Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2016quarterly activities report▲ Good
June 2016 quarter: the final $10m Mereenie payment to Santos was made, Macquarie prepayment cash was received, and cash ended at $15.1m. Stairway testing at West Mereenie-15 continued at about 1.1 TJ/d with 2.6% nitrogen. Management says about 60 TJ/d of pipeline capacity remains to contract.
21 July 2016investor presentation● Neutral
Company presentation largely repeating known items: Mereenie purchase, March reserve upgrade, Macquarie gas sale and Stairway test. New figures include forecast FY2016 revenue $23.9m, cash $15.1m, debt $85.7m, 433.1m shares and a $0.12 share price (19 July).
15 July 2016director officer appointment● Neutral
Director Tom Wilson resigned effective 15 July 2016. He joined the board in March 2014 as a condition of the Palm Valley and Dingo purchase from Magellan. Central has begun a process to find his replacement.
27 June 2016well test result▲ GoodMajor
The 30-day test of the Stairway Sandstone at West Mereenie-15 flowed gas at an average 1.5 TJ/d with low 2.6% nitrogen. Stairway remains within the 182 PJ 2C contingent resources (gross, March 2016 certification); oil output rose 7.5% last month.
2 June 2016asset acquisition disposition● Neutral
Central paid the final $10m to Santos for its 50% Mereenie interest, completing the purchase that closed in September 2015. This settles the June 2016 deferred payment.
26 May 2016material agreement▲ GoodMajor
Central signed a gas sales and prepayment deal with Macquarie Bank for 5.2 PJ over three years, with up to 3.5 PJ more optional. Immediate payment funds the $10m Mereenie deferred price and removes its Mereenie production bonus exposure, potentially saving $2.5m to $8.75m.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: cash was about $17m, and Dingo gas was delivered all quarter, though the buyer nominated below take-or-pay levels. The three-stage Mereenie upgrade and NSAI-certified reserves were restated. Jemena is ordering steel for a 12-inch pipeline.
15 Apr 2016other● Neutral
MD letter to shareholders says the pipeline winner proceeded regardless of Central's supply commitment, and a 12-inch line was chosen. About 22 PJ pa of capacity remains to contract. Central may delay selling some gas, and says its cash flow timing is unchanged but capital spending is deferred.
15 Mar 2016half year report● Neutral
Half-year report to 31 December 2015, repeating known items: Mereenie operatorship, Dingo deliveries, the 240% proved reserve increase, the $12.2m raised and the Jemena pipeline award. Financial figures are not visible in the text provided.
14 Mar 2016resource reserve update▲ GoodMajor
NSAI certified Stage 1 of the Mereenie upgrade: Central's 50% proved reserves up 240% to 62 PJ, proved plus probable up 22% to 75 PJ, and 2C contingent resources up 50% to 91 PJ. This lifts the 280 PJ-era base and follows the August 2015 booking.
8 Mar 2016other● NeutralMajor
Central said Jemena's Northern Gas Pipeline had reached final investment decision, with gas expected to flow in 2018. It split its Mereenie reserve upgrade into three stages (Stage 1 done for $4m and awaiting certification) and reallocated its exploration team, so the exploration general manager left.
8 Mar 2016price query● Neutral
Responding to an ASX query on the share price rising from $0.097 to $0.13, Central said it knows of no undisclosed information. It pointed to Magellan's earlier selling, which has since stopped, as a possible explanation.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: Dingo deliveries began, SPP raised $1.7m on top of the $10.5m placement, and Jemena was selected for the pipeline. Mereenie reserve update expected this quarter. Oil is under a third of sales revenue; further cost savings are being considered.
17 Dec 2015production update▲ GoodMajor
Dingo gas has passed the delivery point into Owen Springs Power Station as the customer's tie-in is commissioned, resolving the wait since April 2015 sales start. Take-or-pay has applied since 1 April 2015, so over $2.5m of revenue will be paid in January 2016.
11 Dec 2015capital raising announcement▲ GoodMajor
Central issued 9.17m shares to retail holders under the share purchase plan, raising $1.74m. With the $10.5m placement, the total raised is $12.24m. Management says this funds its capital needs to first NGP gas revenue in 2018 and targets a gas sales agreement in Q1 2016.
