8 July 2008drilling progress report● Neutral
Blamore 1 stopped at 975m to run surface casing. The top of the Cadnaowie Formation came in at about 951m, 110m shallower than forecast. Primary targets are still deeper.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 July 2008drilling progress report● Neutral
Blamore 1 spudded at 0400 on 5 July and had reached 975m by 0600 on 7 July.
4 July 2008drilling spud▲ GoodMajor
Blamore 1 is spudding: the 16-inch conductor is set and the main hole section is imminent. This is the first well of Central's 2008 programme, after repeated delays, and the first conventional oil well drilled in the Pedirka in about 15 years.
26 June 2008drilling scheduled▼ Bad
Spud of Blamore 1 slips again to 1 July, as remedial work on part of the Blamore track means only single truckloads can get through. The camp is in place and rig equipment is being assembled and tested.
25 June 2008security holder rights change▼ Bad
After the rights issue, the minimum conversion price on the D.B. Zwirn bonds was cut from 15 cents to 14.41 cents. A conversion at the time would price at 18.7 cents, so more shares per bond could be issued if the share price falls.
24 June 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the drilling schedule, 24 June. No new information in the notice itself.
23 June 2008resource reserve update▲ Good
A technical note describes two new stratigraphic leads in the Pedirka Basin, Perceval (306 MMbbl) and Bedivere (172 MMbbl) of undiscovered oil in place at 'high' estimate, up to 480 MMbbl combined. They are high risk and need more seismic.
23 June 2008drilling scheduled● Neutral
Spud of Blamore 1 is anticipated on 26 June, subject to operational contingencies, as most camp and rig components are on site or due by 23 June after tracks dried.
16 June 2008drilling scheduled▼ Bad
Rig mobilisation began 10 June but heavy rain delayed some components; Blamore 1 spud is now expected 26-30 June. The Blamore track is finished and the pad nearly done. Two CBM wells now precede Simpson 1.
13 June 2008capital raising announcement● Neutral
The 31,090,865 rights issue shares were allotted on 13 June, raising a net $4.66m. Shares on issue are now 252,308,265; MEC Resources is the largest holder at 2.97%.
12 June 2008capital raising announcement● NeutralMajor
The 1-for-5 rights issue closed 6 June with shareholders taking up 78%: 31,090,865 shares at 15 cents, raising $4.67m. The 8,982,070-share shortfall may be placed by directors within three months, so it falls short of the $6.01m maximum.
What it means for a shareholder
31.1m new shares at A$0.150 to raise about A$4.7m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00262% to 0.00233% of the company. To keep it you'd need 814 more shares - about A$122 at the issue price.
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10 June 2008admin correction● Neutral
Clarification of the 6 June CBM report release after some shareholders read only the first of three appended reports. Restates the 34, 47 and 70 TCF combined figures; no new information.
6 June 2008resource reserve update● Neutral
Central released full text of earlier independent reports on Pedirka CBM: 34, 47 and 70 TCF recoverable prospective resources (low, best, high) across its permits. It re-releases known figures, adding a conceptual gas-to-liquids plant study; nothing has been flow tested.
4 June 2008drilling scheduled▼ Bad
Rig mobilisation is now set to start 10 June, after the Finke Desert Race closed the access road, and takes about 10-15 days. Blamore 1 remains the first well, then CBM wells and Simpson 1: another slip in the spud date.
3 June 2008debt financing▼ Bad
Central drew a sixth $1m bond tranche from D.B. Zwirn: 600 bonds issued ($6m), 500 converted into 33,333,330 shares, 13.1% of issued capital. DBZ held 3.3% at 2 June, continuing the dilution.
28 May 2008investor presentation● Neutral
Link to a webcast of the managing director's presentation at the Excellence in Oil and Gas symposium, 26-27 May, with standard forward-looking disclaimers. No new information in the notice itself.
27 May 2008drilling scheduled● Neutral
Central will begin mobilising Hunt Rig 2 to Blamore 1 on 5 June, after earlier delays. Blamore 1 is to be followed by one or two CBM wells, then Simpson 1. Pedirka oil potential with PXA is put at over 700 MMbbl.
23 May 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the Hector Trend, 26 May. No new information in the notice itself.
23 May 2008debt financing▼ Bad
Central drew a fifth $1m bond tranche from D.B. Zwirn: 500 bonds issued ($5m), 400 converted into 23,333,331 shares, 9.4% of issued capital. DBZ held 4.1% at 22 May, as converted shares are being traded.
23 May 2008resource reserve update▲ GoodMajor
A re-assessment of old seismic identifies the Hector Trend in the Pedirka Basin: four large leads (450 km2) with up to 2,098 MMbbl undiscovered oil in place at the 'high' estimate. These are unmapped-to-drill-ready leads, not drilled results; more seismic is probably needed.
22 May 2008capital raising announcement● Neutral
Offer document for the 1-for-5 rights issue at 15 cents. The maximum is 40,075,746 shares raising up to $6.01m, up slightly from the earlier figure. It closes 6 June 2008; funds are for central Australian exploration and/or development.
What it means for a shareholder
40.1m new shares at about A$0.150 to raise about A$6.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (6,668 at the issue price), your slice goes from 0.00277% to 0.00238% of the company. To keep it you'd need 1,111 more shares - about A$167 at the issue price.
Create a free account to see this worked out for your own holding.
21 May 2008debt financing▼ Bad
Central drew a fourth $1m bond tranche from D.B. Zwirn: 400 bonds issued for $4m, of which 300 have converted into 19,999,998 shares, 10.0% of issued capital. DBZ held 3,366,666 shares at 20 May.
16 May 2008regulatory community update▲ GoodMajor
Subsidiary Merlin West was awarded Special Prospecting Authority 7/04-5, covering 30,000 km2 of the western Amadeus Basin for an aerogravity survey, valid to 15 November 2008. This resolves the pending grant; results will guide which areas are applied for as licences.
15 May 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on new southern Amadeus leads, 15 May. No new information in the notice itself.
15 May 2008resource reserve update▲ Good
New Magee seismic delineates 11 new leads in the southern Amadeus Basin. Mt Kitty (up to 1.7 TCF prospective recoverable, with helium and condensate) and Ooraminna (up to 0.7 TCF) are to be drilled. Drilling is said to start within a fortnight with Blamore 1.
13 May 2008capital raising announcement▼ Bad
D.B. Zwirn converted 50 bonds ($500,000) into 3,333,333 shares at 15 cents. Total converted is 250 bonds into 16,666,665 shares, 7.1% of issued capital. Quoted shares now 235,770,946 per the Appendix 3B.
13 May 2008farm in farm out agreement▲ GoodMajor
PXA formalised a farm-in to Merlin's EP 97 Simpson, Bejah and Dune blocks: it funds 22.5% of Madigan seismic and of one well per block, to keep 15% of each block. Simpson 1 is mandatory. Drilling is now expected by end May, later than planned.
13 May 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the PXA farm-in to the EP 97 blocks, 13 May. No new information in the notice itself.
9 May 2008capital raising announcement● NeutralMajor
Letter to shareholders on the 1-for-5 non-renounceable rights issue at 15 cents, announced 6 May, record date 16 May. It raises up to $5.81m (38.7m shares) and is the planned offset to bond dilution; 11.3m shares had been issued to D.B. Zwirn.
9 May 2008capital raising announcement● Neutral
Letter to optionholders on the 1-for-5 rights issue at 15 cents. To take part they must exercise options by the 16 May record date. Administrative notice of the existing offer.