Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2011drilling progress report▲ Good
Surprise-1 reached 2,599m, past the earlier Stairway Sandstone oil shows. Fair to good oil shows and heavy-gas readings continue, which the company says point to oil. Results are preliminary well-site observations, not tested flows. This text refers to December 2011 where it presumably means 2010.
24 Nov 2011drilling scheduled● NeutralMajor
New Surprise-1 plan after input from new COO Hallgren and Exploration Manager Shortt: drill to about 2,770m, log, run 7" casing, then contingently drill to about 3,450m. Horizontal or slanted wells are possible if results justify. This replaces the earlier sidetrack-for-vertical-completion plan.
23 Nov 2011capital raising announcement● Neutral
Central extends the SPP closing a second time, from 28 November to 6 December 2011, so shareholders can see Surprise-1 ST1 results first. Patersons' $5.5m underwriting is extended but can still be withdrawn on market conditions or the share price.
21 Nov 2011drilling spud● Neutral
Hunt Rig 3 re-entered Surprise-1 Sidetrack-1 at 1700 on 18 November and is drilling out cement plugs. This is roughly two weeks later than the first-week-of-November plan. Drilling still targeted for completion by about mid December; no results yet.
15 Nov 2011director officer appointment● Neutral
Dalton Hallgren, a US shale drilling engineer, is appointed Chief Operating Officer, effective once visa requirements are met. He replaces Al Thorsen, who returned to Canada for family reasons. Surprise-1 ST1 re-entry is set for 16 November, still targeting mid December completion.
7 Nov 2011drilling progress report● Neutral
Hunt Rig 3 is arriving on site and rigging up, delayed by a temporary road closure from local rain. Surprise-1 re-entry is now planned by the weekend, with drilling and testing complete by about mid December. No well results yet.
31 Oct 2011quarterly activities report● Neutral
September 2011 quarterly operations report restating goals: oil first, then gas/helium, GTL and coal. Repeats the valuations and the plan for selective farmouts to large companies. The text provided is truncated, so no cash figure is visible. This version was later corrected.
31 Oct 2011admin correction● Neutral
Corrected quarterly report. Page 5 wrongly said the Surprise-1 re-entry was the first week of December; it is early November 2011. Otherwise a re-lodgement of the same operations report.
28 Oct 2011investor presentation● Neutral
Notice of a webcast of the managing director's presentation at the Australian Microcap Investment Conference on 28 October 2011. No new results or figures in the announcement.
28 Oct 2011contract award▲ GoodMajor
Central signs the Hunt Rig 3 contract for up to three wells: the Surprise-1 re-entry, Madigan or Simpson East, and Mt Kitty. It turns the 17 October letter of intent into a contract. Re-entry is planned for the first week of November, with testing by about mid December.
18 Oct 2011investor presentation● Neutral
Notice of a BRR webcast on 18 October 2011 in which the managing director discusses re-testing the Surprise-1 oil shows. The announcement carries no new results or figures.
18 Oct 2011capital raising announcement● Neutral
Central extends the SPP closing date from 20 October to 28 November 2011 so shareholders can see Surprise ST-1 drilling results first. The $5.5m Patersons underwriting is extended but can be withdrawn on market conditions or share price.
17 Oct 2011contract award▲ GoodMajor
Central issues a letter of intent for Hunt Rig 3 for up to three wells and drops talks with Australian Drilling Services. Mobilising from 24 October, Surprise-1 sidetrack re-entry in early November, testing done about early December. Contract not yet signed; rig shortage blamed for delay.
11 Oct 2011regulatory community update▲ Good
A Geological Survey of WA study confirms source rocks in the western Amadeus Basin, supporting Central's three WA permit applications (33,890 km2), still not granted. Central plans to re-enter Surprise-1 in the December quarter 2011.
30 Sept 2011annual report● Neutral
2011 Annual Report with the chairman's letter restating the drilling plan: Surprise-1 re-entry first, then Madigan-1 and Mt Kitty-1, under the Australian Drilling Services letter of intent. Surprise-1 core shows could flow about 1,000 bbl/d if oil saturation is confirmed. Auditor now PwC.
