Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2009drilling progress report▲ Good
CBM93004 reached 675m, with five significant coal seams and 57.23m net coal, about 12m more than the same interval at CBM93001. Gas desorption results are fair to exceptional, one sample yielding 2,700ml. Management calls results encouraging; the well is still drilling.
17 Dec 2009joint venture update● NeutralMajor
Red Sky said it reached further agreement with PXA, resolving the dispute over its 10% farm-in of 30 September 2009 across Central's permits. Red Sky would fund up to 20% of the first three conventional wells and 20% of the first $3m of seismic per permit, as a right rather than an obligation.
17 Dec 2009drilling progress report● Neutral
CBM93004 reached 552m in the Purni Formation with about 15m of coal and 1-3 units background methane. Partners approved planning and tendering for Phase Two 2010 (2,000 km seismic, Johnstone 1, Magee 2, an EP 97 well), subject to Phase One results. Phase One should finish March/April 2010.
10 Dec 2009director officer appointment● Neutral
Daniel White, already Group General Counsel, becomes a Company Secretary from 9 December 2009. Kim Hogg resigns as Company Secretary; CFO Bruce Elsholz remains a Company Secretary.
8 Dec 2009drilling progress report● Neutral
CBM93004 reached 250m and 7-inch casing was run to 246m, with cementing next. The well is the first of five testing a 34-70 TCFG prospective CSG resource. No coal or gas results yet.
4 Dec 2009drilling spud▲ GoodMajor
Central spudded CBM93004, the first of five fully cored coal seam gas wells, in EP 93 about 9 km updip of CBM93001, which found over 140m of net coal in 2008. It targets Permian Purni coals prognosed from 550m, with 80-90m of net coal and a planned depth of 1,020m.
4 Dec 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with MD John Heugh on the start of the coal seam gas drilling programme. No new information in the notice itself.
3 Dec 2009investor presentation● Neutral
MD John Heugh gives a Finance News Network interview. He puts the share price at 14-15 cents, about 570m shares, market value about $90m, and cash over $33m. He calls the Red Sky matter an 'altercation' with BG he expects to be sorted soon. Repeats known facts.
30 Nov 2009drilling progress report● Neutral
Wallis rig DS39 is in Alice Springs and the first of five coal seam gas wells is expected to spud around 3 December; Terrex seismic crews start line clearing by 2 December. Attached Phase Two 2010 plan is a proposal not yet endorsed by partners.
26 Nov 2009other▲ Good
Central appoints M.E.T.T.S. consultants to assess early, low-volume helium extraction from Mt Kitty and Magee, subject to discovery. Magee 2 is planned for mid 2010; Magee 1 flowed 6.3% helium. Central estimates up to 200 BCF helium UGIIP; He Nuclear earns 25%.
25 Nov 2009debt financing● Neutral
Central issues another tranche of 100 convertible bonds at $10,000 each, $1m, to ACBO under the facility shareholders approved in December 2007 and June 2009. Funds go to working capital for exploration. Text calls it the eighth tranche, as the October one did.
25 Nov 2009joint venture update● Neutral
Confidential talks with PXA failed, so Central formally refers the Red Sky farm-in dispute to arbitration. Central maintains it validly assigned 10% to Red Sky before 1 October. The Phase One programme continues, with first spud expected in early December.
18 Nov 2009joint venture update● Neutral
Rawson Resources, Central's 20% partner in EP 97, issues its own exploration update. For Central it confirms a 100 km seismic programme in EP 97's Bejah Block, paid by Central via a farm-in, with Rawson free carried at 20%. Mostly about Rawson's other assets.
16 Nov 2009other● Neutral
Central's subsidiary Central Green commits, subject to trials, economics and government assistance, to plant up to 100,000 hectares of desert with drought-resistant eucalypts over a decade, as a carbon offset. First plantings are done. A side initiative, not core exploration.
16 Nov 2009drilling scheduled● Neutral
Central confirms first well and seismic line clearing in the first week of December under the $32m Phase One programme. Joint venture partners approved or are deemed to have approved it. No agreement reached with PXA on Red Sky's entry, so the dispute goes to arbitration.
9 Nov 2009contract award▲ GoodMajor
Central signs Wallis Drilling to drill five fully cored coal seam gas wells in the Pedirka Basin over about five months, first spud due first week of December. A 1,350 km seismic contract with Terrex was also signed. Phase One 2009 programme valued at A$32m.
23 Oct 2009drilling scheduled▲ GoodMajor
Central submits a minimum work programme that it says is deemed unanimously approved under the JOA. It will contract Wallis Drilling for 5 cored coal seam gas wells and Terrex for 1,380 line km of seismic. PXA dispute talks continue to at least 6 November.
21 Oct 2009director officer appointment● Neutral
Daniel White, previously Group General Counsel at Kuwait Energy, is appointed Group General Counsel from 30 November 2009.
20 Oct 2009farm in farm out agreement● NeutralMajor
Great Southern Gas exercises its pre-emptive right over the EIR offer on EPA 130, on the same terms. If completed, GSG holds 45% and Central 55%, GSG funding the initial work. It still needs a formal farmout agreement. This replaces the EIR deal.
16 Oct 2009joint venture update▼ BadMajor
Central's board resolves to issue a notice of dispute against PXA over the unsigned deeds. PXA hopes to reply by 21 October. Central sees outcomes as Red Sky proceeding, being blocked, or PXA pre-empting; delays may continue.
15 Oct 2009joint venture update● Neutral
Red Sky Energy agrees with Central that PXA is contractually obliged to ratify its farm-in, and says its acreage strategy is on track. Adds no new facts about Central.
15 Oct 2009joint venture update▼ BadMajor
PXA has not signed the deeds of assumption needed for Red Sky to join, despite Central's 14 October deadline. Central warns the programme may be delayed, the Ooraminna 2 rig is no longer available, and permit standing could be at risk.
7 Oct 2009debt financing● Neutral
Central issues the eighth tranche of 100 convertible bonds at $10,000 each, $1m, to ACBO under the facility shareholders approved in December 2007 and again on 8 June 2009.
6 Oct 2009investor presentation● Neutral
Boardroom Radio interview where the MD explains the Red Sky farm-in, repeating the announced terms. He expects PXA to sign the needed deeds of assumption within a week or two (a forecast that later proved wrong).
1 Oct 2009farm in farm out agreement▲ GoodMajor
Red Sky Energy signs a farmout to take at least 10% of 27 Central permits, funding 20% of the first three wells and first $3m of seismic per permit. It pays a $5m reserve premium per trillion cubic feet of 3P reserves. Excludes EP 97, Magee and Mt Kitty.
1 Oct 2009annual report● Neutral
Annual report for year to 30 June 2009. The chairman notes the June rights issue raised over $30m, the EIR term sheet for EPA 130, and that most Pedirka coal tenement applications were recently granted. Largely restates known events.
23 Sept 2009price query▲ GoodMajor
ASX queries a price rise from $0.088 to $0.17 over twenty trading days. Central attributes it to nothing unannounced except the 22 September grant of mineral exploration licences covering about 14,750 sq km of coal-bearing Pedirka Basin, following its earlier coal applications.
9 Sept 2009investor presentation● Neutral
Presentation to the Good Oil conference, built from previously published and public material. It restates plans for an exploration programme from Q4 2009, subject to approvals and partner sign-off. No new information.
28 Aug 2009price query● Neutral
ASX queries a rise in Central's share price from $0.085 to $0.12 in four days. Central says it knows of no unannounced information, pointing only to its previously announced plans for a drilling programme.
21 Aug 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast, a company update with the MD. No new information in the announcement itself.
