Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash $12.5m, net burn ~$2.9m. Surprise licence is imminent, with first crude shipment expected February 2014. Mt Kitty main hole is due in early March and Surprise East spud in March; Georgina drilling is due from April.
29 Jan 2014regulatory community update▲ Good
The Federal Indigenous Affairs Minister approved the Surprise agreement, clearing the last major hurdle to the Production Licence, which is not yet issued. Equipment waits at Alice Springs; over 300mm of rain may slightly delay first production.
12 Dec 2013regulatory community update▲ GoodMajor
The Central Land Council resolved to enter a Production Agreement for Surprise, subject to approvals, and told governments it has no objection to a Production Licence. This clears the long-awaited hurdle; it would be the first such NT licence in 31 years.
6 Dec 2013director officer appointment▲ Good
Robert Hubbard, a PwC partner for 22 years, joins the board as an independent non-executive director. The chairman links it to the company's move from explorer to explorer and producer.
28 Nov 2013farm in farm out agreement▲ GoodMajor
Total and Central lift Southern Georgina Stage 1 spending from US$60m to US$95m, with the US$190m four-year total unchanged. Central's extra 20% share (US$7m) is deferred, targeted mid-2015. Core wells are planned from April 2014; production tests are possible.
28 Nov 2013investor presentation● Neutral
AGM exploration update presentation. The text provided shows only the disclaimer and the opening; no new information can be reported.
28 Nov 2013other● Neutral
Chairman Andy Whittle's first AGM address: says most upheavals are behind the company, though court action with the previous Managing Director continues. Hopes Surprise production approval is imminent. Repeats known farm-out and seismic progress; text is truncated.
19 Nov 2013admin correction● Neutral
Re-release of the 18 November presentation, correcting slide 9: Central is 'negotiating', not having 'negotiated', an oil purchase agreement. So no oil sales deal is yet signed for Surprise crude.
18 Nov 2013investor presentation● Neutral
Presentation 'A Year of Progress' for the shareholder association briefings, 18-20 November. The text provided shows only the disclaimer; no new information can be reported.
12 Nov 2013other● Neutral
Managing Director Richard Cottee will hold open shareholder briefings in Sydney, Melbourne and Perth on 18-20 November 2013, at the request of the Central Petroleum Shareholders Association. Administrative notice; no new company information.
31 Oct 2013quarterly activities report▲ Good
September quarter: cash rose to $15.4m from $1.3m, helped by a ~$5.9m R&D tax refund and the $10m placement. The 5-for-1 consolidation passed, leaving 309m shares. Mt Kitty top hole cased at 785m; Surprise budget is $11m. Company expects 6-9 wells in the next 12 months.
30 Oct 2013admin correction● Neutral
Corrects a typo in the AGM notice: Resolution 6 covers 1,800,000 options to director Michael Herrington. Administrative only.
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.
31 July 2013quarterly activities report● Neutral
June quarter report: Santos farm-out fully completed, Total Queensland permits completed, coal sale closed for $1.8m. Surprise West licence expected by end of September quarter, production by year end. Seismic under way. Financials are not in the text provided.
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.