29 Sept 2011joint venture update▼ Bad
WA Supreme Court refused Central an injunction to stop Century drawing on a bank undertaking over the 2010 Surprise-1 rig breakdown. Century cut its claim from $795,649 to $312,283-$358,833. Central has started arbitration on a far larger counterclaim, likely April 2012 if talks fail.
23 Sept 2011capital raising announcement● Neutral
Central sent out the terms of its Share Purchase Plan, announced 15 September. Eligible shareholders could buy A$2,500 to A$15,000 of shares at A$0.055, an 18% discount, with allotment on 1 November 2011. No new figures were given.
22 Sept 2011regulatory community update▲ GoodMajor
Traditional Owner agreements are signed for Queensland permit applications ATPs 909, 911 and 912, about 3.5 million acres in the southern Georgina Basin. Grant is expected within several months. Central conditionally plans seismic and up to three horizontal wells in 2012.
21 Sept 2011capital raising announcement● Neutral
Central confirms the Share Purchase Plan is underwritten by Patersons to $5.5m at 5.5 cents, offered to existing shareholders on the same terms as the 91m-share, ~$5m placement. Opens 26 September, closes 20 October 2011. Funds go to drilling and working capital.
15 Sept 2011capital raising announcement● NeutralMajor
Central completes a placement of 91.0 million shares at 5.5 cents, raising about $5.0m via Patersons, for its drilling strategy and working capital. A Share Purchase Plan underwritten for $5.5m is planned. Price is well below the 8.6c placement of September 2010.
What it means for a shareholder
91.0m new shares at A$0.055 to raise about A$5.0m. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.00185% to 0.00169% of the company. To keep it you'd need 1,684 more shares - about A$93 at the issue price.
Create a free account to see this worked out for your own holding.
15 Sept 2011other● Neutral
ASX notice that trading in CTP shares and CTPO options will resume immediately after the capital raising announcement. Administrative only; ends the suspension that began 13 September.
14 Sept 2011admin correction● Neutral
Central says its capital raising announcement will now come after trading starts on Thursday 15 September 2011, later than the earlier suspension request anticipated, because extra time is needed. No raising details given yet.
12 Sept 2011capital raising announcement● NeutralMajor
At Central's request, CTP shares and CTPO options are suspended from 13 September 2011 pending an announcement of a material capital raising, for up to two trading days (to 15 September). Size and price are not yet disclosed; it follows the failed SPP and ACBO termination.
9 Sept 2011investor presentation● Neutral
Transcript of a Finance News Network interview with the MD. He gives a market cap of $70 million and says drilling should resume in four to five weeks, with Surprise re-entry. It largely repeats known resource claims; no new results.
6 Sept 2011investor presentation● Neutral
Central releases a Bakers Investment Group valuation overview, available on its website; the announcement gives no valuation figures. It repeats the Surprise, Mt Kitty and Madigan well plans and says Simpson East (350 MMbbl P50) is being worked up as an alternative or addition to Madigan.
1 Sept 2011resource reserve update▲ GoodMajor
An interim independent valuation by Mulready Consulting puts the upstream value of Central's risked Amadeus and Southern Georgina unconventional resources at $412m, and a possible GTL plant at $5bn if about 5 TCF of gas is found. Early-stage; Surprise re-entry is now late September.
25 Aug 2011investor presentation● Neutral
Notice of a Finance News Network broadcast on 25 August 2011 with the managing director. The announcement carries no new results or figures.
24 Aug 2011investor presentation● Neutral
Notice of a BRR webcast on 24 August 2011 with the managing director giving an exploration and corporate update. The announcement carries no new results or figures.
22 Aug 2011capital raising announcement● NeutralMajor
Central mandates Canaccord Genuity and Cormark Securities as financial advisers for a proposed TSXV listing in Q4 2011 to Q1 2012. Surprise-ST1 re-entry is now 'contingent', mid to late September. A 12-18 month programme includes Mt Kitty-1 and Madigan-1. Listing is not yet done.
18 Aug 2011drilling scheduled● Neutral
Central releases a technical note saying conventional plays in the southern Georgina Basin could hold targets of hundreds of millions of barrels. It says Rig 6 should be available mid to late September, with the contract expected within 7-10 days. Drilling plan unchanged.
