1 Aug 2014drilling progress report● Neutral
Whiteley-1 is at 991m measured depth, with the intermediate hole section finished and logging next. Primary target is the Lower Arthur Creek Formation. Gaudi-1 is still due mid-September. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2014quarterly activities report● Neutral
June quarter: cash $10.3m (down from $11.4m) and $3.3m oil and gas sales. Covers Santos Stage 2, Dingo licences, Whiteley-1 spud and Mt Kitty flowing up to 500,000 cubic feet a day. Mostly restates known events; says Mt Kitty's drilling objectives were not realised.
31 July 2014admin correction● Neutral
Amended June quarter report corrects the Mt Kitty gas flow rate on page 6 from 500,000 GJ per day to 500,000 cubic feet per day. Otherwise the report is the same as the one lodged earlier.
31 July 2014farm in farm out agreement▲ GoodMajor
Santos proceeds to Stage 2 of an amended Southern Amadeus JV, funding 1,300km of 2D seismic (about $12m) to lift its interest to 40% in listed permits. Central regains 100% of Ooraminna (RLs 3&4); Pellinor not drilled; WA applications dropped. Santos decision on Mt Kitty and NW Mereenie due around end August.
21 July 2014drilling spud▲ GoodMajor
Drilling started 20 July 2014 at Whiteley-1 in ATP912, first of the Southern Georgina unconventional gas wells with partner Total. It targets the Lower Arthur Creek Formation; Gaudi-1 is due mid-September. Each well should take about 60 days.
21 July 2014regulatory community update▲ GoodMajor
Dingo Pipeline Licence PL30 agreed with the NT Department of Mines and Energy, which on 10 July also approved the Dingo field development and reservoir management plans. Clearing works have started. This clears the pipeline approval flagged as pending for Dingo's first gas.
18 July 2014investor presentation● Neutral
'Producing Results' presentation at the Noosa Mining & Exploration Conference, 18 July 2014. The text provided shows only the disclaimer; no new information can be reported.
3 July 2014investor presentation● Neutral
'Producing Results' Sydney investor presentation, 3 July 2014. The text provided shows only the disclaimer; no new information can be reported.
20 June 2014production update▼ BadMajor
Surprise West is producing only 225-250 bopd, below the earlier 524 bopd first-week average and below initial expectations. Southern Georgina's first well is now due mid-to-late July after access delays, and Surprise East is delayed by rig availability. Palm Valley sales run about 100,000 GJ a month.
20 May 2014investor presentation● Neutral
Project updates presentation of 20 May 2014. The text provided shows only the disclaimer and the start of an overview, which mentions a sod-turning ceremony; no new information can be reported.
13 May 2014regulatory community update▲ GoodMajor
Central accepted the conditions for Dingo Production Licence 7, converting the field from a retention licence. This is the second production licence in three months. First gas sales to Power and Water are expected in the first quarter of next year, subject to pipeline approval.
8 May 2014well test result● NeutralMajor
Preliminary gas analyses from Mt Kitty 1 were so inconsistent they may not represent the reservoir. The best sample showed 9% helium, 13% methane and 61% nitrogen, possibly contaminated. Commercial significance cannot be judged; Santos seeks another rig, with results unlikely before end of June.
30 Apr 2014quarterly activities report● Neutral
March quarter report: cash was $11.4m, down from $12.5m at December. It restates the Magellan purchase, the Surprise licence and the Mt Kitty gas flows. Surprise was shut in for a period by wet weather; Central's first cash revenue arrives from 1 April.
15 Apr 2014well test result▲ GoodMajor
Mt Kitty 1 reached 2,295m and flowed gas in four tests (up to 530,000 cfd), with helium up to 5.8% on preliminary analysis. A rig incident halted logging, with no injuries. Central holds 30%; commerciality is too early to judge. Results continue the earlier drilling thread.
14 Apr 2014director officer appointment● NeutralMajor
Director Bill Dunmore, on the board since listing, will not seek re-election at this year's AGM. Dr Peter Moore, formerly Woodside's Executive Vice President of Exploration, joins immediately as independent non-executive director, with a six-month overlap. Dunmore's consultancy continues reservoir engineering work.
