Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2013joint venture update▲ Good
The $7m Southern Georgina seismic campaign finished recording 984 line km nine days early and on budget, in Total-farmed permits where Central operates. Results are expected in Q1 2014, ahead of next year's drilling campaign.
4 Oct 2013material agreement▲ GoodMajor
Surprise budget cut from $13m to $11m, and Surprise West's next stage starts in Q4 2013. Central Land Council conceptual agreement reached on the production agreement. Cash was nearly $15m at end September, so the project can be completed without a farm-out, which is still pursued.
30 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013. The Chairman says the Surprise-1 extended production test deemed it the first commercial oil field, and the Total and Santos farm-outs were key changes. The text provided is truncated; no financials are shown.
27 Sept 2013investor presentation● Neutral
General Meeting presentation, 'An E&P Company is born'. The text provided shows only the disclaimer and the opening; no new information can be reported.
18 Sept 2013drilling progress report● Neutral
Mt Kitty top hole was at 417m and its planned depth is now about 825m, instead of 480m, to go below the Base Cambrian Unconformity. The main hole timing (Q1 2014, about 2,000m) is unchanged.
17 Sept 2013drilling spud▲ GoodMajor
Santos spudded the Mt Kitty gas well in EP125 on 13 September, as part of its farm-in obligations to earn 70%. The top hole goes to about 480m; the main hole is planned to about 2,000m in Q1 2014 to the Heavitree formation.
4 Sept 2013investor presentation● Neutral
Good Oil Conference presentation, 'An E&P Company is born'. The text provided shows only the disclaimer and the opening; no new information can be reported.
30 Aug 2013joint venture update▲ Good
Exploration under the Santos and Total farm-outs began in August. Santos has acquired 327km of seismic over North Mereenie and a rig is secured for Mt Kitty (top hole Sept/Oct, main hole Q1 2014). Total area has 150km recorded. Canh Nguyen joins as drilling manager in November.
15 Aug 2013security holder rights change● NeutralMajor
Central proposes a 5-for-1 share consolidation, to be voted on at a general meeting on 27 September 2013. The notice does not seek approval to issue more shares. Options and exercise prices would be adjusted if it passes. Management says it wants longer-term shareholders.
1 Aug 2013admin correction● Neutral
Formal notice that 106 million shares were issued on 1 August at 10 cents: 100 million to investors for $10m and 6 million to corporate advisors in lieu of fees. This completes the 26 July placement; the notice carries no other news.
26 July 2013capital raising announcement▲ GoodMajor
Central places 100 million shares at $0.10 to raise $10 million, about a 5% premium to the 5-day VWAP, with three institutions taking over 80%. It says this funds Surprise West and Surprise East #1 to production, and expects about $20m free cash flow next year if they perform.
What it means for a shareholder
100m new shares at A$0.100 to raise about A$10.0m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.000694% to 0.000649% of the company. To keep it you'd need 694 more shares - about A$69 at the issue price.
Create a free account to see this worked out for your own holding.
24 July 2013investor presentation● Neutral
Interview with Managing Director Richard Cottee: Surprise West is expected to produce by end of 2013 and generate about $7m a year of free cash flow. He puts cash at about $7.5m, with burn cut from about $1.5m a month to a quarter. Production licence expected by year end.
18 July 2013investor presentation● Neutral
Noosa Mining Conference presentation titled 'An E&P Company is born'; the text provided shows only the disclaimer and the opening of the thesis. No new information can be reported.
10 July 2013debt financing▲ GoodMajor
Central received a research and development tax incentive refund, which it says funds Surprise West development (up to $5m, payback about nine months). It says it no longer depends on farm-in talks, which it hopes to conclude by September. The refund amount is not stated.
4 July 2013farm in farm out completion▲ GoodMajor
Central completes the Santos farm-out for the Simpson, Pellinor and Bejah Blocks in EP97, fully completing the Santos deal over more than 18.7 million acres. This resolves the last open condition from the 4 April partial close.
