19 Nov 2008joint venture update▲ Good
PXA paid Central $4,849,464 in outstanding cash calls plus interest across the broadacre joint venture. Central recommends suspending drilling and seismic until the end of the NT wet season.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2008investor presentation● Neutral
Notice of a Boardroom Radio audio interview with the MD titled 'Discovery and JV Update'. The announcement itself contains no substantive content.
18 Nov 2008director officer appointment● Neutral
Julian Tambyrajah is appointed CFO and Company Secretary, with 17 years' experience including Woodside and Normandy. Richard Faull resigns as Company Secretary but stays on the board as a non-executive director.
12 Nov 2008other● Neutral
Technical note reproducing a Petroleum News article on sub-salt plays in the Amadeus Basin. It restates Mt Kitty's potential of about 3 TCF of gas with condensate and helium. No new results.
6 Nov 2008admin correction● Neutral
Retracts and replaces the earlier notice. It now says Crawford is 'no longer' CFO and Company Secretary rather than that he resigned. Faull remains appointed Company Secretary.
6 Nov 2008director officer appointment● Neutral
Bernard Crawford resigned as CFO and Company Secretary, only about 11 weeks after starting on 18 August. Director Richard Faull was appointed Company Secretary. This was retracted and replaced the same day.
23 Oct 2008drilling progress report▼ Bad
Hunt Rig 2 was released from Simpson 1 on 22 October and is moving to Kulgera ahead of the wet season. Logistics and equipment problems lengthened the program. Whether the rest of 2008 proceeds will be decided in mid-November.
20 Oct 2008drilling progress report● Neutral
Simpson 1 reached 2,165m in probable Warburton Basin sediments, with background gas about 1 unit. Electric logging has begun. Partner talks on farm-in and placements continue.
20 Oct 2008drilling result▼ BadMajor
Simpson 1 is plugged and abandoned at 2,165m after no significant hydrocarbons were found, so the well targeting up to 190 MMbbl is a dry hole. Partner talks may influence the rest of the program.
17 Oct 2008admin correction● Neutral
Correction to the 17 October Simpson 1 report: the depth at 0600 was 2,093m, not 2,077m as announced. The rest of the text is unchanged. No new results.
17 Oct 2008drilling progress report● Neutral
Simpson 1 reached the Warburton Basin sediments at 2,073m, with gas about 1 unit. Drilling continues briefly to try for the top Warburton sandstone, which held a possible gas zone at Colson 1. Partner talks continue.
16 Oct 2008drilling progress report● Neutral
Simpson 1 is at 2,077m in Crown Point Formation sandstones, with the Tirrawarra top at 1,990m. Background gas is about 1 unit, so no oil shows are reported. Talks with several potential partners on farm-in and share placements continue.
15 Oct 2008drilling progress report● Neutral
Simpson 1 reached 1,989m in the Purni Formation sandstones with minor coals. Gas stays at 1-2 units. No new results.
14 Oct 2008drilling progress report● Neutral
Simpson 1 drilling was delayed by blocked bit jets at 1,899m. The report gives interests as Central 65%, Rawson 20% and PXA 15%. No new results.
13 Oct 2008admin correction● Neutral
Resubmission of the 13 October Simpson 1 report, deleting an unfinished closing phrase. The well is still at 1,899m with 7m of coal. No new results.
13 Oct 2008admin correction● Neutral
Duplicate of the 13 October Simpson 1 report, again ending mid-sentence. It carries no new information.
13 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,899m, having cut 7m of coal at the top of the Purni Formation (1,868-1,875m) with gas up to 8 units. The text is cut off mid-sentence and was later corrected.
10 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,370m in the Algebuckina Sandstone, whose top came in 46m high to prediction. Gas is low at about 2 units. No hydrocarbon result is reported.
9 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,072m after about 7 hours lost to drill pipe washouts. No further sandstones have been seen since the casing shoe. No new results.
8 Oct 2008drilling progress report● Neutral
Simpson 1 is at 861m in the Bulldog Shale, with background gas of 2 units. The option period has expired and Central is free to deal with others. No new results.
7 Oct 2008drilling progress report● Neutral
Simpson 1 casing is cemented at 804m and drilling is about to resume. The exclusive option held by a potential partner, which paid c.$600,000, expired on 6 October. Central can now negotiate with any party.
6 Oct 2008drilling progress report▲ Good
Simpson 1 is at 804m with 9 5/8in casing run. Formation tops are coming in higher than predicted, and gas peaks reached 130 units in minor sandstones, much higher than in the same intervals at Blamore 1. Central calls this interesting, with no firm conclusions.
3 Oct 2008drilling progress report● Neutral
Simpson 1 is at 607m. The Oodnadatta Formation top came in 134m higher than predicted. Gas readings are low. Partner talks continue. No significant results yet.
2 Oct 2008drilling progress report● Neutral
Simpson 1 is at 279m in Winton Formation claystones with low background gas. Central repeats that a new joint venture partner may join and could change the seven-well program. No new results.
2 Oct 2008regulatory community update▲ Good
Central will receive $28,000 of NT government funding toward a $56,000 gravity survey over interpreted salt structures in EP 112, Amadeus Basin. It is a small grant and adds a new exploration idea.
2 Oct 2008drilling spud● Neutral
Partner Rawson Resources confirms Simpson 1 spudded on 1 October in EP 97, with Rawson holding a 20% free carried interest. It repeats Central's announcement and adds nothing new.
1 Oct 2008drilling spud● NeutralMajor
Simpson 1 spudded on 1 October, c.100km southeast of CBM93001, targeting up to 190 MMbbls (high-case) oil. The spud was delayed from 27 September by a sandstorm and a contractor equipment failure. Farm-in talks continue with potential partners, and the program could change.
24 Sept 2008investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of the managing director's presentation, 'Promising Results and Potential Partners'. A link only, with no new information.
24 Sept 2008annual report● Neutral
Annual report for the year to 30 June 2008. The chairman calls Blamore 1 mixed (residual oil, c.160m net coal) and CBM93001 promising, with c.140m net coal and two successful drill stem tests. Financial figures are not visible in the text provided.
23 Sept 2008drilling scheduled● Neutral
Central is dismantling the rig at CBM93001 to move c.100km to Simpson 1, targeting up to 190 MMbbls (high-case) oil, with spud expected by 28 September. CBM93001 is suspended as a potential producer. A potential partner paid a $600,000 option fee, ending 6 October.