Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2009quarterly activities report● Neutral
March quarter: banked funds $5.7m at 31 March ($3.4m available for working capital), down from $6.7m in December. Proposed 2009 programme of $22-44m (c.40-60% from partners) goes to partners by end May; $50m of bonds to be put to the 8 June meeting.
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.
22 Apr 2009drilling result● Neutral
Post-well study finds residual oil staining in Blamore-1 (31m) and Simpson-1 (17m), indicating at least two active petroleum systems in the Pedirka Basin. No commercial oil was found. Central plans seismic for late 2009/early 2010 over targets it estimates at about 6 billion barrels undiscovered oil in place.
21 Apr 2009capital raising announcement● Neutral
Update to the rights issue: Martin Place Securities will sell rights for foreign holders, and shareholders or sophisticated investors may apply for any shortfall. Drilling of Johnstone, Ooraminna and Magee, with Mt Kitty contingent, could start from August 2009, subject to partner approval.
20 Apr 2009admin correction● Neutral
Corrects one paragraph of the rights issue prospectus: option holders can join only by buying shares before the 21 April ex-date, exercising options before then, or buying rights. 95,947,703 listed options are on issue.
17 Apr 2009capital raising announcement● Neutral
Central lodges the prospectus for the 1-for-1 rights issue at 10c, up to about $25.7m if fully subscribed. It is not underwritten. Preferred programme when activity resumes: 5 CSG wells, Johnstone, Ooraminna and Magee wells, and about 1,250 km of 2D seismic.
15 Apr 2009debt financing● NeutralMajor
Central amends its convertible bond facility with Asia Convertible Bond Opportunities, lowering the floor price (below which no bonds issue; shares had been under the old 15c floor since September 2008) to 80% of 21-day VWAP. The remaining $74m facility needs shareholder approval around June 2009.
15 Apr 2009capital raising announcement● Neutral
Clarifies how to take part in the 10c rights issue: eligible holders get forms, others can buy rights on ASX from 21 April to 15 May. Option holders must exercise before the record date. Closing date is 22 May 2009; no new terms.
9 Apr 2009capital raising announcement● NeutralMajor
Central announces a 1-for-1 renounceable rights issue at 10c, raising up to $25.7m (257,013,526 shares), with a free $0.16 option (expiring 2014) per two shares taken up. Funds are for exploration with JV partners and acquisition opportunities. Not underwritten.
7 Apr 2009joint venture update▲ Good
PXA pays $2.5m of previously cash-called amounts for the 2008 drilling and seismic campaign, covering the outstanding calls noted at December. Central looks to plan the next campaign with PXA, He Nuclear and Trident.
16 Mar 2009half year report● Neutral
Half-year to 31 Dec 2008: loss of $9.9m (prior year $2.8m loss) on higher exploration activity; total assets $19.3m. $6.7m banked, with PXA (now QGC/BG Group) owing $1.9m in cash calls. Confirms known Pedirka, Magee and Trident points.
23 Feb 2009farm in farm out agreement● Neutral
Central clarifies the Trident deals: Trident funds a 20% promoted share of $3m seismic and three wells per permit to retain 10% in EP 115 and EPA 111. Seismic spend is $1.2m in total, and drilling $2.4–6m. Trident may stop and keep 3.33% or 6.66%.
20 Feb 2009investor presentation● Neutral
Notice of a Boardroom Radio audio interview with the MD on 'Coal Potential in Pedirka Basin'. The announcement itself contains no substantive content.
20 Feb 2009admin correction● Neutral
Appendix 3B with no new issue (all fields N/A), apparently updating the securities on issue: 257,013,526 ordinary shares and 95,947,703 listed 25c options. No capital raised.
19 Feb 2009admin correction● Neutral
At ASX request, Central re-issues its 17 February coal announcement with added caveats. The 0.6–1.3 and 1.5–2.1 trillion tonne figures are conceptual, with insufficient exploration to define a Mineral Resource. It also states the coal is generally sub-bituminous, and adds the two coal intercepts (138m and 132m) and the technical report.
17 Feb 2009investor presentation● Neutral
Conference presentation repeating the trillion-tonne coal Exploration Target and earlier gas-to-liquids study conclusions, with heavy disclaimers that the figures are conceptual. It adds no new results.
17 Feb 2009resource reserve update▲ GoodMajor
A commissioned independent report put the Pedirka Basin coal 'Exploration Target' at 0.6-1.3 trillion tonnes above 1,000m and 1.5-2.1 trillion tonnes in total. It built on the 2008 coal finds in EP 93 but is not a JORC resource, as there has not been enough drilling.
16 Feb 2009farm in farm out agreement▲ GoodMajor
Trident takes a second farm-in, over application EPA 111 (9,000 km2, next to Mereenie), alongside EP 115. It funds 20% of the first three wells and $3m of seismic on each permit to earn 10% of each. The EPA 111 share is subject to permit grant.
2 Feb 2009other● Neutral
Chair Henry Askin transferred 960,000 shares from his personal name to his superannuation fund in an off-market trade valued at $59,520. His total holding is unchanged; this is an internal transfer, not a sale.
29 Jan 2009quarterly activities report● Neutral
December quarter report: 2008 drilling stopped by a heavy wet season, with $6.7m banked ($4.1m available for working capital). Further PXA cash calls ($1.9m and $555k) and Trident's $550k are expected or received. Magee potential is up to 1.4 TCF gas and 15 BCF helium.
29 Jan 2009investor presentation● Neutral
Notice of a Boardroom Radio audio interview with the MD titled 'Helium Developments'. The announcement itself contains no substantive content.
28 Jan 2009investor presentation▲ Good
Central says new seismic and data reinterpretation point to up to 200 BCF helium and 4.4 TCF gas across Mt Kitty and Magee, and expects to drill test up to two targets in 2009 with He Nuclear. Magee 1 (1992) tested 6.3% helium. These are undiscovered, untested estimates.
20 Jan 2009director officer appointment▲ Good
Jason Storey, 32, is appointed Senior Geophysicist; he worked on InterOil's 2006 Elk gas discovery in Papua New Guinea. A staffing addition for the Amadeus Basin exploration programme, not a board or senior management change.
16 Jan 2009farm in farm out agreement▲ GoodMajor
Trident Energy paid Central $550,000 as the first step to earn 10% of EP 115 (including the Johnstone prospect, up to 320 MMbbl), and will fund 20% of the first three wells and the first $3m of seismic. This firms up the Trident talks flagged earlier.
23 Dec 2008other▲ Good
Central's review of the southern Amadeus Basin, south of Alice Springs, identifies new sub-salt trap types in the Arumbera Sandstone. Individual Magee and Maryvale prospects (EP 82, with He Nuclear) range up to 0.5 TCF gas or 400 MMbbl oil, undiscovered and untested by drilling.
12 Dec 2008other● Neutral
MEC Resources, whose investee Advent holds about 3% of Central, comments on PXA's takeover by QGC (BG Group). It restates that Advent reserved the right to claim damages for alleged breach of contract. Third-party release.
11 Dec 2008director officer appointment● NeutralMajor
Managing Director John Heugh's term is extended five years, from March 2010 to March 2015. The chairman calls it a signal of the company's growth strategy.
11 Dec 2008security holder rights change● Neutral
Issue of 2,000,000 unlisted employee options at 25c exercise, vesting in three tranches and expiring 17 November 2011. Issued nil consideration under the incentive scheme. Ordinary shares on issue now total 257,013,526.
