Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2008joint venture update▲ GoodMajor
PXA's sale to QGC pays out over $18m gross, about $0.18 per PXA share. PXA keeps up to 20% of Central's permits by funding 40% of the first $3m seismic and first 3 wells per permit. Fully funded, this is about $170m.
27 Nov 2008investor presentation● Neutral
AGM address: Simpson 1 had no significant hydrocarbon shows, an 'unpleasant surprise', while 140-160m coals in two wells open CBM and gas-to-liquids options. Fieldwork resumes after the wet season, perhaps around March. Small farm-ins are expected.
27 Nov 2008agm notice● Neutral
All three AGM resolutions passed on a show of hands: re-election of Faull and Askin, and the advisory remuneration report. Proxies for each were overwhelmingly in favour.
26 Nov 2008joint venture update● NeutralMajor
PXA, Central's 15% Simpson partner and broadacre joint venture partner, has been sold to QGC (Exploration) and its directors replaced. Drilling and seismic stay suspended until the wet season ends.
19 Nov 2008regulatory community update▲ GoodMajor
Central formally notified the NT Government of a coal discovery in EP 93, with over 100m of coal in each of Blamore 1 and CBM93001. It says seismic suggests coal across about 9,000 km2. Extent and commercial potential are still unappraised.
19 Nov 2008joint venture update● Neutral
Central and He Nuclear agreed to suspend drilling and seismic work in the Mt Kitty and Magee blocks at least until the NT wet season ends. Mt Kitty drilling timing will be decided in the meantime.
19 Nov 2008joint venture update▲ Good
PXA paid Central $4,849,464 in outstanding cash calls plus interest across the broadacre joint venture. Central recommends suspending drilling and seismic until the end of the NT wet season.
19 Nov 2008investor presentation● Neutral
Notice of a Boardroom Radio audio interview with the MD titled 'Discovery and JV Update'. The announcement itself contains no substantive content.
18 Nov 2008director officer appointment● Neutral
Julian Tambyrajah is appointed CFO and Company Secretary, with 17 years' experience including Woodside and Normandy. Richard Faull resigns as Company Secretary but stays on the board as a non-executive director.
12 Nov 2008other● Neutral
Technical note reproducing a Petroleum News article on sub-salt plays in the Amadeus Basin. It restates Mt Kitty's potential of about 3 TCF of gas with condensate and helium. No new results.
6 Nov 2008admin correction● Neutral
Retracts and replaces the earlier notice. It now says Crawford is 'no longer' CFO and Company Secretary rather than that he resigned. Faull remains appointed Company Secretary.
6 Nov 2008director officer appointment● Neutral
Bernard Crawford resigned as CFO and Company Secretary, only about 11 weeks after starting on 18 August. Director Richard Faull was appointed Company Secretary. This was retracted and replaced the same day.
27 Oct 2008quarterly activities report● Neutral
September quarter report: Blamore 1 and Simpson 1 were abandoned, CBM93001 was suspended for later flow testing, and the option fee of about $600,000 funded the Blamore tests. Remaining 2008 wells await partner decisions. Mostly repeats known facts.
23 Oct 2008drilling progress report▼ Bad
Hunt Rig 2 was released from Simpson 1 on 22 October and is moving to Kulgera ahead of the wet season. Logistics and equipment problems lengthened the program. Whether the rest of 2008 proceeds will be decided in mid-November.
20 Oct 2008agm notice● Neutral
Notice of the 27 November 2008 AGM in Como, WA. Business: the FY2008 annual report, re-election of Richard Faull and Henry Askin, and an advisory vote on the remuneration report.
20 Oct 2008drilling progress report● Neutral
Simpson 1 reached 2,165m in probable Warburton Basin sediments, with background gas about 1 unit. Electric logging has begun. Partner talks on farm-in and placements continue.
20 Oct 2008drilling result▼ BadMajor
Simpson 1 is plugged and abandoned at 2,165m after no significant hydrocarbons were found, so the well targeting up to 190 MMbbl is a dry hole. Partner talks may influence the rest of the program.
17 Oct 2008admin correction● Neutral
Correction to the 17 October Simpson 1 report: the depth at 0600 was 2,093m, not 2,077m as announced. The rest of the text is unchanged. No new results.
17 Oct 2008drilling progress report● Neutral
Simpson 1 reached the Warburton Basin sediments at 2,073m, with gas about 1 unit. Drilling continues briefly to try for the top Warburton sandstone, which held a possible gas zone at Colson 1. Partner talks continue.
16 Oct 2008drilling progress report● Neutral
Simpson 1 is at 2,077m in Crown Point Formation sandstones, with the Tirrawarra top at 1,990m. Background gas is about 1 unit, so no oil shows are reported. Talks with several potential partners on farm-in and share placements continue.
15 Oct 2008drilling progress report● Neutral
Simpson 1 reached 1,989m in the Purni Formation sandstones with minor coals. Gas stays at 1-2 units. No new results.
14 Oct 2008drilling progress report● Neutral
Simpson 1 drilling was delayed by blocked bit jets at 1,899m. The report gives interests as Central 65%, Rawson 20% and PXA 15%. No new results.
13 Oct 2008admin correction● Neutral
Resubmission of the 13 October Simpson 1 report, deleting an unfinished closing phrase. The well is still at 1,899m with 7m of coal. No new results.
13 Oct 2008admin correction● Neutral
Duplicate of the 13 October Simpson 1 report, again ending mid-sentence. It carries no new information.
13 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,899m, having cut 7m of coal at the top of the Purni Formation (1,868-1,875m) with gas up to 8 units. The text is cut off mid-sentence and was later corrected.
10 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,370m in the Algebuckina Sandstone, whose top came in 46m high to prediction. Gas is low at about 2 units. No hydrocarbon result is reported.
9 Oct 2008drilling progress report● Neutral
Simpson 1 is at 1,072m after about 7 hours lost to drill pipe washouts. No further sandstones have been seen since the casing shoe. No new results.
8 Oct 2008drilling progress report● Neutral
Simpson 1 is at 861m in the Bulldog Shale, with background gas of 2 units. The option period has expired and Central is free to deal with others. No new results.
7 Oct 2008drilling progress report● Neutral
Simpson 1 casing is cemented at 804m and drilling is about to resume. The exclusive option held by a potential partner, which paid c.$600,000, expired on 6 October. Central can now negotiate with any party.
6 Oct 2008drilling progress report▲ Good
Simpson 1 is at 804m with 9 5/8in casing run. Formation tops are coming in higher than predicted, and gas peaks reached 130 units in minor sandstones, much higher than in the same intervals at Blamore 1. Central calls this interesting, with no firm conclusions.
