Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Mar 2010capital raising announcement● Neutral
Central issues 6.25m shares at 8c on conversion of 50 bonds worth $500,000 under the bond facility. It says it keeps the agreement alive because it ends if no subscription or conversion occurs within a 45-day working period. Shares on issue reach about 905m per the Appendix 3B.
22 Mar 2010capital raising announcement● Neutral
Central sends shareholders the rights issue letter: record date 6 April, about 299.6m new shares and 59.9m new options, plus up to 59.9m more options to sub-underwriters. Funds are for wells in EP 82 and EP 115 and 2010 geophysics, with any excess possibly for a Simpson well. Optionholders must convert by 30 March to participate.
22 Mar 2010admin correction● Neutral
Central re-issues its Red Sky response to correct the date of Red Sky's announcement, which was 12 March 2010, not 12 December 2009. The substance is unchanged.
19 Mar 2010admin correction● Neutral
Central corrects its half-year report to 31 December 2009: share and option issue proceeds were $3,017,508, not $3,000,000. It says no other pages are affected. A small administrative fix.
18 Mar 2010joint venture update● Neutral
Central says it maintains its 24 December 2009 position on Red Sky's 12 March farm-in announcement. It is assessing the effects and its options with legal advisers. No new facts or decisions are given. (Text misdates the Red Sky release; corrected next day.)
18 Mar 2010capital raising announcement● Neutral
Central sends optionholders a letter about the renounceable rights issue. Only a cover note and a sample address page are given, so the letter's content is not shown.
18 Mar 2010capital raising announcement● Neutral
Central lodges the prospectus for its $22.47m underwritten rights issue: one new share per two held at 7.5c, with a free 16c option per five new shares. The price is about 29% below the 30-day average. Offer closes 22 April 2010; about 60m options go to underwriters.
16 Mar 2010half year report● Neutral
Half-year report to 31 December 2009 reviews the $32m Phase One programme, including 130m of coal at CBM107-001 and thin coal at CBM93-003 with trace oil. It cites the planned $22.5m raise as helpful given the PXA, Red Sky and He Nuclear JV disputes. Financial figures are not in the excerpt.
15 Mar 2010capital raising announcement● NeutralMajor
Central launches a fully underwritten renounceable rights issue raising $22.6m: one new share for every two held at 7.5 cents, with a free 16c option per five new shares. Patersons underwrites. Cash would reach about $50m; Ooraminna 2 is due to spud in late April/May.
15 Mar 2010drilling scheduled▲ Good
Central starts road works to reach the Ooraminna 2 site, the first well of its 2010 conventional programme. The prospect may hold up to 2 TCFG (high estimate) in a 300 km2 structure, following Ooraminna 1, which flowed gas in 1963.
12 Mar 2010farm in farm out agreement▼ BadMajor
Red Sky says it will keep funding cash calls for the Pedirka coal seam gas wells in EP 93 and EP 107. It elects not to earn its 10% in a number of permits outside the Pedirka Basin, narrowing the 30 September 2009 Broadacre farm-in, which was in dispute with Central.
11 Mar 2010listing compliance notice● NeutralMajor
At Central's request, its shares and options are suspended from 12 March 2010 pending a material capital raising announcement. The suspension runs to the announcement or 16 March at the latest.
11 Mar 2010other▲ Good
Central is scanning recovered paper prints of 1960s-80s seismic data once thought lost, adding about 2,000 km to its database. Management says this supplements subsurface control at a fraction of the cost of new seismic.
5 Mar 2010investor presentation● Neutral
Central announces a Boardroom Radio audio interview with MD John Heugh on 5 March 2010, titled 'Central Petroleum Exploration Update'. The announcement itself contains no new information.
5 Mar 2010joint venture update▼ BadMajor
PXA demands Central withdraw its default notices and has started arbitration disputing the notices, the 2010 budget and cash calls. Central holds its position and issues a letter of intent for MB Century Rig 7 (two firm wells plus four options), starting as early as mid-April.
3 Mar 2010regulatory community update▲ Good
After electric log analysis, Central lifts CBM107-001's coal to 130m (seams over 1m) and formally notifies the NT Government of a coal discovery in EP 107. Central holds 70% with PXA 20% and Red Sky 10%. No resource volume is stated.
26 Feb 2010joint venture update▼ BadMajor
Central issues default notices to several JV partners over about $3.2m of unpaid cash calls (about $6.2m of farm-out costs in total). It says 2010 works budgets of $17.7m gross are deemed approved, and it will drill Ooraminna 2 and Johnstone 1 regardless, with the first spud by mid-April.
26 Feb 2010drilling result▲ GoodMajor
CBM107-001 reached 1,251m TD with 120m of coal in seams over 1m, against a prognosis of 20-40m, as in the earlier Pedirka wells (138m and 144m). Central says coal may need remapping, possibly lifting its coal exploration target. Results are preliminary.
11 Feb 2010drilling scheduled● Neutral
Central says the Phase One seismic (1,385 km) is about 250 km recorded and should finish in roughly four months. It is seeking rigs for 3-6 conventional wells, including Ooraminna 2 (up to 2 TCFG, high estimate) and Johnstone 1. These are plans, not results.
5 Feb 2010drilling spud● Neutral
Central spuds CBM107-001, the third well in the coal seam gas programme, on 4 February to test coal along strike from CBM93004. Purni coals are expected from about 860m, with planned total depth about 1,214m. Interests are Merlin 70%, PXA 20%, Red Sky 10%.
28 Jan 2010drilling result▼ Bad
CBM93003 reached 896m and will be plugged and abandoned; it found only two thin coals (0.4m and 1.2m), though they date-match coals in the other wells. Tar blebs in sandstone may hint at oil. Rig now moves to CBM107-001.
22 Jan 2010debt financing● Neutral
Central issues another tranche of 100 convertible bonds at $10,000 each, $1m in total, to ACBO under the facility shareholders approved in 2007 and 2009. The text calls it the ninth tranche; funds go to working capital.
15 Jan 2010regulatory community update▲ GoodMajor
Central formally notifies the NT Government of a coal discovery in EP 93, citing 144m of coal at CBM93004 and 143m at CBM93001. It says the coal appears widespread and could suit CSG, gas-to-liquids or underground coal gasification projects. No volumes or commercial resource are stated.
11 Jan 2010drilling spud● Neutral
Central spuds CBM93003, the second of five coal seam gas wells, in EP 93 about 30 km east of the earlier wells. It targets Purni coals with prognosed TD of 780m. Central now reports net coal using a 1m minimum seam cut-off.
6 Jan 2010drilling result▲ GoodMajor
CBM93004 reached 978m total depth with about 144m of coal in seams over 1m, versus 138m at CBM93001, showing coal continues updip without thinning. Gas results were fair to excellent, no oil or sandstone gas found. Rig moves to CBM93003, spud due 7 Jan.
29 Dec 2009joint venture update● Neutral
Central responds to Red Sky's 'dispute resolved' claim, saying it is still investigating with PXA and Red Sky and assessing its legal position. It disputes Red Sky's description of its rights: Red Sky cannot walk away or opt out permit-by-permit, only skip the second and third drilling targets.
23 Dec 2009admin correction● Neutral
Central re-lodges a corrected Form 603 (substantial holder notice) because the 16 December version showed incorrect cash consideration for certain securities. No other substance is given in the text.
22 Dec 2009debt financing● Neutral
Central issues 3,220,611 shares at $0.1242 on conversion of 40 convertible bonds worth $400,000 under the ACBO facility. Shares on issue rise to 593,433,308. The text says the board wants to keep the agreement alive, which would otherwise lapse without activity.
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.
