Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Sept 2021drilling result▲ Good
Both new Mereenie wells are tied in and the rig released on 23 September. WM28 is online; WM27 is a single-zone Pacoota-1 producer due online shortly. The program adds about 10 TJ/d of capacity, and conceptual planning has begun for Stairway appraisal, subject to JV approval.
6 Sept 2021drilling result● Neutral
NZOG re-releases Central's WM28 completion news, adding comment from its CEO. It quotes 182 PJ of 2C resource across the Pacoota and Stairway formations (46 PJ net to NZOG including Cue). No new well information.
6 Sept 2021drilling result● Neutral
Cue re-releases Central's WM28 completion announcement as Mereenie partner-to-be. It notes satisfaction of conditions to its 7.5% Mereenie and 15% Palm Valley and Dingo purchase is continuing. No new information.
6 Sept 2021drilling result▲ GoodMajor
WM28 was completed as a dual-zone producer with good flow tests, expected online mid-September. Mereenie wellhead capacity now exceeds 40 TJ/d (100% JV). Stairway flows could help convert 108 PJ of 2C resource (54 PJ net). The WM27 lower-zone sidetrack is cancelled over hole instability.
2 Aug 2021farm in farm out completion▲ GoodMajor
Santos chose not to provide the carry, so it must transfer 15% of EP112 (home of the Dukas prospect) to Central. Central's interest rises from 30% to 45% and Santos falls from 70% to 55%. This resolves the carry election thread.
21 July 2021drilling spud● Neutral
WM28, the second new Mereenie development well, spudded 21 July 2021. WM27 was drilled to 1,367m but suspended pending equipment for a mud-drilled sidetrack to assess the lower reservoir (Pacoota-3). The rig returns to WM27 after WM28.
4 June 2021drilling spud● Neutral
NZOG re-releases Central's WM27 spud announcement, adding that its shareholder vote on the Amadeus deal is scheduled for 24 June 2021. Post-completion NZOG's Mereenie interest would be 17.5%. No new information on the well.
4 June 2021drilling spud▲ Good
WM27, the first new Mereenie development well, spudded on 3 June 2021, in line with the May plan. The four recompleted wells are being brought back online. The programme aims for 45 TJ/d capacity and at least 40 PJ more gas (101 PJ net is stated in the text).
13 May 2021drilling result▲ Good
All three Range pilot wells were drilled to 675-685m, confirming 26-28m of net coal across the Walloon seams. Permeability testing at Range-6 matched the strong 2019 exploration results. Testing is still due to start in June, supporting a 2022 FID.
28 Apr 2021drilling progress report▲ Good
Range-8, the third pilot well, spudded 28 April; Range-7 reached 680m and intersected the coals from 214m to 607m as planned. Drilling of the pilot is now essentially done, with production testing to follow.
22 Apr 2021drilling progress report● Neutral
Recompletion work has begun on WM20, the first of four Mereenie recompletions, to be followed by two new wells. Targets are unchanged: capacity toward 45 TJ/d and at least 40 PJ more gas (20 PJ net).
22 Apr 2021drilling progress report▲ Good
Range-7 spudded 22 April, and Range-6 reached 675m, intersecting the Walloon coals from 260m to 610m, and was cased and suspended as planned. Wells will be brought online once all three pilot wells and the surface facilities are ready.
12 Apr 2021drilling spud● NeutralMajor
Range-6, the first of three Range pilot wells, spudded on 11 April 2021 with a 704m target depth. Testing should start in June, giving about three months of data to support an FID now stated as 2022, versus the earlier end-2021 target.
31 Mar 2021farm in farm out agreement▼ Bad
Central's Amadeus Basin producing-asset farmout target slips from Q1 to second quarter CY2021, 'should it proceed'. The process continues but the delay extends the open thread and leaves the funding for planned exploration unresolved.
9 Nov 2020farm in farm out agreement▲ GoodMajor
The Amadeus Basin farmout, running since January 2020, advances to final due diligence with a preferred bidder under limited exclusivity, aiming to complete in Q1 2021. It remains non-binding with significant transaction risk, and the company says completion is not assured.
24 July 2020resource reserve update▲ GoodMajor
Net 2P oil and gas reserves rise 16% (22.5 PJE after production) to 161.2 PJE at 30 June 2020, driven by Mereenie and Palm Valley and the PV13 well. 105 PJ of 2C contingent gas is confirmed; Stairway appraisal and Palm Valley laterals are targeted for 2021, subject to JV approval and farmout.
