Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2012quarterly activities report● Neutral
Quarterly report to 31 December 2011 restates the Surprise-1 REH discovery (380 bopd, 40 API) and the strategy of early oil cash flow and sequential farm-outs of parcels up to about one million acres. Cash figures are not visible in the text provided.
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.
22 Dec 2011drilling progress report▲ Good
A window has been milled in the 7-inch casing at Surprise-1 and the angle-building section is under way. The horizontal section is due to start by 23 December, with evaluation ready by early January 2012. Consultants say the oil in the mud is consistent with a marine source and unlikely to be refined-product contamination. The NT has renamed the well "Surprise-1 Re-entry H".
16 Dec 2011capital raising announcement● Neutral
The share purchase plan closing is extended a fourth time, to 25 January 2012, described as the final extension, to allow for the horizontal drilling and testing at Surprise-1 ST-1. Patersons' $5.5m underwriting is extended but can still be withdrawn.
12 Dec 2011drilling result▲ GoodMajor
Log interpretation suggests a possible oil column of up to 17m in the Lower Stairway Sandstone, with permeability up to 420 mD. Central plans a horizontal leg of up to 700m. Movable oil is not yet proven; the plan needs NT Department of Resources approval.
9 Dec 2011drilling progress report● Neutral
Electric logs are complete at Surprise-1 and the formation pressure and fluid sampling tool is running. An operational issue has caused minor delays, with preliminary results now expected in the week of 12 December 2011.
5 Dec 2011capital raising announcement● Neutral
The share purchase plan closing is extended a third time, from 6 to 16 December 2011, so shareholders can see more Surprise-1 results. Patersons' $5.5m underwriting is extended too, but can still be withdrawn on market conditions or the share price.
2 Dec 2011drilling progress report▲ Good
Surprise ST-1 reached a total depth of 2,732m. Fair to good oil shows are logged across 25m of gross sand in the Lower and Middle Stairway; an 18m depth-tally error moved formation tops up. Logging and 7-inch casing follow, with a horizontal section proposed.
1 Dec 2011resource reserve update● Neutral
A technical note identifies up to 65 million acres of additional unconventional exploration targets, on top of the roughly 11 million acres DSWPET assessed. The company says these are preliminary and sparsely sampled, and that no resource figures can yet be derived.
30 Nov 2011investor presentation● Neutral
Notice of a BRR webcast on 30 November 2011 in which the managing director discusses the 20m of oil shows at Surprise-1. The announcement carries no new results or figures.
29 Nov 2011agm notice● Neutral
Transcript of the Chairman's AGM address and the MD's presentation. The visible text repeats the Surprise-1 result (2,672m, about 20m of oil shows, Pacoota top at 2,631m). The rest of the text is truncated, so nothing else can be reported.
29 Nov 2011drilling progress report▲ GoodMajor
Surprise-1 ST1 reached 2,672m in the Pacoota Sandstone. With the core drilled in December 2010, about 20m of continuous fair to good oil shows are reported at the base of the Lower Stairway. These are preliminary well-site observations, not tested flows; logging is still to confirm oil saturation.
28 Nov 2011admin correction● Neutral
Correction to the 28 November Surprise-1 update. The well has already drilled through the bottom cement plug and is planned to continue to about 2,750m. Oil show and depth details (2,599m) are unchanged.
