Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2008admin correction● Neutral
Central clarifies the 19 September CBM93001 report after shareholder confusion. The 140m coal figure uses a 0.2m cutoff and the 116.5m table figure a 0.5m cutoff. Coal continuity with Blamore 1 is a high likelihood, not guaranteed.
19 Sept 2008drilling result▲ GoodMajor
CBM93001 finished at 1,266m with up to 140m of coal over 0.2m thick and a single bed near 30m. Central says Blamore 1's coal package, c.50km away, has not thinned appreciably. Well to be suspended as a potential producer. Simpson 1 is next, spud expected by end September.
18 Sept 2008material agreement● Neutral
Central agreed a novation under which D.B. Zwirn's rights and obligations under the rolling convertible bond agreement pass to Asia Convertible Opportunities LLC, an entity managed by the DB Zwirn group. The announcement states no change to bond terms.
18 Sept 2008drilling result▲ GoodMajor
CBM93001 reached about 1,265m total depth, past the planned c.1,200m, with high connection gas of 172 units and an aquifer flow near 1,218m. Both drill stem tests showed strong blows. The well is to be logged and completed as a potential CBM gas producer.
17 Sept 2008joint venture update● Neutral
Partner Rawson Resources says Central will drill Simpson 1 in EP 97 soon after CBM93001, with Rawson holding a 20% carried interest. It also outlines Rawson's own Surat Basin gas drilling. Nothing new for Central.
17 Sept 2008drilling result▲ Good
DST#2 on CBM93001 (973-1007m) gave a very strong initial blow and a strong main flow. Gas peaked at 132 units while coring, and about 75m of coal is logged so far. About 100m of Permian remains to drill. Central calls results quite positive.
16 Sept 2008well test result▲ GoodMajor
DST #2 on CBM93001 began with a very strong blow over 973-1007m, a thick coal that gave 132 units of gas while coring. About 75m of coal has been seen in total. Central admits progress was slowed by coal volume and contractor deficiencies.
15 Sept 2008admin correction● Neutral
Supplementary re-release of the 12 September CBM93001 report to correct a drafting error in the time depth curve. The text is otherwise the same and holds no new results.
15 Sept 2008drilling result▲ GoodMajor
CBM93001 cored a coal at 977-981m with gas peaking at 132 units, about 22 times background, the strongest gas yet in the well. Central calls the preliminary results quite positive for its CBM programme. DST #2 is expected soon.
12 Sept 2008well test result▲ Good
DST #1 on CBM93001 tested coals from 798.2 to 810.5m and gave very good preliminary indications of permeability. Fuller detail is to follow. This is the first test of the new well, and Blamore 1 never achieved a valid test.
12 Sept 2008investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of the managing director's Good Oil Conference presentation. It is a link only and contains no new information.
11 Sept 2008drilling progress report▼ Bad
CBM93001 is still waiting on replacement drill stem test and coring parts. The first test, on a 7-9m coal, is expected to finish that day. No new results.
10 Sept 2008drilling progress report▲ Good
CBM93001 reached 811m after drilling about 79m of coal with good cleating and fractures. Gas peaked at 8 units, four times background. A drill stem test is being prepared to measure permeability.
9 Sept 2008drilling progress report● Neutral
CBM93001 reached 795m, with further coring delays from contractor and service company issues. Gas rose to up to 6 units, and visible gas release was seen from coal cores at the surface.
8 Sept 2008drilling progress report● Neutral
CBM93001 reached 774m in the Purni Formation. Coring was slowed by a broken latchkey on the wireline system, with a replacement due. Gas readings are modest at 3-4 units.
5 Sept 2008drilling progress report▼ Bad
Overnight problems with the blowout preventer stack delayed the restart of drilling in the Permian coals at CBM93001. Drilling was expected to start by 0900. No new results.
5 Sept 2008investor presentation● Neutral
Central posts its Good Oil Conference presentation. It covers known prospects, the CBM potential and gas-to-liquids study material. The cover note says Central holds no drilled reserves. The slides are only partly shown, with no new figures.
4 Sept 2008drilling progress report● Neutral
The 7in casing is cemented at 705m and CBM93001 is about to drill ahead into the Permian coals. Drilling and drill stem tests are expected over the next few days. No new results.
3 Sept 2008drilling progress report● Neutral
CBM93001 was preparing to cement 7in casing at 705m, just above the Permian coals. Background gas is around 6 units. No new results.
2 Sept 2008resource reserve update▲ GoodMajor
Central outlines the Madigan Prospect, straddling EP 93 and the EP 97 Simpson block, with up to c.500 MMbbls oil in place (high, unrisked estimate). It may be drilled after Simpson 1 if that succeeds. Deeper targets may exceed the contracted rig's capacity.
2 Sept 2008drilling progress report● Neutral
CBM93001 reached 705m, with the top of the Permian Purni coal target interpreted at 696m. A 7in casing string was about to be set. No gas or coal results yet.
1 Sept 2008drilling progress report● Neutral
CBM93001 was at 280m in the Winton Formation, about to set 9 5/8in casing and drill ahead. Plans are unchanged. He Nuclear Limited is now named as a joint venture partner alongside PXA.
29 Aug 2008resource reserve update▲ GoodMajor
Central reports a new Devonian carbonate play in the Warburton Basin below EP 97, with Erec and Lucan prospects having combined potential above about 5 billion barrels oil equivalent (unrisked, high estimate). Simpson 1 will test the top of the Erec prospect. Interests are projected at 65% Central, 20% Rawson and 15% PXA.
29 Aug 2008joint venture update● Neutral
Rawson, as reported from operator Central, says Simpson 1 in EP 97 should spud around 15 September, targeting about 2,200m. It is the first of three farm-in wells. Rawson cites gas seepage over the structure and calls it a moderate-to-lower risk trap. Not a Central announcement.
29 Aug 2008drilling spud● Neutral
CBM93001 spudded at 2200 hours NT time on 28 August and was at 52m by morning. It is the second well of the 2008 seven-well programme. It will drill stem test and core the coals, and can be completed as a producer if results justify.
28 Aug 2008material agreement▲ GoodMajor
An unnamed third party will fund the Blamore 1 drill stem test costs, about $600,000 (final cost not yet set). In return it gets the well results and an exclusive option to 6 October 2008 to negotiate a farm-in over some or all of Central's acreage plus a share issue. No terms agreed.
26 Aug 2008drilling scheduled● Neutral
Updated 2008 drilling programme announced, with CBM93001 expected to spud 27 August. The programme table is not in the supplied text, so no new detail can be reported. The rest repeats the earlier CBM93001 description.
25 Aug 2008drilling scheduled● Neutral
CBM93001, a c.1,200m coal bed methane well updip from the abandoned Blamore 1, was expected to spud on 27 August. The announcement summarised Blamore 1 results (15m residual oil column, up to 160m net coal), which the MD called 'unequivocally positive'.
18 Aug 2008drilling result▼ BadMajor
Blamore 1 was plugged and abandoned short of its planned 2,500m total depth after long-running hole problems and equipment faults prevented drill stem testing. It found a 15m residual oil column and up to 160m net coal. Rig 2 moved to CBM93001, and a redrill remained an option.
15 Aug 2008director officer appointment● Neutral
Bernard Crawford becomes CFO and Company Secretary from 18 August, replacing Mark Di Silvio, who is moving overseas. Richard Faull resigns as Company Secretary the same day. This changes the earlier plan that Faull would be sole secretary.