4 June 2013other▲ GoodMajor
The board approves stage one of Surprise West development: about $5m capital, roughly three months' work, payback around nine months. It depends on the Production Licence, expected by end of next quarter. Production is targeted by end of 2013. Surprise East is a later stage.
3 June 2013asset acquisition disposition▲ GoodMajor
The sale of the coal assets to FRID Energy completes, with $1.8m received. This resolves the conditional agreement announced 3 April 2013 and removes the coal tenement holding costs.
30 May 2013investor presentation● Neutral
RBS Morgans presentation by Central; the text provided is only the disclaimer and the start of the deck. No new information can be reported.
23 May 2013other● Neutral
The Managing Director's update reviews the past year: the 2011 financial crisis, board and management changes, the exit from coal and the Santos and Total farm-outs. It says $78m of exploration over 12 months needs no share issue. Mostly restates known facts.
17 May 2013other● Neutral
Central corrects Bloomberg reporting, stating Managing Director Richard Cottee is not a director of QGC and was its MD from 2002 until November 2008. It recounts his QGC record. No operating news.
9 May 2013farm in farm out completion▲ GoodMajor
Central completes the Total farm-out over the three Queensland permits (about 6 million acres). Stage one costs US$60m, with Total funding the first US$48m. The Northern Territory EPA132 part closes only when that permit is granted.
7 May 2013director officer appointment● Neutral
Exploration manager Trevor Shortt, who led the Santos and Total farm-outs, will leave at the end of the financial year. Michael Bucknill (ex-Acer Energy) becomes General Manager, Exploration, and Dr Robbert Willink (ex-Origin) is appointed Exploration Advisor.
4 Apr 2013asset acquisition disposition● NeutralMajor
Central is named preferred applicant for a 6,500 sq km Western Australian Amadeus Basin block, held through a subsidiary. It also conditionally agrees to sell its coal assets for $1.8m, completion scheduled May 2013, resolving the open question over non-core coal.
4 Apr 2013farm in farm out completion▲ GoodMajor
Central completes the Santos farm-out for most of the 18.7 million acres in the Amadeus and Pedirka Basins. The EP97 parts are deferred until the Rawson share purchase finishes. This follows the 2 October 2012 Santos deal.
3 Apr 2013asset acquisition disposition● Neutral
Rawson Resources says it has agreed to sell its 100% EP97 interest to Central for 50 million Central shares. It keeps a financial interest in the Pedirka Basin through the shares. Rawson says its other commitments are funded.
3 Apr 2013asset acquisition disposition▲ GoodMajor
Central buys Rawson's remaining 20% EP97 interest for 50 million shares, under 4% of Central. On closing of the Santos farm-out, Central will hold 44% and Santos 56% of the farm-out blocks. A Pellinor well is planned within two years. Subject to government consents.
26 Mar 2013resource reserve update▲ GoodMajor
Reserve report puts Surprise-1 at 7.48m barrels of oil in place, with 3P recoverable reserves of 2.1m barrels and 600,000 barrels proved. That supports interim development once a production licence is granted. Debt and a partial farm-out are options.
15 Mar 2013half year report● Neutral
Half-year report to 31 December 2012 repeats the Santos and Total farm-outs and the Surprise test. It notes the only Santos condition left is Rawson's EP97 assignment, and that the ATPs were granted on 13 March 2013. Financial figures are not in the text provided.
14 Mar 2013director officer appointment▲ GoodMajor
Andy Whittle is confirmed as Chairman, after acting in the role since Henry Askin retired at the November AGM. Richard Cottee, CEO since July 2012, becomes Managing Director. The company describes this as a new age of stability.
14 Mar 2013regulatory community update▲ GoodMajor
Queensland Authorities to Prospect 909, 911 and 912 are granted, as expected under the Total deal. Central will transfer part of its interest to Total, starting the US$60m stage one. Further permits and agreements are needed before fieldwork.
