Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2024joint venture update● Neutral
Partner Horizon Oil's release on the Mereenie NT Government gas deal and restructured Arafura deal, repeating Central's figures (8.3 PJ net to Horizon). Says infill drilling planning is well advanced. Nothing new for Central.
29 July 2024material agreement▲ GoodMajor
Central's gas EOI concluded with new firm take-or-pay deals with the NT Government, from 1 Jan 2025 to end 2030: up to 40.5 PJ gross (12 PJ Central share). The Arafura deal is deferred to start 2028 (up to 4.1 PJ net), with conditions now due 31 Dec 2024.
29 July 2024joint venture update● Neutral
Arafura's release revising its Mereenie gas deal to up to 16.44 PJ gross: 5.49 PJ in 2028, then up to 10.95 PJ across 2029-30. Take-or-pay with fixed pricing. Single condition: Arafura FID by 31 Dec 2024. Central's own announcement covers this.
29 July 2024joint venture update● Neutral
Partner NZ Oil & Gas's release on the new NT Government gas deals and amended Arafura deal, attaching Central's announcement. Adds that NZO has been advised the Northern Gas Pipeline outage is expected to run through to November 2024. Nothing new for Central's contracts.
4 July 2024director officer appointment● Neutral
CEO Leon Devaney stays on, but his total fixed pay is cut from $681,849 to $595,000 from 1 July 2024, following an independent review to align with market peers. Employment is ongoing with no fixed term.
25 June 2024security holder rights change● Neutral
Small parcel sale facility completed: 6,492,141 shares from 2,289 holders sold at an average A$0.0513. Payment goes out 28 June 2024. Central says fewer small holdings will cut administration and registry costs. Closes the thread opened in April.
24 June 2024joint venture update● Neutral
Partner NZ Oil & Gas's release noting the South32 gas supply extension from Mereenie, 12 more months, is now unconditional. Restates interests: NZO 42.5%, Horizon 25%, Central 25%, Cue 7.5%. Nothing new for Central.
24 June 2024material agreement▲ Good
The South32 gas sale agreement extension (0.36 PJ for 2025) has become unconditional, so the transport-agreement condition due by 30 June 2024 is met. Resolves an open thread from the September 2023 extension.
24 June 2024joint venture update● Neutral
Partner Cue Energy's release saying the South32 gas supply extension from Mereenie is now unconditional. Restates interests: Cue 7.5%, Central 25% operator, NZOG 42.5%, Horizon 25%. Nothing new for Central beyond the 24 June announcement.
24 June 2024joint venture update● Neutral
Partner Horizon Oil's release on the South32 Mereenie extension becoming unconditional. Adds that the JV will supply 1.46 PJ to South32 in 2025 (gross). Restates Horizon 25%, Central 25% operator. Largely repeats Central's 24 June news.
17 June 2024joint venture update● Neutral
Partner NZ Oil & Gas's release attaching Central's Arafura condition extension to 31 July 2024. Restates NZO 42.5%, Horizon 25%, Central 25%, Cue 7.5% at Mereenie. Nothing new for Central.
17 June 2024material agreement▼ Bad
The deadline for Arafura to meet conditions on its Nolans gas supply agreement (up to 6.85 PJ net from 2026) is extended one month, from 30 June to 31 July 2024. The deal remains conditional.
14 June 2024investor presentation▲ Good
March quarter presentation largely repeating known figures. Adds: Peak Helium removed from the sub-salt JVs, EP125 (Mt Kitty) extended to June 2025, helium unit moving to turnkey tolling with FID targeted later in 2024, EOI bids due 18 June, and debt restructure possible.
11 June 2024investor presentation● Neutral
Notice of an online presentation of March quarter results on 14 June 2024 at 10:00am AEST, with Q&A. Administrative; no new information.
5 June 2024security holder rights change● Neutral
Closing date to opt out of the small parcel sale facility extended by seven days, from 5 June to 12 June 2024. Payment is expected as soon as practicable after 19 June 2024.
17 May 2024material agreement▲ GoodMajor
Mereenie JV has opened an expression of interest for up to 40 TJ/d, 90 PJ (22.5 PJ net to Central) from mid-2024 to end-2030. It would support a decision to drill multiple wells. Mereenie has sold at full capacity since late April under the as-available PWC deal.
