Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2011resource reserve update▲ GoodMajor
Independent DSWPET report puts mean prospective recoverable resources in Central's Southern Georgina applications at 5 billion barrels of oil and 33 TCF gas, over 6 million net acres. Subject to permit grants. Completes the assessment pending since February, alongside the Amadeus estimate.
1 Apr 2011regulatory community update▲ Good
Central cites a Geoscience Australia report and its own review of old wells as showing oil-mature Arthur Creek shale in EPA 132, previously thought absent. It expects ATPs 909, 911, 912 within months and EPA 132 later. Supportive but unproven.
31 Mar 2011other● Neutral
Central says it has started legal action against drilling contractor Century Energy Services, whose contract it terminated in December 2010 after the Surprise-1 rig incident. No claim amount or court details are given.
21 Mar 2011investor presentation● Neutral
Notice of an audio broadcast on 21 March 2011 of the managing director giving an investor presentation. The announcement carries no new results or figures.
15 Mar 2011half year report● Neutral
Half-year report to 31 December 2010 largely repeats the quarterly review: Surprise-1 core potential of up to 1,000 bopd, the 26 TCF/1 bn bbl Amadeus estimate and the plan to prioritise oil. The financial statements were truncated and are not summarised here.
11 Mar 2011farm in farm out completion▼ BadMajor
Central and Great Southern Gas agreed to end their farmout and joint operating agreements, with GSG leaving EPA 130 for an undisclosed settlement sum. Merlin regains GSG's 45%, so Central now holds EPA 130 fully, and the GSG partnership ends.
14 Feb 2011investor presentation● Neutral
Central will present and host a booth at the NAPE expo in Houston on 16-18 February, seeking farmout partners for its unconventional acreage. It restates the Amadeus 1 bn bbl/25 TCF mean estimate and says it wants to reduce the equity capital it may need to raise.
7 Feb 2011resource reserve update▲ GoodMajor
An independent assessment by DSWPET and MBA Petroleum Consultants put mean unrisked prospective recoverable resources in Central's 100%-owned Amadeus Basin acreage at about 26 TCF of gas and 1 billion barrels of oil. Central said much more seismic, drilling and testing would be needed to confirm them.
4 Feb 2011investor presentation● Neutral
Notice of an audio broadcast on 4 February 2011 of the managing director giving a quarterly activities overview. The announcement carries no new results or figures.
3 Feb 2011drilling result▲ GoodMajor
Preliminary core analysis from Surprise-1 shows permeability averaging 295 mD in one zone and porosity of 5-8%, which RPS Energy-backed estimates suggest could flow about 970 bopd pumped or 420 bopd naturally. This is unproven until the well is re-entered and logged.
1 Feb 2011drilling progress report▼ Bad
Forecast monsoon rain of up to 400mm delays the fourth Pedirka coal hole by up to six weeks. Central will use the pause to recalibrate seismic against the first three holes, and the hole locations may change.
31 Jan 2011drilling result▼ Bad
The third Pedirka coal hole, in newly granted EL 28095, reached 461.6m and found no significant coal; the thickest seam was about 0.2m. This is a setback to the shallower-coal idea; the fourth hole is due in a few days.
24 Jan 2011drilling result▲ Good
The second Pedirka coal hole reached 1,128.59m and intersected a total of 75m of coal, with the thickest seam about 18m. This is a stronger result than the first hole's ~33m net coal. The third hole will test shallower coal in newly granted licence EL 28095.
20 Jan 2011other● Neutral
Chairman's letter to shareholders reviews 2010 and plans for 2011: Surprise-1 to be re-entered and deepened, seismic restarting February, and the Mt Kitty commitment well due by December 2011. It repeats known results; the letter itself carries no new data.
18 Jan 2011other● Neutral
Responding to a newspaper article, Central confirms ongoing confidential talks with two Chinese state-owned enterprises, with no outcome predicted. It says the article's claim of continuing talks with an Indian company is incorrect, though it has contacted Indian firms before.
