Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2009farm in farm out agreement▲ GoodMajor
Central signs a non-binding term sheet for EIR to earn 25% of EPA 130, cutting Central to 55%. EIR funds 60% of initial work and pays $10m per TCF of 3P reserves. Subject to board approval of a formal farmout.
7 Aug 2009director officer appointment● Neutral
Bruce Elsholz, previously Group Financial Controller at Otto Energy, is appointed CFO and Company Secretary from 31 August 2009. Kim Hogg stays as Joint Company Secretary.
29 July 2009debt financing● Neutral
Central issues the seventh bond tranche: 100 convertible bonds at $10,000 each, $1m, to ACBO, under the facility approved by shareholders on 8 June 2009. The first draw since approval.
20 July 2009debt financing● Neutral
Prospectus for up to 5,000 convertible bonds at $10,000 each (up to $50m) to Asia Convertible Bond Opportunities, following the shareholder approval of 8 June. It continues the facility originally agreed with D.B. Zwirn in 2007; bonds convert into shares, so dilution is possible.
13 July 2009director officer appointment● Neutral
CFO and Company Secretary Julian Tambyrajah resigns effective 10 July 2009; Kim Hogg is appointed in his place. No reason is given.
22 June 2009capital raising announcement▲ Good
Rights issue shortfall and $5.0m placement complete, bringing the rights issue to $25.7m before costs. Issued shares rise to about 557m. Placement was 50.2m shares at 10c with 25.1m options.
What it means for a shareholder
50.2m new shares at A$0.100 to raise about A$5.0m. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00195% to 0.00177% of the company. To keep it you'd need 977 more shares - about A$98 at the issue price.
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19 June 2009capital raising announcement▲ Good
The rights issue completes (excluding shortfall): 157.7m new shares and 78.8m options issued for $15.8m. Shortfall of 99.3m shares ($9.9m) and $5.0m placement to follow 22 June. Total shares issued 414.7m.
18 June 2009capital raising announcement▲ GoodMajor
The rights issue succeeded, raising about $25.7m at 10c, plus a roughly $5m placement at the same price and options, for over $30m total. Central says it is fully funded for its share of the 2009-10 programme starting August/September.
18 June 2009listing compliance notice● Neutral
ASX lifts the suspension of Central's securities immediately after the capital raising announcement. Administrative; the notice gives no reason for the suspension.
11 June 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with the MD, a rights issue roadshow update. No new information in the announcement itself.
9 June 2009investor presentation● Neutral
Presentation for the 8 June general meeting, released with a second independent report on Pedirka coal syngas potential (stated as 12,500 TCF mid-range). Mostly repeats the known exploration programme and the Pedirka coal story; figures are company-commissioned and untested.
9 June 2009capital raising announcement▲ Good
Central appoints Patersons Securities as Lead Manager to complete its roughly $25m rights issue, which had been not underwritten. This addresses the open shortfall; no new terms are given.
9 June 2009resource reserve update● Neutral
A Mulready Consulting report for Central estimates a best-case 1.25 trillion barrels of liquid fuels from Pedirka Basin coal via underground gasification and gas-to-liquids. It builds on February's coal Exploration Target. Unproven technology; Central says it remains an Exploration Target until more drilling.
5 June 2009resource reserve update▲ GoodMajor
Seismic remapping lifts the Johnstone oil prospect (EP 115) to up to 998 MMbbls undiscovered oil in place, 669 MMbbls in the Pacoota Sandstone, over three times earlier. Company estimate, untested; Johnstone-1 is planned for the second half of 2009, subject to partner approval.
5 June 2009other● Neutral
MEC Resources says it and subsidiary Advent Energy took up their full rights issue entitlements, buying 7,512,000 shares in total. Advent had sold its 6.25m existing shares in May; this notice does not mention the damages claim.
4 June 2009regulatory community update▲ GoodMajor
By consent, the Federal Court sets aside the Central Land Council's December 2007 refusal on EPA 92, with costs to Central, reviving that application. EPA 147 was refused on 29 May; Central is considering legal options. EPA 152 and 162 are being resubmitted.
4 June 2009debt financing● Neutral
Central says D.B. Zwirn's replacement as adviser to its funds does not affect ACBO's obligations under the bond facility. It rebuts shareholder dilution claims: 38.7m shares offered in rights issues versus 39.8m issued to the bond holder. ACBO is capped at 15%.
3 June 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with the MD on the Amadeus Basin gas potential announced on 29 May. No new information in the announcement itself.
3 June 2009other● Neutral
Avatar Equities (sole director Tom Fontaine) is now the top shareholder with 10.6m shares (4.13%), after Advent sold its 6.25m. MD John Heugh holds 5.68m (2.21%). Top 20 hold 23.6%.
29 May 2009resource reserve update▲ Good
A Central technical note says newly described Neoproterozoic plays in the northeastern Amadeus Basin may hold over 12 TCF of undiscovered gas in place (high estimate). These are company estimates, untested by drilling; Ooraminna targets are planned for the drilling schedule.
22 May 2009other● Neutral
MEC Resources says its subsidiary Advent Energy sold its entire 6,250,000 Central shares. Advent had a damages claim reserved against Central; this notice says nothing about that claim.
18 May 2009drilling scheduled● Neutral
Central clarifies its 2009 plan after shareholder confusion: 3-4 Amadeus wells (Johnstone, Ooraminna-2, Magee-2, optional Mt Kitty), 5-10 cored coal seam gas wells, and 1,250 km of seismic. Cost $22-44m, starting about late August or September, subject to partner approval and funding.
13 May 2009admin correction● Neutral
Re-release of the rights issue timetable extension with a corrected Computershare phone number and rights trading ending 4 June instead of 5 June. Closing remains 12 June 2009; no change to terms.
13 May 2009capital raising announcement● Neutral
The 10c rights issue is extended by three weeks: closing moves from 22 May to 12 June 2009, with new shares and options issued 19 June and trading from 22 June. Terms are unchanged. The issue is still not underwritten.
1 May 2009director officer appointment▲ Good
Stewart Bayford, a geophysicist credited with four Nile Delta gas discoveries, is appointed Exploration Manager. He is the second senior hire in a week after Timothy Green. Not a board change.
1 May 2009material agreement● Neutral
ASX grants a waiver of Listing Rule 7.3.2 allowing a 15-month approval period for convertible bond issues to ACBO, as in December 2007. Shareholders vote on 8 June; Central must report quarterly on how bond funds are used on the work program.
30 Apr 2009resource reserve update● Neutral
A technical paper suggests Central's four southern Georgina Basin permit applications could host up to 650 MMbbls of undiscovered oil and 50 TCFG of undiscovered gas in place. These are early, unconfirmed estimates for permits still in application, with no drilling planned yet.
27 Apr 2009director officer appointment▲ Good
Timothy Green is appointed Drilling Operations and Production Manager, with 35 years of drilling experience including recent work for Premier Oil in India and Pakistan. This fills the drilling manager role flagged earlier; not a board change.
24 Apr 2009regulatory community update▲ GoodMajor
After airborne gravity work over SPA 7/04-5, Central applies for three Western Australian exploration permits totalling 14,000 km2, its first move into WA. Applications may not be granted; any spending needs partner consent. Central says several Amadeus-style play types were identified.
23 Apr 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with the MD on the preferred exploration programme and financing. The announcement itself contains no substantive content.
