Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter report: cash fell from $30.2m to $17.7m (including joint venture cash). The failed share purchase plan is confirmed, and Central is targeting Chinese state-controlled partners. It restates earlier results and the LNG study, and says Surprise-1 awaits re-entry.
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.
30 Nov 2010drilling progress report▲ Good
Surprise-1 recorded fair to very good oil shows at 2,542-2,546m in the Lower Stairway Sandstone, the first primary target, with 100% natural fluorescence in the basal 2.7m. A 9m core will be cut. Shows only; no flow test yet.
29 Nov 2010drilling progress report▲ Good
Surprise-1 reached 2,501m and found oil shows in the Middle Stairway Sandstone, with the best interval at 2,497-2,499m showing good fluorescence. The Stairway top was 131m higher than prognosed. The Lower Stairway primary target is expected in 2-4 days. Shows are not a discovery.
26 Nov 2010drilling progress report● Neutral
Surprise-1 reached 2,362m, drilling faster at about 2m/hour. The Stokes Siltstone top was 169m higher than prognosed. The first primary target, the Lower Stairway Sandstone, is expected in about 5 days. No significant gas peaks.
23 Nov 2010resource reserve update▲ Good
Gas samples from Ooraminna-2 showed 0.22% helium and 10.5% nitrogen, which Central says may point to commercial helium production. Gas flowed at only about 150,000 cubic feet a day from tight sandstone. Magee-2 remains deferred behind Surprise-1.
19 Nov 2010drilling progress report● Neutral
Surprise-1 reached 2,229m, with drilling slowed by hard silicified sandstones near the base of the Mereenie Formation. No significant gas peaks since the last update. The Mereenie is a secondary target.
12 Nov 2010drilling progress report● Neutral
Surprise-1 reached 1,881m. The Mereenie Sandstone top was 16m high to prognosis, and a gas peak of 23 units was seen at 1,880m, versus none at that level in Johnstone West-1. Mereenie is not the main target.
