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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2018quarterly activities report● Neutral
June quarter: cash $27.2m, down $1.6m, after $1.6m on facilities and $2m on West Mereenie-26. Management calls WM26 results disappointing, with fractures closed by mineralisation and the well suspended. Palm Valley to supply 5.5 PJ a year from 1 December; Mereenie 16 PJ a year.
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.
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 2018quarterly activities report● Neutral
March quarter report: cash $28.8m, up for a second quarter, helped by $5.4m of take-or-pay receipts against $4.4m growth spend. Repeats the Mereenie upgrade, Palm Valley reopening and Queensland permit. Says a GSA is aimed for May; its GAP funding bid was unsuccessful.
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.