterly activities report● Neutral
December quarter: cash fell to $10.9m from $22.1m, with an undrawn debt facility said to be enough for remaining Gas Acceleration Programme costs. Pipeline started 3 January, meeting firm nominations. Palm Valley produces about 8 TJ/d. ATP 2031 drilling now Q2 2019; Herrington retired; refinancing considered later this year.
3 Jan 2019production update▲ GoodMajor
Incitec Pivot's gas sales agreement started on 3 January 2019 when the Northern Gas Pipeline began commercial operations, giving Central's NT gas its first access to the east coast market. The new Mereenie Field Boost Compressor is also running.
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.
30 Oct 2018quarterly activities report● Neutral
September quarter: cash fell $5.1m to $22.1m, with an undrawn debt facility. WM26 completed with minor gas shows, called disappointing. Mereenie expansion targets early December; Palm Valley restart late October/early November; ATP 2031 drilling expected 2019.
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.
