5 Apr 2012other● Neutral
Directors declared the 3 April requisition invalid because of irregularities and uncertainties, and will not call a general meeting on it. This resolves that requisition, though the board-control dispute remains open.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2012capital raising announcement▲ GoodMajor
Central completed an $11m placement of 130m shares at 8.5c, a 6% discount to the 5-day VWAP, to fund Surprise appraisal and support farm-out talks. Placees get one free 12.5c option per two shares, subject to shareholder approval. Follows the 5.5c raisings in February.
What it means for a shareholder
130m new shares at A$0.085 to raise about A$11.0m. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.000939% to 0.00085% of the company. To keep it you'd need 1,220 more shares - about A$104 at the issue price.
Create a free account to see this worked out for your own holding.
3 Apr 2012other▼ BadMajor
Central received a requisition from shareholders claiming 10.14% to replace chair Askin and directors Faull and Dunmore with Cockcroft, Goodall and Philis. Heugh, the terminated MD and now a non-executive director, is among the requisitioners. Directors are checking validity. This follows the 28 March warning.
28 Mar 2012other▼ BadMajor
Central says it has heard shareholders plan to requisition a meeting to replace chair Henry Askin and directors Richard Faull and William Dunmore with Peter Cockcroft, John Jetter and Colin Goodall. No requisition has been received yet.
28 Mar 2012other● Neutral
Central notes a short Patersons research report is on its website. The announcement itself carries no figures or new information.
27 Mar 2012drilling progress report▲ Good
Kintore bypass road for EPT transport is nearly complete and storage tank leasing is well advanced. Surprise 3D seismic is aimed to be acquired before the EPT starts to avoid interference. Central also reports a new farm-in initiative with encouraging results, without detail.
26 Mar 2012director officer appointment▼ BadMajor
Central has terminated MD John Heugh's employment; he has sued in the WA Supreme Court and stays a non-executive director. COO Dalton Hallgren becomes Acting CEO. The company will defend the action, a sudden leadership change after the Surprise discovery.
20 Mar 2012other● Neutral
Central notes that an independent Edison research report is on its website, and disclaims responsibility for its contents. The announcement contains no figures.
15 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 restates the strategy and the Surprise-1 REH discovery, and lists Babington as alternate director. Financial figures are not visible in the text provided.
8 Mar 2012investor presentation● Neutral
Central releases an updated company presentation titled 'Transition to Production' covering the Surprise-1 REH discovery at about 400 bopd and planned EPT and 3D seismic. The visible text shows nothing beyond already-known information.
29 Feb 2012farm in farm out agreement● Neutral
Central and Rawson agree to combine the Simpson, Bejah and Pellinor farm-ins in EP 97 into one arrangement. The Dune block farm-in, in which Central had not yet earned an interest, is removed, though Central keeps a right to match any offer Rawson accepts.
20 Feb 2012director officer appointment● Neutral
Edmund Babington is appointed alternate director for MD John Heugh, effective 17 February 2012. This is an administrative appointment.
17 Feb 2012drilling scheduled● Neutral
Central defers a Surprise appraisal well until after the EPT and 3D seismic, and will not exercise its option to keep Hunt Rig #3. This resolves the open question of a second well on the rig and pushes further drilling later.
16 Feb 2012investor presentation● Neutral
In a video interview, the MD says the raise will fund Surprise appraisal and the EPT should run six to 12 months. He expects about 400 bopd and, by July or August, enough data to plan full development if warranted. These are management views, not new results.
6 Feb 2012capital raising announcement▲ GoodMajor
Central raised $9.9m before costs via the share purchase plan and a 50m-share top-up placement at 5.5c, to fund Surprise appraisal (EPT, 3D seismic, drilling). EPT is planned for April and may run six months or more; an oil sales contract is expected within weeks.
3 Feb 2012capital raising announcement● Neutral
Central's shares and options are placed in voluntary suspension from 3 February 2012 pending an announcement on a material capital raising, to last no later than trading on 6 February. No size or price is given.
31 Jan 2012investor presentation● Neutral
Notice of a BRR webcast on 31 January 2012 where the MD comments on the reservoir engineering report. The announcement itself contains no new information.
30 Jan 2012resource reserve update● NeutralMajor
RPS Energy says pressure data suggest Surprise-1REH may access 0.5-2 million barrels of oil in place near the well, with no boundaries seen. Final test rate is quoted as about 400 bopd. EPT is now expected in April 2012; a second well may be postponed until 3D seismic and EPT results.
25 Jan 2012resource reserve update▲ Good
Central releases a technical note arguing the Amadeus, Georgina and Wiso basins' conventional and unconventional potential may be underestimated, based on source rock correlations with Oman, Siberia and Sichuan. It is a geological view with no resource figures.
24 Jan 2012investor presentation● Neutral
Notice of a BRR webcast on 24 January 2012 about the Surprise-1 oil discovery. No new information in the announcement itself.
23 Jan 2012investor presentation▲ Good
In an interview, the MD calls the 380 bbl/day Surprise result the most significant event in Central's history. He says 300 bbl/day sustained would give about $10m a year gross cash flow (100% owned), against a market cap of about $60m. Extended production test could produce cash flow in 2-3 months. These are management views, not new results.
20 Jan 2012other● Neutral
Central notes an updated research report from Bakers Investment Group, commissioned and paid for by Central, is on its website. Central says it has not verified or endorsed the report. The announcement contains no figures.
16 Jan 2012investor presentation● Neutral
Notice of a BRR webcast on 16 January 2012 in which the managing director reviews the Surprise-1 oil discovery. No new information in the announcement itself.
16 Jan 2012investor presentation● Neutral
Notice of a Finance News Network broadcast on 16 January 2012. The announcement carries no new results or figures.
13 Jan 2012well test result▲ Good
Initial flow testing finished at 380 bbl/day, with final pressure build-up of 523 PSI. Central plans an extended production test with an oil sales contract in 2-3 months, subject to approvals. Hunt Rig 3 is stacked on site while a second Surprise well is considered.
12 Jan 2012flow test result▲ Good
Further testing lifted the sustained Surprise rate about 20% to 380 bbl/day on a 32/64 inch choke, with fluid cut down to 4.4% from about 8%. The well is shut in for pressure build-up. It improves on the 300 bbl/day reported the day before.
11 Jan 2012flow test result▲ GoodMajor
Surprise-1 Re-entry H flowed light sweet 40 API oil at a maximum sustained 300 bbl/day over four hours, still cleaning up (7.5% drilling fluid cut). This is the first oil flow to surface for the Northern Territory in almost five decades. It resolves the open question of movable oil, though the rate is early and not yet commercial.
3 Jan 2012drilling progress report▲ Good
Horizontal drilling stopped at about 2,854m measured depth after roughly 230m in the reservoir, because of tight hole conditions. Continuous oil shows over about 28m vertical thickness are reported. Flow testing is planned by 6 January 2012; tubing will be run first. No flow capability is yet shown.
3 Jan 2012admin correction● Neutral
Re-issue of the 2 January update correcting a gas composition entry and clarifying that about 230m of horizontal hole had continuous oil shows, about 220m rated good to excellent and about 10m poor to fair. No new results.
28 Dec 2011drilling progress report▲ Good
Surprise-1 Re-entry H is drilling horizontally at 2,630m measured depth, with about 75m of horizontal hole done. Continuous good oil shows and oil droplets in the mud are reported. Quantities cannot be given and no flow has been tested.