Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2012farm in farm out agreement▲ Good
Rawson says the Santos deal includes the three EP 97 farm-in blocks, with Santos agreeing in principle to pay Central's farm-in. After earning, Santos would hold 56%, Central 24% and Rawson 20% in those blocks. Rawson remains operator and plans to farm out other blocks.
3 Oct 2012other● Neutral
Central responds to press reports of talks with a second farm-out partner, saying they match earlier disclosures. Talks are ongoing and confidential with no certainty of a deal. No new information.
2 Oct 2012farm in farm out agreement▲ GoodMajor
Santos farms into up to 13 Amadeus and Pedirka permit areas (nearly 80,000 sq km), investing $30m initially plus options for $60m and $60m more, to earn up to 70%. Central is free-carried and keeps at least 30% plus 100% of EP115. Subject to permit renewals. First major farm-out after months of talks.
17 Sept 2012annual report● Neutral
Annual report to 30 June 2012. The chairman's letter says the Surprise-1 re-entry (380 bopd) was followed by a weak $7.15m share purchase plan, then the board fight and Palmer episode; litigation is at an end other than that by the former MD. Text is truncated.
14 Sept 2012production update▲ Good
The Northern Territory regulator approved a three-month extension of the Surprise-1 extended production test. The company said the well had performed within prognosis, which justified further testing.
11 Sept 2012investor presentation● Neutral
September 2012 'Company Transformation' presentation; the text provided is only the disclaimer, so no new content can be reported.
31 Aug 2012other▲ GoodMajor
Central settled all legal proceedings with Petroleum Nominees, a Clive Palmer company. No terms are given in the announcement. This ends the Palmer litigation over the placement and the 22 June meetings.
6 Aug 2012other● Neutral
Notice that a DJ Carmichael research report is on the company website. No content is given in the announcement.
6 Aug 2012regulatory community update▲ GoodMajor
Central applied to the NT regulator for a production licence around Surprise-1, saying test results to date justify it. 3D seismic at Surprise and 2D at Pellinor are fully acquired; 3D processing is 50% done. Advances the field toward development.
31 July 2012quarterly activities report● Neutral
June quarter: Surprise oil flowed from 20 June, with first sales in early July. The 82 sq km 3D seismic finished early July. Coal is now non-core, with sale, farm-out or separate listing considered. No farm-out deal yet. Production plan for Surprise expected by year-end.
19 July 2012director officer appointment▲ Good
Schoch, Singh and Tam withdrew consent to act as directors, so the requisitioned resolutions to appoint them at today's meeting cannot proceed. This ends the third requisition's bid to replace the board.
9 July 2012other● Neutral
MD Cottee's letter says Surprise test is flowing, expected at 100-200 barrels a day for the first month, then rising. Detailed farm-out talks continue with majors, with a deal hoped for soon. A 19 July meeting will finalise the board. Mostly messaging.
4 July 2012production update▲ GoodMajor
First load of Surprise-1 oil has left for market under a signed 3-month crude sales agreement, matching the test length. The well is performing as expected. Surprise 3D seismic is about 30% complete, with line clearing started at Pellinor in EP-97.
26 June 2012other▼ Bad
Petroleum Nominees, a Clive Palmer company, applied in Queensland Supreme Court to declare the 22 June noon meeting's business and resolutions invalid, and some 2pm resolutions that failed through chair-held proxies. Central will defend vigorously. Renews the board dispute.
25 June 2012director officer appointment● NeutralMajor
Bruce Elsholz and co-founder Richard Faull resigned as directors on 22 June to make way for Herrington and Gasteen, appointed under the meeting resolutions. Elsholz stays as CFO. Cottee is now Managing Director and CEO. Board reshuffle follows the 22 June vote.
21 June 2012production update▲ GoodMajor
Oil began flowing from Surprise-1 REH ST1 on the extended production test, with the initial rate set by test protocols. First load of oil is expected to reach market around the end of next week. This is the first flow since the delayed start.
21 June 2012director officer appointment● Neutral
Non-executive director Andrew Whittle was appointed Deputy/Vice Chairman, continuing if re-elected at the 22 June meeting.
20 June 2012other● Neutral
Notice that a Patersons Securities research report is on the company website. No content is given in the announcement.
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.