16 July 2020farm in farm out agreement● NeutralMajor
Central and Santos agree the Dukas forward plan: drilling targeted for 1H 2022, with a well option decision by year end. Central keeps 30% of EP112; Santos may elect to carry Central's first $3M of well costs in return for 30% of EP82, otherwise Central's EP112 stake rises to 45%. Resolves the JV negotiation.
8 Jan 2020farm in farm out agreement● NeutralMajor
Central appoints Flagstaff Partners to run the farm-out of the CY2020 exploration targets and the Mereenie, Palm Valley, Dingo and Surprise operating assets, to fund the programme. Completion is targeted by mid-2020. Advances the open farmout thread; no deal yet.
11 Oct 2019drilling scheduled▲ GoodMajor
Following its portfolio review, Central sets a $51M CY2020 Amadeus Basin programme: five prospects and two appraisal tests, with 321 PJ best-estimate gas (net) and 24 MMbbl oil. It will seek farminees to fund it, and a Mereenie Stairway test targets 54 PJ of 2C.
21 Aug 2019resource reserve update▲ GoodMajor
NSAI certifies 270 PJ of 2C contingent resources (100% JV) at Project Range, above the earlier 150-180 PJ estimate, because the deeper Taroom coals are now expected to contribute. Central's 50% share is 135 PJ; a production pilot is planned for early 2020.
13 Aug 2019drilling result● NeutralMajor
Dukas-1 will be suspended at 3,704 m because pressures ahead exceed the rig's capability; the Heavitree target is not reached. Central sees gas to surface as evidence of a working petroleum system. A forward plan is expected over the next few months.
9 Aug 2019drilling result▲ GoodMajor
Range 2 (615 m TD) completes the exploration programme; net coal is about 30 m and permeability meets or beats expectations. The fifth well is cancelled, pilot wells are targeted for early 2020 (subject to approvals), and a first 2C booking is expected within weeks.
6 Aug 2019drilling progress report▼ Bad
Dukas-1 at 3,704 m met formation pressure well above earlier nearby wells, with an inflow of gas of unknown composition. The joint venture may suspend the well and return later. The Heavitree target is not yet reached, expected within a few hundred metres.
31 July 2019drilling result▲ Good
Range 3 (745 m TD) showed permeability better than expectations; Range 2 spudded 30 July. Central says a first 2C resource booking is expected after interpretation. Dukas-1 resumed drilling on 31 July.
23 July 2019drilling progress report▲ Good
Range 5 (710 m TD) preliminary tests show permeability in line with expectations; Range 3 spudded 21 July. At Dukas-1 the stuck liner has been fished out and drilling will continue to total depth in the 9½-inch hole, resolving the earlier delay.
12 July 2019drilling result▲ Good
Range 4 reached 845 m, intersecting Walloons coals from 285 to 630 m; preliminary tests show encouraging permeability in the deepest, expected-worst well. Range 5 spudded 11 July. Dukas-1 liner problems add four to seven days' delay; full Range interpretation due end of August.
5 July 2019drilling progress report● Neutral
Dukas-1 has drilled to 3,515 m in the Gillen Formation; logging is under way before an intermediate liner is set. The Heavitree target is up to two weeks away, as the Lower Gillen may be thicker than expected.
1 July 2019drilling spud▲ GoodMajor
Range-4, the first slimhole well in the Project Range programme in ATP 2031, spudded 30 June 2019, meeting the June quarter target. The 4-5 well programme should take about 8 weeks; wells will gather coal data and be plugged afterwards.
21 June 2019drilling progress report● Neutral
A rig is contracted for a 4-5 well Project Range programme in ATP 2031, first spud expected late June or early July, about 8 weeks. Dukas-1 reached 2,997 m, delayed several days by a top drive repair; the Heavitree target is one to two weeks away.
12 June 2019resource reserve update▼ BadMajor
Palm Valley reserves cut after existing wells underperformed: 2P falls from 42.0 to 27.8 PJ (26.1 PJ at 31 May 2019), with 13.6 PJ reclassified as contingent resource. Central's total 2P drops 8.4% to 154.5 PJ; firm sales obligations are said to be unaffected.
