Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2010regulatory community update▲ GoodMajor
Central says new seismic suggests a possible Devonian carbonate reef oil play in the Pedirka Basin, including the Pellinor Reef in EP 97. Erec and Lucan leads are put at over about 5 billion barrels at high estimate. It is a preliminary interpretation needing more seismic and drilling.
8 Nov 2010other● Neutral
Notice of a Finance News Network interview with the managing director, available via a link on the company website. The announcement itself carries no substantive content.
5 Nov 2010drilling progress report● Neutral
Surprise-1 had cemented 13-3/8in casing at 1,447m and was preparing to drill out the shoe. Targets remain the Stairway (2,581m) and Pacoota (2,694m) sandstones, with 50 million barrels of oil in place at high estimate. No new results.
5 Nov 2010investor presentation● Neutral
Notice of the managing director's presentation after the 8 November general meeting in South Perth. The visible text is a notice and slides; it contains no new figures or results.
3 Nov 2010capital raising announcement▼ BadMajor
Central extends its share purchase plan closing date from 3 November to 6 December 2010, so shareholders can see Surprise-1 results first. Patersons advised the underwriting of the first $12.9m no longer applies, so that minimum is no longer guaranteed.
29 Oct 2010drilling progress report● Neutral
Surprise-1 was drilling ahead at 1,162m with a 12-1/4in assembly. Targets are the Stairway Sandstone at 2,581m and Pacoota Sandstone at 2,694m. No new results.
29 Oct 2010quarterly activities report● Neutral
Revised September quarterly report, reissued to correct the description of results at Ooraminna-2 and Johnstone West-1. The visible text otherwise matches the earlier version, with cash of $30.2m at 30 September.
29 Oct 2010quarterly activities report● Neutral
September quarter report: cash was $30.2m at 30 September, down from $37.5m at the start of the quarter, including JV funds. It says Johnstone West-1 failed to flow on test but may open a new western Amadeus province. About 1,300 km of 2D seismic was completed.
25 Oct 2010investor presentation● Neutral
Notice of MD Heugh's presentation at the London gas-to-liquids conference, outlining coal monetisation ideas including a possible 200,000 barrels a day of coal-to-liquids. The four-well Pedirka coal programme is delayed by heavy rain, now expected within weeks. Largely repeats known plans.
22 Oct 2010drilling progress report● Neutral
Surprise-1 has set 13-3/8in casing at 493.8m after drilling a 17-1/2in hole to 499m and is drilling ahead. The stated chance of success is now 40%, up from 29% on 12 October. No hydrocarbon results yet.
13 Oct 2010drilling spud● NeutralMajor
Surprise-1 spudded on 11 October in EP 115 (Central 90%, Trident 10%), targeting 50 million barrels of oil in place at about 3,000m, with a 29% chance of success. Drilling should take about 30 days. Management called Johnstone-1 flow rates disappointing.
8 Oct 2010other● Neutral
Octanex announced it sold its entire holding of 10 million Central shares and 5 million options on market, at a 10% surplus over its $1 million cost. This is a third-party disclosure with no company news.
6 Oct 2010well test result▼ BadMajor
Johnstone West-1 did not produce oil to surface on flow test despite excellent oil shows and positive logs. The well is suspended; future horizontal drilling is possible after 3D seismic. This contradicts the expected oil flow. The rig moves to Surprise-1.
5 Oct 2010capital raising announcement● Neutral
Central opens its share purchase plan at 8.6c per share, with parcels of $2,500 to $15,000, closing 3 November and shares allotted 12 November. Proceeds fund Johnstone West evaluation, 3D and 2D seismic, and working capital. This is the SPP detail of the 28 September raising.
1 Oct 2010annual report● Neutral
Central's annual report for the year to 30 June 2010 is released. The chairman's letter says JV disputes are resolved after BG's $4.25m settlement and Red Sky's exit, returning Central to 90% of EP 115. It cites coal exploration targets above 600 billion tonnes.
1 Oct 2010drilling progress report▼ BadMajor
Johnstone West-1 flow testing is delayed because a bridge plug did not seat correctly; testing is expected early next week. Netherland Sewell concluded the Pedirka coals did not generate economic thermogenic methane, resolving the CSG question; a four-well coal drilling programme is planned within a month.
28 Sept 2010capital raising announcement● NeutralMajor
Central raised $19.35m at 8.6c per share, an 18% discount to the 10.5c close: a $6.45m placement of 75m shares plus an underwritten share purchase plan of at least $12.9m. Funds go to about 300km2 of 3D seismic and appraisal at Johnstone and Surprise.
28 Sept 2010other● Neutral
ASX lifted Central's trading suspension immediately after the company released details of its capital raising. Administrative notice only.
27 Sept 2010other● Neutral
Central's shares were placed in voluntary suspension from 27 September at the company's request, pending an announcement of a material capital raising. The suspension was to last until the announcement or 29 September at the latest.
27 Sept 2010drilling scheduled▲ Good
Central says Johnstone West-1 results may point to a new Western Amadeus oil and gas province, with a conservative 1,400 km2 of Horn Valley petroleum system. Surprise-1 is expected to spud in early October; commercial potential remains unconfirmed pending flow testing.
22 Sept 2010well test result▲ GoodMajor
Preliminary logs at Johnstone West-1 show a 128m hydrocarbon column, including 14.1m net potential oil pay in the Stairway Sandstone (11% porosity, over 33 mD). Central will stop drilling and flow test, with initial testing expected by about 2 October. Oil flow is anticipated, not yet proven.
22 Sept 2010investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD Heugh on 23 September titled 'CTP announce that oil flow is likely at Johnstone West-1'. The announcement itself contains no new information.
21 Sept 2010drilling result● Neutral
Johnstone West-1 drilled to 1,666m and stopped for logging; no significant oil shows were found in the Pacoota Sandstone. Central will case the well and flow test, saying it is hopeful of flowing oil. Commercial potential is still unproven.
20 Sept 2010other● Neutral
Transcript of an MD interview. Heugh says JW-1 has about 92m of oil shows and may be the most significant in the Amadeus Basin since Mereenie in 1963; commercial flow is unproven. Magee and Mt Kitty will not be drilled this season.
17 Sept 2010drilling result● Neutral
Excellent oil shows at Johnstone West-1 continued to 1,483m, within about 96m of shows overall. Tentative Horn Valley Siltstone at 1,487m and Pacoota Sandstone top at 1,523m showed no further oil shows. Drilling continues; testing is still needed.
16 Sept 2010drilling result▲ Good
After the sidetrack, Johnstone West-1 found further live oil shows at 1,475-1,479m, with porosity improving to very good. Shows now total about 92m with no water leg. Central says commercial potential cannot be judged until logging and flow testing.
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.