18 Jan 2011investor presentation● Neutral
An independent Perth consultancy's screening study says a Darwin LNG export project of 3 million tonnes a year would need about 4 TCF of gas found, at roughly A$1,700 per annual tonne versus about A$2,000 for Queensland projects. The gas is undiscovered; not a forecast.
17 Jan 2011capital raising announcement▼ BadMajor
The share purchase plan, which closed 14 January 2011, drew minimal applications, so it will not be extended and all money will be returned. It resolves the SPP extended twice and no longer underwritten; the $6.45m placement is not mentioned.
10 Jan 2011drilling spud● Neutral
Central spudded the second Pedirka coal hole, SHEL27109-1, on 9 January, about 20km southwest of the first, targeting about 1,040m in up to two weeks. The programme may be redefined to include shallower coal in the three newly accepted licences.
29 Dec 2010other● Neutral
Publication of the company's share trading policy, which restricts insider trading by directors and staff and sets blackout periods around quarterly reports. Administrative; no new business information.
22 Dec 2010drilling result▲ Good
The first Pedirka coal hole finished at 1,209m, intersecting about 33m of net coal seams over 1m thick. Central also accepted offers of grant for three licences covering about 3,700 km2. Three more holes remain in the programme.
21 Dec 2010material agreement termination● NeutralMajor
Trident missed its payment deadline, extended to 20 December, so the farmout was terminated and it withdrew from EP 115. Central's subsidiary Frontier regains 100% of the permit, ending the 10% earn-in arrangement set up in August 2010.
17 Dec 2010resource reserve update● Neutral
Central restates in-house shale estimates for its southern Georgina Basin applications of up to 80 TCF gas and 650 MMbbl oil, citing Baraka's 5-11 bn bbl estimate nearby. An independent assessment is due early in 2011. These are unproven figures.
17 Dec 2010investor presentation● Neutral
Notice of an audio broadcast on 20 December 2010 of the managing director discussing Surprise-1 outcomes and the forward program. The announcement itself carries no new results or figures.
14 Dec 2010drilling result▼ BadMajor
After the rig incident damaged the monkey board beyond repair, Central will plug and suspend Surprise-1, demobilise, and terminate the drilling contractor, citing wet-season risk. Drilling is meant to resume in first half 2011; flow tests of live oil zones failed when a tool stuck.
14 Dec 2010drilling progress report▲ Good
The first Pedirka coal hole reached 957.5m, tagging the Permian Purni Formation at 798m with about 16m of net coal so far. Central also lists applications covering about 3,700 km2 of new coal licences; programme now expected to take 40 days.
8 Dec 2010drilling result● Neutral
Core from Surprise-1's Lower Stairway (2,546.2-2,554.4m) showed bright yellow fluorescence overall, with free light oil in a fractured zone and sticky black oil deeper. Matrix porosity is mostly poor to tight. Lab analysis pending; still not a proven discovery.
6 Dec 2010drilling progress report▼ Bad
An unplanned 5 December rig incident twisted the monkey board and 129 stands of drill pipe around the mast. No injuries, but Surprise-1 drilling is suspended for at least 7 days and no restart date can be given.
3 Dec 2010drilling result● Neutral
Surprise-1 cored 2,546.2-2,555m of Lower Stairway with more oil shows. Two fractured zones bled light oil, but the rest of the core looks low permeability. Flow testing attempts continue; the company says commercial significance cannot be predicted.
1 Dec 2010regulatory community update▲ Good
Central mobilised a rig for a four-hole, roughly 800m-deep cored coal drilling programme in the Pedirka Basin, with about 35 days expected, and applied for ~400 km2 of new coal licences. Aims to possibly upgrade the 635-865 bn tonne exploration target; this continues the delayed coal programme.
30 Nov 2010capital raising announcement● Neutral
Central extends the share purchase plan again, from 6 December 2010 to 14 January 2011, to let shareholders weigh Surprise-1 flow test results. Allotment moves to 24 January 2011. The first extension was already made on 3 November.
