4 Mar 2013investor presentation● Neutral
Roadshow presentation re-lodged, with the text provided being only the disclaimer. No new content can be reported.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2013other▲ Good
S&P Dow Jones Indices announced that Central Petroleum will be added to the S&P/ASX 300 and All Ordinaries indices after the close on 15 March 2013. Index inclusion only; no company operating news.
25 Feb 2013investor presentation● Neutral
Asia-Australia roadshow deck repeating known points: farm-outs worth up to $302m, Surprise development once a licence is granted, and funding options including asset sell-down, debt, equity and the $48m from options. Market cap shown at $200m. No new results.
12 Feb 2013other▲ Good
Central says its Surprise analysis shows the oil column is thicker than first thought, improving development timing and economics. It will put more effort into the Horn Valley Siltstone shale play. Volumes and reserves are expected to be announced this quarter.
30 Jan 2013other● Neutral
Administrative notice that the share registry (Computershare) has moved from Perth to Brisbane. No other substance.
29 Nov 2012other▼ Bad
Former MD John Heugh sued Central, Askin, Faull and Dunmore in the WA Supreme Court for defamation over the May 2012 meeting notice and 5 June chairman's letter. He seeks an injunction and damages. Central will defend. A new claim alongside his existing termination case.
29 Nov 2012other● Neutral
At the AGM, the chairman reviews the company's path: five 100%-owned wells since the 2006 IPO, about $100m spent, and the Surprise discovery. He says the Santos and Total farm-ins could deliver over $300m of exploration and the Brisbane move supports the Total work. Coal is called non-core.
23 Nov 2012investor presentation● Neutral
November 2012 'Review & Outlook' roadshow presentation; the text provided is only the disclaimer, so no new content can be reported.
19 Nov 2012production update▲ GoodMajor
Central says the Surprise test showed stabilised 200-400 bopd without a pump, with water falling to 3.2%. The well is shut in. A first reserve booking is expected early 2013, and a development decision is targeted for Q3 2013, possibly funded by the 303m 16c options.
15 Nov 2012other● Neutral
Notice that a Patersons Securities research report is on the company website. No content is given in the announcement.
6 Nov 2012other● Neutral
Notice that a DJ Carmichael research report is on the company website. No content is given in the announcement.
6 Nov 2012investor presentation● Neutral
Notice of a CEO webcast on 7 November discussing the US$190m Southern Georgina farm-out with Total. No new content in the notice itself.
6 Nov 2012farm in farm out agreement▲ GoodMajor
Total farms into about 6 million acres of the Southern Georgina Basin (EP(A)132, ATP(A)909/911/912). Stage one is US$60m, with US$130m more at Total's election, earning up to 68%. Central operates for four years and keeps 100% of Surprise. Second farm-out after Santos.
30 Oct 2012other▲ Good
Central settled the arbitration with Century Energy Services and MB Century. Century will pay $1,000,000 plus interest and agreed legal costs, due by 4 January 2013. Resolves the arbitration listed as a likely dispute.
5 Oct 2012farm in farm out agreement▲ Good
Rawson says the Santos deal includes the three EP 97 farm-in blocks, with Santos agreeing in principle to pay Central's farm-in. After earning, Santos would hold 56%, Central 24% and Rawson 20% in those blocks. Rawson remains operator and plans to farm out other blocks.
3 Oct 2012other● Neutral
Central responds to press reports of talks with a second farm-out partner, saying they match earlier disclosures. Talks are ongoing and confidential with no certainty of a deal. No new information.
2 Oct 2012farm in farm out agreement▲ GoodMajor
Santos farms into up to 13 Amadeus and Pedirka permit areas (nearly 80,000 sq km), investing $30m initially plus options for $60m and $60m more, to earn up to 70%. Central is free-carried and keeps at least 30% plus 100% of EP115. Subject to permit renewals. First major farm-out after months of talks.
17 Sept 2012annual report● Neutral
Annual report to 30 June 2012. The chairman's letter says the Surprise-1 re-entry (380 bopd) was followed by a weak $7.15m share purchase plan, then the board fight and Palmer episode; litigation is at an end other than that by the former MD. Text is truncated.
14 Sept 2012production update▲ Good
The Northern Territory regulator approved a three-month extension of the Surprise-1 extended production test. The company said the well had performed within prognosis, which justified further testing.
11 Sept 2012investor presentation● Neutral
September 2012 'Company Transformation' presentation; the text provided is only the disclaimer, so no new content can be reported.
31 Aug 2012other▲ GoodMajor
Central settled all legal proceedings with Petroleum Nominees, a Clive Palmer company. No terms are given in the announcement. This ends the Palmer litigation over the placement and the 22 June meetings.
6 Aug 2012other● Neutral
Notice that a DJ Carmichael research report is on the company website. No content is given in the announcement.
6 Aug 2012regulatory community update▲ GoodMajor
Central applied to the NT regulator for a production licence around Surprise-1, saying test results to date justify it. 3D seismic at Surprise and 2D at Pellinor are fully acquired; 3D processing is 50% done. Advances the field toward development.
19 July 2012director officer appointment▲ Good
Schoch, Singh and Tam withdrew consent to act as directors, so the requisitioned resolutions to appoint them at today's meeting cannot proceed. This ends the third requisition's bid to replace the board.
9 July 2012other● Neutral
MD Cottee's letter says Surprise test is flowing, expected at 100-200 barrels a day for the first month, then rising. Detailed farm-out talks continue with majors, with a deal hoped for soon. A 19 July meeting will finalise the board. Mostly messaging.
4 July 2012production update▲ GoodMajor
First load of Surprise-1 oil has left for market under a signed 3-month crude sales agreement, matching the test length. The well is performing as expected. Surprise 3D seismic is about 30% complete, with line clearing started at Pellinor in EP-97.
26 June 2012other▼ Bad
Petroleum Nominees, a Clive Palmer company, applied in Queensland Supreme Court to declare the 22 June noon meeting's business and resolutions invalid, and some 2pm resolutions that failed through chair-held proxies. Central will defend vigorously. Renews the board dispute.
25 June 2012director officer appointment● NeutralMajor
Bruce Elsholz and co-founder Richard Faull resigned as directors on 22 June to make way for Herrington and Gasteen, appointed under the meeting resolutions. Elsholz stays as CFO. Cottee is now Managing Director and CEO. Board reshuffle follows the 22 June vote.
21 June 2012production update▲ GoodMajor
Oil began flowing from Surprise-1 REH ST1 on the extended production test, with the initial rate set by test protocols. First load of oil is expected to reach market around the end of next week. This is the first flow since the delayed start.
21 June 2012director officer appointment● Neutral
Non-executive director Andrew Whittle was appointed Deputy/Vice Chairman, continuing if re-elected at the 22 June meeting.