What it means for a shareholder
9.2m new shares at about A$0.1897 to raise about A$1.7m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (5,270 at the issue price), your slice goes from 0.00124% to 0.00122% of the company. To keep it you'd need 114 more shares - about A$22 at the issue price.
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25 Nov 2015investor presentation● Neutral
CSPA roadshow presentation 'From Stranded Gas to Much Desired Gas... Making the NEGI Connection'. Only the disclaimer is visible, so no new information can be reported.
20 Nov 2015other● Neutral
Notice of open shareholder briefings by MD Richard Cottee in Perth (1 Dec), Melbourne (2 Dec) and Sydney (3 Dec) 2015. Administrative; no new business information.
17 Nov 2015contract award▲ GoodMajor
The NT Government selected Jemena to build, own and operate the NEGI pipeline (Tennant Creek to Mt Isa, Northern route), expected to carry gas by 2018. Central says it has reserves for 11 PJ pa firm supply, rising to about 45 TJ/d, resolving the long-awaited NEGI decision.
16 Nov 2015capital raising announcement● Neutral
MD letter promoting the SPP: funds aim to maximise reserves over two years so Central can fill the NEGI pipeline. It says over 120 PJ is ready to sell and expects contract value over $500m over 10 years. NEGI winner expected mid-November.
16 Nov 2015capital raising announcement● Neutral
Chairman's letter offering the share purchase plan at $0.19, with applications of $2,500 to $15,000 per shareholder. It is capped at $10.5m with pro-rata scale-back, and closes 4 December 2015. Eligible directors intend to participate.
10 Nov 2015admin correction● Neutral
Corrected re-release of the capital raising announcement, fixing the share count wording ('55,307,843 million' becomes '55,307,843'). Terms unchanged: $0.19 placement, about $10.5m, plus SPP.
10 Nov 2015capital raising announcement● NeutralMajor
Central placed 55,307,843 shares at $0.19 to institutions, raising about $10.5m gross, a 20.7% discount to the 5-day VWAP. A further SPP of up to $10.5m is planned. Funds go to reserves upgrades and the June 2016 Mereenie payment. First equity raise since Oct 2014.
What it means for a shareholder
55.3m new shares at A$0.190 to raise about A$10.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (5,263 at the issue price), your slice goes from 0.00143% to 0.00124% of the company. To keep it you'd need 789 more shares - about A$150 at the issue price.
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2 Nov 2015other● Neutral
Chairman Hubbard's AGM address: Central moved from explorer to the Territory's leading onshore gas producer, and NEGI is seen as increasingly likely. Equity markets have been closed to oil and gas since 2014, with Macquarie supporting. Whittle retires from the board after the AGM.
28 Oct 2015quarterly activities report▲ Good
September 2015 quarter: Central became Mereenie operator on 1 Sept, and over 82% of Mereenie revenue was gas. It hopes to sign a GSA for at least 12 PJ pa this quarter, and says four final NEGI bids were lodged (two Southern, two Northern).
27 Oct 2015investor presentation● Neutral
Presentation titled 'It's Time... The Domestic Gas Company – NEGI is Now' dated 26 October 2015. Only the disclaimer is visible, so no new information can be reported.
8 Oct 2015material agreement▲ GoodMajor
Central is negotiating non-binding expressions of interest for about 12 PJ a year for 10 years from FY2018/19, and says this could add over $500m of revenue. It lifts its Mereenie reserve target to 420 PJ from 280 PJ. Gas flow testing starts mid-October. All four NEGI bidders have lodged final bids.
6 Oct 2015other● Neutral
Central launches a new website with a new logo and an interactive licence map. The release notes the timing coincides with the NEGI bids being submitted. Administrative; no financial substance.
23 Sept 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2015. It points to the company website for the governance statement. Administrative; no new events.
23 Sept 2015annual report● Neutral
2015 Annual Report, with Robert Hubbard's first letter as Chairman. It says Surprise was closed and no equity was raised in the past year, and that Mereenie should make Central cash flow positive before elective exploration. Financial figures are not visible in the text.
16 Sept 2015investor presentation● Neutral
Presentation for the Eastern Australia Energy Markets Outlook 2015 conference in Sydney, on global gas supply and domestic gas implications. Only the disclaimer is visible, so no new information can be reported.
