Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2018quarterly activities report● Neutral
December 2017 quarter: cash steady at $28.6m. The first well is delayed about a month to March because the original rig was late, so Ensign's Rig 932 will be used. Dingo gas offtake was below take-or-pay, with nearly $6m accrued and paid in January. The ACCC decision is still awaited.
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.
31 Oct 2017quarterly activities report▲ Good
September 2017 quarter: cash was $28.6m after the net $25.6m raising. The four-well drilling programme is planned for early 2018, the Mereenie marketing agreement awaits ACCC approval, and two new directors joined. The report says the 19 July board-removal vote was voted down (64% against).
25 Oct 2017director officer appointment▲ GoodMajor
Dr Sarah Ryan, a Woodside Petroleum director since 2012, joins as a non-executive director. She is the second board addition this week, following Martin Kriewaldt; the chairman will comment on further board changes at the AGM.
23 Oct 2017director officer appointment▲ GoodMajor
Martin Kriewaldt, a former Suncorp chairman and Oil Search director, joins as an independent non-executive director. This is the first of the board additions the chairman promised after the board challenge, with more changes expected before the AGM.
18 Oct 2017other● Neutral
Computershare, the share registry, notifies that its Brisbane office moves to 200 Mary Street from 1 November 2017. Administrative only.
12 Oct 2017regulatory community update▲ Good
The Queensland Supreme Court dismissed GRR's application to strike out or stay Central's claim, with GRR to pay Central's costs. This lets Central's Queensland action against GRR proceed, a step in the ongoing dispute, not a final outcome.
9 Oct 2017investor presentation● Neutral
Annual report review presentation repeating known facts: positive underlying EBITDA of $0.32m, statutory loss of $25m, cash of $5.48m, and Stairway testing flowing about 1.1 TJ/d. Says new directors are to be announced before the AGM.
4 Oct 2017other● Neutral
Notice of a webinar on 9 October 2017 where the managing director will discuss the annual report. Administrative only.
26 Sept 2017investor presentation● Neutral
Industry conference presentation arguing east coast gas is short and prices will rise. It restates Central's plan of four appraisal wells in the first half of 2018, with the pipeline operating late 2018. Mostly known facts and market commentary.
