30 May 2013investor presentation● Neutral
RBS Morgans presentation by Central; the text provided is only the disclaimer and the start of the deck. No new information can be reported.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2013other● Neutral
The Managing Director's update reviews the past year: the 2011 financial crisis, board and management changes, the exit from coal and the Santos and Total farm-outs. It says $78m of exploration over 12 months needs no share issue. Mostly restates known facts.
17 May 2013other● Neutral
Central corrects Bloomberg reporting, stating Managing Director Richard Cottee is not a director of QGC and was its MD from 2002 until November 2008. It recounts his QGC record. No operating news.
9 May 2013farm in farm out completion▲ GoodMajor
Central completes the Total farm-out over the three Queensland permits (about 6 million acres). Stage one costs US$60m, with Total funding the first US$48m. The Northern Territory EPA132 part closes only when that permit is granted.
7 May 2013director officer appointment● Neutral
Exploration manager Trevor Shortt, who led the Santos and Total farm-outs, will leave at the end of the financial year. Michael Bucknill (ex-Acer Energy) becomes General Manager, Exploration, and Dr Robbert Willink (ex-Origin) is appointed Exploration Advisor.
30 Apr 2013quarterly activities report● Neutral
March quarter report: Total farm-out expected to go unconditional in early May, Santos closed except EP97, seismic starts May. Surprise production licence application is well advanced; the $1.8m coal sale is conditional. Facility award awaits debt or farm-in talks. Financials are not in the text provided.
4 Apr 2013asset acquisition disposition● NeutralMajor
Central is named preferred applicant for a 6,500 sq km Western Australian Amadeus Basin block, held through a subsidiary. It also conditionally agrees to sell its coal assets for $1.8m, completion scheduled May 2013, resolving the open question over non-core coal.
4 Apr 2013farm in farm out completion▲ GoodMajor
Central completes the Santos farm-out for most of the 18.7 million acres in the Amadeus and Pedirka Basins. The EP97 parts are deferred until the Rawson share purchase finishes. This follows the 2 October 2012 Santos deal.
3 Apr 2013asset acquisition disposition● Neutral
Rawson Resources says it has agreed to sell its 100% EP97 interest to Central for 50 million Central shares. It keeps a financial interest in the Pedirka Basin through the shares. Rawson says its other commitments are funded.
3 Apr 2013asset acquisition disposition▲ GoodMajor
Central buys Rawson's remaining 20% EP97 interest for 50 million shares, under 4% of Central. On closing of the Santos farm-out, Central will hold 44% and Santos 56% of the farm-out blocks. A Pellinor well is planned within two years. Subject to government consents.
26 Mar 2013resource reserve update▲ GoodMajor
Reserve report puts Surprise-1 at 7.48m barrels of oil in place, with 3P recoverable reserves of 2.1m barrels and 600,000 barrels proved. That supports interim development once a production licence is granted. Debt and a partial farm-out are options.
15 Mar 2013half year report● Neutral
Half-year report to 31 December 2012 repeats the Santos and Total farm-outs and the Surprise test. It notes the only Santos condition left is Rawson's EP97 assignment, and that the ATPs were granted on 13 March 2013. Financial figures are not in the text provided.
14 Mar 2013director officer appointment▲ GoodMajor
Andy Whittle is confirmed as Chairman, after acting in the role since Henry Askin retired at the November AGM. Richard Cottee, CEO since July 2012, becomes Managing Director. The company describes this as a new age of stability.
14 Mar 2013regulatory community update▲ GoodMajor
Queensland Authorities to Prospect 909, 911 and 912 are granted, as expected under the Total deal. Central will transfer part of its interest to Total, starting the US$60m stage one. Further permits and agreements are needed before fieldwork.
4 Mar 2013investor presentation● Neutral
Roadshow presentation re-lodged, with the text provided being only the disclaimer. No new content can be reported.
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.
31 Jan 2013quarterly activities report▲ Good
December quarter: the Surprise test is finished, with over 10,000 barrels produced and sold at an average A$124 a barrel. Santos conditions are about 75% met; Total ATP grants are expected imminently. The company says $78m of exploration will be funded without a raising.
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.
31 Oct 2012quarterly activities report● Neutral
September quarter: Santos farm-out signed. Surprise produced 4,560 barrels, with 1,714 sold at A$110.45 gross a barrel. Flow rates were 100-200 bopd stabilised, peaking at 281 bopd. Tank and trucking limits forced shut-ins. EPT extended three months; production licence applied for.
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.