Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2010drilling scheduled▲ GoodMajor
Central exercised its rig option to drill Surprise-1, about 8km south-southeast of Johnstone West-1, once JW-1 finishes. Surprise-1 has a high estimate of 50 MMbbl and a fully risked mean of 6 MMbbl. This confirms the earlier conditional plan.
10 Sept 2010drilling progress report● Neutral
Central abandoned recovering the lost core assembly at Johnstone West-1 and will set a cement plug and sidetrack from about 1,420m, above the 1,469-1,475m oil shows. It still plans to drill on, log, and flow test.
8 Sept 2010drilling progress report▼ Bad
At Johnstone West-1 the core barrel separated from the drill string before any significant core was cut across the 1,469-1,475m live oil shows. Central calls the core desirable but not essential, and plans to drill ahead, log, and flow test promising zones.
8 Sept 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 8 September titled 'Further Oil Shows for Central Petroleum's JW 1 Well'. The announcement itself contains no new information.
7 Sept 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 9 September titled 'CTP Hits Oil Shows in Central Australia'. The announcement itself contains no new information.
7 Sept 2010investor presentation● Neutral
Presentation for the Good Oil conference in Fremantle on 7 September. The visible slide only restates that Johnstone West-1 has 88m of oil shows, no sign of a water leg, and is still drilling. No new information.
7 Sept 2010drilling result▲ GoodMajor
Johnstone West 1 found further oil shows at 1,469-1,475m: up to 90% fluorescence, visible live oil at the shakers, fair to good porosity. Shows now span 88m (1,387-1,475m) with no water leg seen. An 18m core is being cut; testing is still needed.
6 Sept 2010drilling result▲ GoodMajor
Johnstone West 1 found significant oil shows over 22m (1,387-1,409m), with up to 40% fluorescence, in sandstone likely of low porosity. Central says it suggests an active oil kitchen and raises the chance of drilling Surprise 1. Drilling continues; it is not yet a discovery.
3 Sept 2010drilling progress report● Neutral
Johnstone West 1 hit the top of the Stairway Sandstone at about 1,245m with no oil or significant gas shows, and the Horn Valley Siltstone at 1,327m. The string was being pulled to core the siltstone for shale potential. The primary target, the Pacoota Sandstone, lies below.
2 Sept 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 3 September titled 'CTP Announce New Oil Priorities'. The announcement itself contains no new information.
1 Sept 2010drilling scheduled● NeutralMajor
Central shifts the 2010 programme toward oil for short-term cash flow. Magee 2 (800 BCFG, 15 BCF helium) is deferred, partly because Oil and Gas Exploration (formerly He Nuclear) owes about $1m in cash calls. Surprise 1 pad is being built, and shale studies are commissioned.
27 Aug 2010joint venture update● Neutral
Trident cannot fund its approximately $1.5m cash call for Johnstone West 1, so Central's subsidiary Frontier will sole-risk the well. Trident gets 60 days after rig-down to pay and earn in; if it does, it forgoes sale proceeds until 900% of the $1.5m is recovered. Trident drops EPA 111.
26 Aug 2010drilling progress report● Neutral
Johnstone West 1 has 9 5/8-inch casing cemented at 513m. After a formation integrity test, due by 27 August, it will drill into the first target, the Mereenie Sandstone. No results yet.
19 Aug 2010drilling spud▼ BadMajor
Johnstone West 1 (EP 115) spudded 19 August, targeting up to 500 MMbbl oil high estimate (fully risked mean 32 MMbbl). Central also says preliminary advice shows little chance of significant CSG in the Pedirka wells, and plans a four-well coal stratigraphic programme in 4-8 weeks, favouring UCG/coal-to-liquids.
9 Aug 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 9 August 2010 on the 2010 drilling program. The announcement itself contains no new information.
6 Aug 2010farm in farm out agreement● Neutral
Rawson confirms the Pellinor Block farmout to Central: Central funds at least 100km of 2D seismic and one well to earn 80%. About 38km of seismic soon to be acquired in EP 97 counts toward the obligation. Mirrors Central's 5 August announcement.
