Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2011drilling scheduled▲ GoodMajor
Central signs a Letter of Intent with Australian Drilling Services to contract Rig 6 for up to three wells from mid-September 2011: Surprise-1 re-entry, then Madigan (4 bn bbl P50) and Mt Kitty (2 TCFG P50). Contract is not final; conditions remain, including rates and terms.
29 July 2011quarterly activities report● Neutral
Quarterly report to 30 June 2011 restates Central's oil-first strategy and its shift to seeking large companies and majors as joint venture partners. It recaps the DSWPET resource studies and the ARP coal deed. The visible text gives no new results or cash figures (truncated).
29 July 2011other● Neutral
Central names advisers for its planned TSX Venture Exchange listing: Blake, Cassels & Graydon (Canadian law), Allen & Overy (Australian law) and PricewaterhouseCoopers (Australian and Canadian financial and tax). Continues the listing preparation; no timing or funding stated.
26 July 2011material agreement● Neutral
Central appoints Ryder Scott, Canada, to estimate hydrocarbon resources across its Amadeus, Pedirka, Wiso and Southern Georgina Basin interests, mainly for the planned TSX Venture Exchange listing. It clarifies the Canadian listing will be on the TSXV, not the Toronto Stock Exchange.
22 July 2011investor presentation● Neutral
Central points to an independent valuation of its shorter-term exploration goals on its website and attaches an updated exploration overview presentation. The announcement text itself gives no new results or figures.
18 July 2011drilling scheduled● Neutral
Central releases a note on a fractured-basement oil play and says it has secured casing for the three-well programme. It expects to pick a rig within a fortnight and re-enter Surprise-1 in late August or early September, aiming to finish all three wells before the wet season.
7 July 2011resource reserve update● Neutral
Technical note puts Madigan at 4 billion barrels best-estimate undiscovered oil in place, about one-third in EP 97 (Central 80%) and two-thirds in EP 93 (100%), needing a unitisation deal with Rawson. Simpson East is 350 million barrels. Madigan is to be drilled first in late 2011.
5 July 2011director officer appointment● Neutral
Trevor Shortt, formerly of Bengal Energy, replaces Stewart Bayford, who resigned, as Exploration Manager. Central expects to name a drilling contractor within weeks for its six-month programme: Surprise-1 re-entry, Mt Kitty and Madigan-1. Continues the build-up of North American expertise.
4 July 2011investor presentation● Neutral
Central points to an independent Bakers Group valuation of its Pedirka Basin coal in the context of underground coal gasification, available on its website. The announcement itself gives no valuation figures.
27 June 2011material agreement▲ GoodMajor
Central signs an exclusive Deed of Cooperation with Allied Resource Partners to seek funding and technology partners for underground coal gasification and gas-to-liquids projects in the Pedirka Basin. Stage 1 targets 60,000 bpd at about $7.5bn, needing an undrilled 4 bn tonne resource. Early-stage, with no funding committed.
3 June 2011material agreement termination▼ BadMajor
Central has terminated its November 2007 bond subscription agreement with ACBO, which it had drawn on to fund exploration. It cites its cash flow outlook, need for significant funding and ability to raise funds. This closes the ACBO bond facility, a funding source.
1 June 2011investor presentation● Neutral
Notice of an audio broadcast on 1 June 2011 of the managing director discussing the Lander Trough maturation modelling report. Carries no new results or figures.
26 May 2011admin correction● Neutral
Amended re-release of the 26 May Lander Trough maturation modelling announcement. The visible text matches the original, so no change is apparent and no new figures are given.
26 May 2011resource reserve update▲ Good
Central releases maturation modelling suggesting up to about 11 million acres of its Lander Trough (Wiso Basin) applications may lie in the oil window. Source-rock equivalents of the Georgina Basin shales are confirmed present. Permits EPAs 92, 129 and 160 remain ungranted, pending Central Land Council talks.
25 May 2011other● Neutral
Central notes that a short independent broker research report from Patersons is available on its website. The announcement itself carries no new results, figures or company news.
24 May 2011investor presentation● Neutral
Notice of a Finance News Network broadcast on 24 May 2011 about exploration plans and Central's acreage position. It repeats the planned Toronto listing and carries no new results.
23 May 2011director officer appointment● Neutral
Central adds consultant Stephen Fiske, an air-hammer drilling specialist, to the team for the planned three-well liquids drilling programme. It repeats the Georgina resource figures and TSX listing plans.
18 May 2011investor presentation● Neutral
Central releases a May 2011 drilling update and TSX listing presentation tailored for North American and Australian supporters. The announcement itself carries no new results; the slides were truncated.
16 May 2011other● NeutralMajor
Central says it is conditionally planning a Toronto Stock Exchange listing to seek North American partners and capital, citing growing Canadian holders and what it calls an undervalued share price. No commitments yet. Funding follows the failed SPP.
11 May 2011director officer appointment▲ Good
Central appoints Al Thorsen as Chief Operating Officer, a North American drilling executive, pending his work visa, plus a geophysicist and other technical staff. This builds in-house capacity for the planned drilling campaign.
29 Apr 2011quarterly activities report● Neutral
March quarter report restates the oil-first strategy and the 16 billion barrels of oil equivalent independently estimated. Plans: Surprise-1 re-entry, Mt Kitty and Madigan-1 wells. It seeks large JV partners, moving away from smaller partners. The cash figures were truncated and are not reviewed here.
27 Apr 2011resource reserve update▲ GoodMajor
Technical note interprets Devonian reef and platform oil plays in the Pedirka Basin with 6 billion barrels best-estimate undiscovered oil in place, mostly in EP 97 (Central 80%, Rawson 20%). In-house and undrilled. Central says it has farm-in interest from majors and state-owned firms.
27 Apr 2011investor presentation● Neutral
Notice of an audio broadcast on 28 April 2011 of the managing director discussing the technical note and 2011 exploration plans. No new results or figures.
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.
