Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2008debt financing● Neutral
Central drew a third $1m convertible bond tranche from D.B. Zwirn, taking bonds issued to 300 ($3m). 200 bonds have converted into 13,333,332 shares, 5.7% of issued capital, continuing the dilution the rights issue aims to offset.
9 May 2008resource reserve update▲ Good
A technical note says new log correlations and 180 km of 2008 seismic at Magee reveal new gas, helium and condensate plays in the southern Amadeus Basin. Mt Kitty 1 and Magee 2 are planned. No volumes given; these are interpretations, not drilled results.
8 May 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the fractured shale oil play on 8 May. No new information in the notice itself.
6 May 2008resource reserve update● Neutral
New seismic over the Gypsum prospect in EP 115 supports a Horn Valley Siltstone fractured-shale oil concept, with a high estimate of up to 30 MMbbl undiscovered oil in place. This extends the untested Bakken-style idea from 24 April; the play has never been tested in the Amadeus Basin.
2 May 2008drilling progress report● Neutral
Third water well rig is being mobilised to Blamore 1; road work still precedes Hunt Rig 2 moving in, so the spud remains delayed. Madigan seismic is 130 km done with 7 km left. A 2008 drilling schedule is appended, with oil discovery the stated focus.
2 May 2008drilling result▲ Good
The 2008 seismic acquisition, about 1,000 km, finished 2 May. A technical note on the Blamore access line says the Blamore structure looks unfaulted by Miocene movement, which hampered earlier explorers. This is a preliminary interpretation, not a drilling result.
28 Apr 2008contract award● Neutral
Coretrack, a third party, says Central plans to run its core-logging tool, using Baker Hughes coring services, at Blamore 1. Hunt Rig 2 is expected to mobilise in the next few weeks. Minor supplier-side news; adds no new result.
28 Apr 2008drilling progress report● Neutral
Rawson says recording has begun on the Madigan 2D seismic survey after Guinevere and Vivienne were finished in EP 93, expected to finish by 5 May 2008. Merlin, Central's subsidiary, can earn 80% of one EP 97 block by funding a well and 100 km of seismic.
28 Apr 2008drilling progress report▼ Bad
A second water well (363m) is on line for Blamore 1 road compaction; a third is due in 7-10 days, then 7-10 more days of road work before Hunt Rig 2 can move. Water-equipment problems have delayed the planned 25 April Blamore 1 spud. CBM93001 will be drilled after Blamore 1.
24 Apr 2008resource reserve update● Neutral
A technical note compares the Horn Valley Siltstone to the US Bakken shale and says it may host up to about 10 billion barrels of undiscovered oil in place (high estimate). It has never been flow tested, so this is an unproven, conceptual estimate.
24 Apr 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast of the managing director's Canning versus Amadeus Basin presentation. No new information in the notice itself.
18 Apr 2008other● Neutral
A proposed technical paper by Central's geology manager and a consultant argues the Amadeus Basin may be more prospective than the Canning Basin, citing an 11% commercial success rate versus 2%. The authors call the conclusions preliminary.
18 Apr 2008admin correction● Neutral
Corrects the 17 April bond release: Central has issued 200 bonds of $10,000 each for $2,000,000 to D.B. Zwirn, not 2,000. Other figures unchanged.
17 Apr 2008debt financing● Neutral
Central drew a second $1m convertible bond tranche from D.B. Zwirn, taking total drawn to $2m. 1,000 of the bonds' worth has converted into 6,666,666 shares, 3.6% of issued capital. The text has an error corrected next day.
16 Apr 2008capital raising announcement● Neutral
A second D.B. Zwirn conversion: 30 bonds worth $300,000 became 2,000,000 shares at 15 cents. Quoted shares rise to 187,031,345. Further dilution under the bond facility.
10 Apr 2008contract award▲ GoodMajor
Central signed a binding contract with Hunt Energy for Rig 2 to drill Blamore 1 and Simpson 1, with options for three CBM wells and Mt Kitty, Ooraminna and other wells. The rig is due from the Cooper Basin within weeks, which resolves the open rig-contract thread.
8 Apr 2008capital raising announcement● Neutral
Appendix 3B for the 4,666,666 shares issued to D.B. Zwirn on bond conversion at 15 cents, for working capital. Quoted shares rise to 185,031,345.
8 Apr 2008capital raising announcement● Neutral
D.B. Zwirn converted 70 bonds worth $700,000 into 4,666,666 Central shares under the bond facility approved in December 2007. That is the first conversion, at 15 cents a share, adding to the share count.
8 Apr 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast of the managing director's progress report. No new information in the notice itself.
7 Apr 2008admin correction● Neutral
Re-release of the 4 April progress report correcting typos (for example, seismic completed at Magee, not Madigan) and adding a Pedirka map. No new substance.
4 Apr 2008drilling progress report▲ Good
Hunt Rig 2 is on track to mobilise by end April for Blamore 1; vendors are finalised and Drill pads are levelled. Line clearing is done at Guinevere and Vivienne (1.235 billion bbl UOIIP combined); Johnstone is now put at up to 300 MMbbl with a possible new play.
1 Apr 2008asset acquisition disposition● Neutral
MEC Resources proposes to sell its Central Petroleum shares, and those in subsidiary Asset Energy, to its subsidiary Advent Energy for 45,701,240 Advent shares. MEC shareholder approval is still needed. Continues the Advent/MEC relationship amid their dispute with Central.
1 Apr 2008other● Neutral
Managing director John Heugh bought 33,900 shares on market at 14.5 cents on 31 March 2008, lifting his direct holding to 5,298,901 shares. Small director purchase; his options are unchanged.
28 Mar 2008drilling progress report▲ Good
Casing for 4 conventional and 3 CBM wells is secured, water bores have started, and 70 km of extra 2D seismic is planned along the Blamore road. Blamore 1 is still set to spud 25 April; the Hunt Rig 2 contract is expected to be signed imminently.
28 Mar 2008joint venture update● Neutral
Central rejects MEC's claims: it ended negotiations with Advent on 6 February, never got past an MoU, and any farmout needed board approval. It says it has received no correspondence from Advent, MEC or their solicitors.
27 Mar 2008joint venture update▼ Bad
MEC Resources says Central emailed on 6 February 2008 withdrawing from the Advent farmout MoU, which Advent calls a repudiatory breach. Advent reserves its right to claim damages, not yet quantified. This follows Central ending those talks on 8 February.
27 Mar 2008drilling scheduled● Neutral
Rawson Resources, operator of EP 97, re-released Central's announcement: Blamore 1 spuds 25 April 2008, followed by Simpson 1 in EP 97, where Rawson has a 20% free carried interest. No new information.
27 Mar 2008drilling scheduled● Neutral
Blamore 1 is planned to spud on 25 April 2008, followed by Simpson 1. Seismic profiles showing the well locations are attached. This confirms the date flagged earlier; the first test of Central's Pedirka thesis.
26 Mar 2008other● Neutral
Central cancelled 450,000 unlisted employee options exercisable at 30c by 30 November 2010, under the employee option scheme rules. Minor housekeeping.
20 Mar 2008investor presentation● Neutral
Notice of a Boardroomradio recording of the managing director's coal-seam methane conference presentation. No new information in the notice itself.