5 Aug 2010farm in farm out agreement▲ GoodMajor
Merlin can earn 80% of Rawson's oil-prospective Pellinor Block in EP 97 (Pedirka Basin) by funding 100km of 2D seismic and one well; c.38km already acquired counts. Adds about 1,400 km2 of ground. Subject to the NT renewing EP 97, which expires 14 February 2011.
3 Aug 2010well test result▼ BadMajor
Ooraminna 2's acid squeeze lifted gas flow only from 142 to 152 Mcf/d, and the well will be plugged and abandoned. Logs show no significant natural fractures, so any development would need tight-gas methods like horizontal drilling or fracing. The rig moves to Johnstone West 1. Central now holds 100% of EP 82.
30 July 2010farm in farm out completion● NeutralMajor
Central and Red Sky settled the farm-in dispute: Red Sky withdraws from all permits and returns its interests for an undisclosed sum, and the farmout agreement ends. This resolves the default-notice thread from 5 July and leaves Central free to seek other partners, per its MD.
30 July 2010farm in farm out completion● Neutral
Red Sky confirms it has withdrawn from all permits in its joint venture with Central, referring to Central's announcement of the same day. It adds no new terms or figures.
27 July 2010drilling progress report● Neutral
Ooraminna 2 reached about 1,666m TVD after repeated air hammer problems, and electric logs are being run. An acid squeeze of the Pioneer Sandstone may raise gas flow. Johnstone West 1 is expected to spud around 14 August 2010.
20 July 2010drilling progress report● Neutral
Ooraminna 2 continues to flare gas but has found no new zones since the last report. Repeated air hammer blockages, mostly from flaking drill pipe, delayed drilling; the string was sand-blasted. An acid wash of the Pioneer Sandstone is contemplated at the planned 1,777m TD.
13 July 2010flow test result▲ GoodMajor
A flow-line test of the Pioneer Sandstone (1,261-1,302m) in Ooraminna 2 showed gas-saturated rock flowing about 190 Mcf/d with no water, versus 12 Mcfd in Ooraminna 1 (1963). No gas-water contact reached; drilling continues to 1,770m, and fracing or acid treatment could lift flows.
12 July 2010drilling progress report● Neutral
Ooraminna 2 entered the Pioneer Formation at 1,261m on 11 July with gas flowing at over 100 Mcf/d. The air hammer then blocked, so drilling is paused while it is pulled out to find the cause.
7 July 2010drilling progress report● Neutral
Ooraminna 2 has 7-inch casing cemented and a smaller blowout preventer stack fitted, which took longer than expected. Central expects to reach the top of the Pioneer Sandstone target late 7 July, drilling with air. Central now holds 90% of EP 82 after PXA's exit.
5 July 2010joint venture update● Neutral
Red Sky (not Central) says the default notices are the contractual way it gives up the right to earn interests in permits outside the Pedirka Basin, so it does not have to pay the $3.8m. It continues to fund the EP 93 and EP 107 coal seam gas wells.
5 July 2010debt default or forbearance▼ BadMajor
Central has sent default notices to Red Sky for about $1.9m of unpaid cash calls, or about $3.8m in farm-out costs. Central still intends to finish Ooraminna 2 and Johnstone West 1, and drill Magee 2 if new seismic supports it. With PXA gone, Central's EP 82 stake is 90%.
25 June 2010farm in farm out completion▲ GoodMajor
Central settled its cash-call dispute with PXA: PXA pays $4.25m and withdraws from the joint ventures, returning all its interests. This ends the arbitration and resolves the PXA thread, though PXA's share of the $13.23m unpaid calls is evidently settled for less.
18 June 2010drilling progress report▲ Good
Ooraminna 2 met a shallow gas show (peak 300 units over 50 background) at 371m in the Julie Formation, with a flare. Management calls it encouraging but not commercially significant; surface casing was about to be run at 486m.
16 June 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 16 June titled 'Central Spuds First Conventional Well for 2010'. The announcement itself contains no new information.