17 May 2024joint venture update● Neutral
Partner Cue Energy's release attaching Central's Mereenie gas expression of interest (up to 40 TJ/d, 90 PJ gross to 2030). Notes Cue's 7.5% interest. Nothing new for Central.
17 May 2024joint venture update● Neutral
Partner NZ Oil & Gas attached Central's announcement of an expression of interest for Mereenie gas supply of up to 40 TJ/d or 90 PJ (gross to the JV), for delivery from mid-2024 to the end of 2030. It restated that Mereenie interests will be NZO 42.5%, Horizon 25%, Central 25% (operator) and Cue 7.5% after the Macquarie deal.
23 Apr 2024security holder rights change● Neutral
Letter to holders of 8,333 or fewer shares (under A$500 at $0.06) on 16 April. Their shares will be sold without brokerage unless they return a retention form by 5 June 2024. Follows the 17 April facility announcement; nothing new.
17 Apr 2024security holder rights change● Neutral
Central has set up the small-parcel share sale facility announced in February. Holders of 8,333 or fewer shares (under $500 at $0.06) on 16 April have their shares sold without brokerage unless they opt out by 5 June 2024.
12 Apr 2024joint venture update● Neutral
Partner NZ Oil & Gas's release attaching Central's 12 April as-available Power and Water gas deal announcement. Restates post-Macquarie-deal Mereenie interests. Nothing new for Central.
12 Apr 2024contract award▲ GoodMajor
Mereenie JV signed an as-available gas deal with Power and Water Corporation for up to 8.6 PJ (2.1 PJ net to Central) to end-2024. Mereenie is still curtailed by 10–15 TJ/d; initial sales are expected to be moderate. This is separate from the PWC deal awaiting ACCC authorisation.
22 Mar 2024investor presentation● Neutral
Half-year results presentation repeating known figures: sales 2.4 PJe, statutory profit $13.9M, net debt $4.4M. Strategy is to maximise cash flow for possible future distributions, cut costs and seek farm-in partners. Notes about 70% of 1P reserves are uncontracted.
19 Mar 2024investor presentation● Neutral
Notice of an online presentation of half-year results on 22 March 2024 at 9:00am AEST, with Q&A. Administrative; no new information.
15 Mar 2024joint venture update● Neutral
Partner NZ Oil & Gas's release attaching Central's pipeline outage update. States that after buying 25% from Macquarie Mereenie, Mereenie interests will be NZOG 42.5%, Horizon Oil 25%, Central 25% (operator), Cue 7.5%. Central's share is unchanged.
15 Mar 2024production update▼ BadMajor
The Northern Gas Pipeline is expected to stay closed until June 2024, so east coast deliveries are blocked. Mereenie JV sales are cut by about 13.6 TJ/d (3.4 TJ/d net to Central) while the JV tries to re-contract that gas to NT customers. Follows the December-quarter outage.
15 Mar 2024joint venture update● Neutral
Partner Cue Energy's release attaching Central's 15 March pipeline outage update. Notes Cue's 7.5% Mereenie interest. Nothing new for Central.
12 Mar 2024production update▲ Good
The Mereenie flare gas recovery compressor, under testing since late 2023, is now online. It turns waste gas into sales gas, adding 0.5 TJ/d of sales capacity and cutting emissions by 13.2 kt CO2-e a year (gross JV) at current field rates.
8 Mar 2024half year report▲ Good
Half-year to 31 December 2023: statutory profit $13.9M (versus $11.2M loss a year earlier), including the $13.8M Range sale gain. Underlying EBITDAX rose 53% to $8.0M; cash $21.4M, net debt $4.4M. Repeats figures already given in the chair's letter.
8 Mar 2024half year report▲ Good
Half-year accounts to 31 December 2023. The chair says the strategic review is concluded, net debt is $4.4M after the Range sale, and underlying EBITDAX, volumes and revenue rose on the prior half. Also notes NZOG and Horizon Oil buying Macquarie's 50% of Mereenie. Dividend only a future possibility.