11 Apr 2014agm notice▲ Good
All four resolutions at the 11 April 2014 EGM passed on a show of hands, with proxy and direct votes showing 93-96% in favour. Managing Director Richard Cottee said the result showed shareholders had regained confidence in the board.
9 Apr 2014investor presentation● Neutral
April 2014 version of the 'March on Production' presentation, with a 'Quarter That Was' section. The text provided shows only the disclaimer and a heading; no new information can be reported.
1 Apr 2014production update● Neutral
Surprise West averaged 524 barrels a day over its first 7 days (3,668 bbl). Extra storage is expected operational in May. Surprise East slips to the second half of the April quarter, and Southern Georgina drilling is still expected then despite flooding.
31 Mar 2014asset acquisition disposition▲ GoodMajor
Central completes the purchase of Magellan's Palm Valley and Dingo fields near Alice Springs, announced 19 February. Magellan becomes the largest shareholder with about 39.5m shares (about 11.4%), and its nominee J. Thomas Wilson joins the board.
25 Mar 2014agm notice● Neutral
Managing Director urges a vote for Resolution 4 at the 11 April 2014 general meeting, allowing the Magellan assets to secure the Macquarie loan. The purchase is $15m in shares and $20m cash. Needs 75% approval; keeps other permits unencumbered.
20 Mar 2014drilling progress report● Neutral
Santos's rig is mobilised and expected to resume drilling Mt Kitty-1 around 24 March 2014, after the top hole was drilled to about 785m. Planned total depth is about 2,030m KB. No results yet.
13 Mar 2014production update▲ GoodMajor
Surprise West-1 starts producing, flowing about 675 barrels in the first 24 hours without a pump, roughly 70% above the best rate in the earlier extended test. Central expects $50-60/bbl margins, marking its first regular cash flow.
12 Mar 2014other▲ Good
CEO interview on the Magellan deal: Palm Valley and Dingo carry about 53 BCF 2P (about 10 mmboe), roughly tenfold Central's 1.1 mmbbl Surprise 2P. First Dingo gas sales are targeted Q1 2015; Surprise sales are due to start this month, weather permitting. Mostly repeats known facts.
10 Mar 2014investor presentation● Neutral
'March on Production' presentation. The text provided shows only the disclaimer and the start of an activity list; no new information can be reported.
7 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 restates known events: Georgina Stage 1 expansion to US$95m, the $35m Magellan purchase and Surprise licence. It also says the Surprise East drill slot was lost, with drilling now mid-to-late second quarter 2014. Financial figures are truncated.
7 Mar 2014other▼ Bad
S&P Dow Jones index announcement of the March quarterly rebalance. Central Petroleum (CTP) is listed among the removals from the S&P/ASX 300 effective after close on 21 March 2014. It remains in the All Ords list only if not shown as removed; the text is truncated, so this is not confirmed.
3 Mar 2014security holder rights change● Neutral
ASX waives the requirement to post expiry notices for 60,571,728 CTPO options exercisable at 80c, expiring 31 March 2014. Shares closed at 44c on 28 February, below the exercise price. Exercise is not underwritten. Notice details only.
25 Feb 2014regulatory community update▲ GoodMajor
Northern Territory Production Licence #6 for Surprise is granted, the first onshore NT licence since the Native Title Act 1993. This resolves the long-awaited approval thread; the company hopes facilities will be fully operational the week of 10 March 2014.
21 Feb 2014production update▲ Good
Commissioning of the Surprise West pump is under way after roads reopened following heavy rain. Output will be limited by storage, but the company forecasts cash-flow-positive revenue margins of $50-60/bbl at current Tapis prices. Surprise East spud date awaits the Production Licence.
19 Feb 2014asset acquisition disposition▲ GoodMajor
Central agrees to buy Magellan's Palm Valley and Dingo gas fields for $35m: $20m cash from a Macquarie loan and ~39.5m shares. Macquarie also gets options and a $30m development facility. Moves Central from explorer to producer; completion is due by 31 March 2014.