20 June 2012other● Neutral
Notice that a Patersons Securities research report is on the company website. No content is given in the announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2012regulatory community update▲ Good
NT regulator approved the Surprise-1 extended production test for an initial 3 months, extendable. This is the last regulatory approval needed to start. Oil sale and transport agreements are close to final, resolving the approval wait flagged earlier.
18 June 2012other● Neutral
Notice that a DJ Carmichael research report is on the company website. No content is given in the announcement.
18 June 2012other● Neutral
Company circulates director William Dunmore's statement for the 2pm 22 June meeting, where his removal is on the vote. He urges shareholders to back the current board and its four initiatives, including farm-outs and splitting petroleum and minerals entities.
18 June 2012other● Neutral
Company circulates two statements from ousted MD John Heugh ahead of the 22 June votes on his removal. He criticises the board's handling of Surprise drilling and farmouts. Company does not endorse them; Askin, Cottee and Shortt deny the allegations. Heugh's court action continues.
13 June 2012other▲ Good
Queensland Supreme Court refused PNPL's bid to stop the 22 June meeting, so both meetings proceed and Central will seek costs. The board recommends voting for Cottee, Herrington and Gasteen and against the requisition resolutions.
12 June 2012production update● Neutral
Kintore bypass road and Surprise access road were finished 6 June, after delays. Extended production test flowing is planned for late June, pending NT approval, and an oil sale agreement is close. Later than the May target previously given.
12 June 2012investor presentation● Neutral
Presentation outlines Cottee's strategy, proposed board and his employment terms and option package, which will go to a later shareholder vote. Details are in the slides, not the announcement text.
8 June 2012drilling progress report● Neutral
The roughly 82 sq km Surprise 3D seismic survey has received regulatory and environmental approvals. Ground preparation starts next week and recording is likely close to early July 2012, later than the earlier mid-May target.
6 June 2012other▼ Bad
Petroleum Nominees, a Clive Palmer company, applied in the Queensland Supreme Court to declare the 22 June meeting improperly convened and block its business. Central will defend it vigorously.
5 June 2012other● Neutral
Chairman's letter urges a vote at the 22 June meetings, backing Cottee, Herrington and Gasteen. It says over 15 companies have data room access for farm-ins and opposes Clive Palmer's push, through PNPL, to replace directors. Mostly campaign messaging.
5 June 2012director officer appointment● NeutralMajor
Richard Cottee started as CEO immediately, earlier than planned, to progress commercial negotiations. His continuing role depends on shareholders approving him as director on 22 June. Dalton Hallgren returns to Chief Operating Officer, ending his acting CEO stint.
1 June 2012other▼ Bad
A third requisition, from holders of 5.84% including Petroleum Nominees and Heugh, seeks removal of Askin, Faull, Dunmore, Whittle and Elsholz and election of Schoch, Singh and Tam. Directors will convene a meeting. This reopens the board fight.
28 May 2012asset acquisition disposition● Neutral
Central confirmed relinquishment of its three geothermal exploration permits, which carried $11m of spending over four years, $7m in the first two. It sought farm-in or buyers and found no interest. Funds are preserved for appraising Surprise.
22 May 2012director officer appointment▲ GoodMajor
Requisition nominees Goodall, Cockcroft and Philis withdrew their consent to act as directors, saying shareholder objectives are met by the Cottee, Gasteen and Herrington appointments. This resolves the second requisition to replace Askin, Faull and Dunmore.
15 May 2012director officer appointment▲ GoodMajor
Richard Cottee, who led Queensland Gas Company to a $5.7bn sale to BG Group, is to become CEO and director, replacing John Heugh, subject to a 22 June 2012 vote. Mike Herrington and Wrix Gasteen are also proposed as directors. Board says farm-outs are a focus.
9 May 2012other● Neutral
Acting CEO Dalton Hallgren says it is 'business as usual' on Surprise-1 REH appraisal. Seismic is due to start shortly and extended production test preparation is on schedule, though some steps ran longer than expected. Mostly management messaging, no new results.
30 Apr 2012other▼ Bad
Petroleum Nominees applied for leave to sue on Central's behalf, naming directors Askin, Faull, Dunmore and Heugh and the placees. It seeks a buyback of the 4 April placement shares at the price paid, or damages. Central will oppose it vigorously.
27 Apr 2012other● NeutralMajor
Central is investigating a separate listing of its Pedirka Basin coal assets, saying the market gives them little value. The new entity would have its own board and management, with Central keeping an equity interest. Details are to follow.
26 Apr 2012director officer appointment● NeutralMajor
Andrew Whittle, a geologist with 42 years' experience, and CFO Bruce Elsholz were appointed directors from 25 April. The board grows as a requisitioned meeting looms (inference: possibly related).
24 Apr 2012other● NeutralMajor
Directors accepted the second requisition as valid and will convene a general meeting. The requisitioning holding was corrected to 6.38%. Shareholders will vote on replacing three of four directors, resolving the validity question.
23 Apr 2012other▼ BadMajor
A second requisition, from shareholders claiming 6.45%, again seeks to replace Askin, Faull and Dunmore with Cockcroft, Goodall and Philis. Directors are checking its validity. This follows the first requisition being ruled invalid.
20 Apr 2012contract award▲ Good
Terrex Seismic won the contract for 82 km2 of 3D seismic over Surprise in EP-115, plus 60 km of 2D nearby and 132 km of 2D at Pellinor in the northern Pedirka Basin. Acquisition is planned from mid-May, with 3D processing done by early August.
18 Apr 2012other● Neutral
Chair Askin's letter defends Heugh's dismissal, says no new MD will be appointed, and says several farm-in negotiations are under way, with Central not wanting to fund drilling 100%. It targets EPT start in May and seismic from mid-May. It is mostly management messaging.
17 Apr 2012other▲ Good
The court dismissed Heugh's injunction application and ordered him to pay Central's costs. This resolves that application and clears the way for the removal meeting, though his termination claim continues.
16 Apr 2012other● Neutral
Central responded to press speculation that Hess Corp is its preferred farm-in partner, saying it has no preferred farm-in partner. Any deal will weigh terms and the partner's financial capability. No agreement is announced.
13 Apr 2012other▼ Bad
Heugh applied in the WA Supreme Court to stop the company calling or moving a meeting to remove him as director, pending his wrongful termination case. Central will oppose it vigorously.
11 Apr 2012director officer appointment▼ Bad
Directors intend to move a resolution at a general meeting to remove John Heugh as a director. He was terminated as MD on 26 March and remains a non-executive director. This escalates the board dispute.
11 Apr 2012other● Neutral
Central settled the $11m placement after a Queensland court dismissed an injunction bid by Petroleum Nominees. Petroleum Nominees must file for leave to sue on Central's behalf by 20 April. The funds are in, but litigation over the placement is pending.
10 Apr 2012director officer appointment● Neutral
Edmund Babington resigned as alternate director for John Heugh with immediate effect. He had been appointed in February. Administrative change.