Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2008debt financing▲ GoodMajor
Central drew down the first $1m tranche of convertible notes from D.B. Zwirn under the bond facility shareholders approved in December 2007 (up to $80m in $1m tranches). Heugh says the funds underpin the 2008 drilling programme.
14 Mar 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast of the managing director's exploration update. No new information in the notice itself.
14 Mar 2008drilling progress report▲ Good
Access roads reached Blamore and Simpson. Hunt Rig #2 was inspected and judged fit for purpose, and was released early from another job, so the 25 April Blamore 1 spud may come forward. Early Fugro seismic over Johnstone, Surprise and Stuart is called good quality.
5 Mar 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast of the managing director's 2008 drilling and seismic progress report. No new information in the notice itself.
3 Mar 2008resource reserve update● Neutral
Central describes a new Pioneer truncation play at Mt Kitty, possibly up to 2.6 TCF of gas in place on top of 3.0 TCF in the main target. It depends on a seal not yet proven, and Mt Kitty 1 cannot test it.
29 Feb 2008joint venture update▲ GoodMajor
First joint venture committee with PXA and He Nuclear approved a $31m budget for the 2008 programme, with partners funding about $13m and Central about $18m. Central cites about $14m cash, plans about $7m more, with the first well late April.
22 Feb 2008other● Neutral
On 7 March 2008, 10,789,864 shares and 12.5m unlisted 20c options (expiring 31 May 2010) leave escrow. This adds to freely tradeable stock; the options stay unquoted.
15 Feb 2008contract award● Neutral
Central named further contractors for the 2008 programme: R and M Dehne for roads and sites at Blamore and Simpson, Marubeni-Itochu for casing, and two water-bore drillers. Preparatory work only; no costs given.
15 Feb 2008farm in farm out completion▲ GoodMajor
Central signed the formal farmout and joint operating agreements with PXA, converting the May 2007 MoU. PXA funds 40% of seismic (up to $3m per permit) and of up to three wells per permit, earning up to 20%. 2008 plan: 4 conventional wells, 3 CBM wells.
11 Feb 2008contract award▲ Good
Central signed letters of intent with contractors for 2008: Baker Atlas wireline logging, Baker Hughes INTEQ mudlogging, and an airborne gravity survey over 30,000 km2 in Western Australia. PXA would fund 40% of the seismic once its farmout is formalised.
8 Feb 2008farm in farm out agreement● NeutralMajor
Central ended negotiations with Advent Energy on a farmin, after the 2007 MoU. A PXA farmin is expected to be signed within a week, funding 40% of up to $3m seismic and 3 wells per permit. DB Zwirn bond drawdown expected late February or March; first well April.
6 Feb 2008half year report▼ Bad
Half-year to 31 December 2007: loss of $2,807,459 versus $866,847 a year earlier. Operations text repeats the quarterly: seismic started, Blamore and Simpson estimates raised, EPA 92 rejected. Principal activity remains exploration.
4 Feb 2008other● Neutral
Central points to Airbus's gas-to-liquids jet fuel test flight as encouraging for its planned gas-to-liquids plant, which would only proceed after a major gas discovery. No new Central project step or result.
25 Jan 2008other▲ Good
Central's technical note argues Blamore and Simpson escaped the Miocene faulting that breached other Pedirka traps, and flags a possible c.950 km2 closure on the Hallows Trend. These are company views from mapping, not drilling results; wells due April 2008.
18 Jan 2008drilling progress report● Neutral
Seismic is under way: 100 km acquired in the Stone Plains area (EP 112), with Fugro chosen for processing. Blamore, Simpson, Waterhouse, Mt Kitty and Ooraminna are called ready to drill. Hunt Rig 2 programme restated: minimum two wells, options for more.
8 Jan 2008security holder rights change● Neutral
The board reconfirmed that, if Resolution 2 passes and bonds are issued and converted, it will make pro rata entitlement offers for at least as many shares as issued on conversion. Timing and ratio are still undecided. Restates earlier plans.
4 Jan 2008admin correction● Neutral
Corrected re-release of the 3 January clarification on the general meeting and loan shares, fixing typographical errors. Substance is unchanged: Resolution 2 is to be voted on 11 January.
4 Jan 2008security holder rights change● Neutral
Explains that Resolution 2, loan shares to the Martin Place Securities staff super fund at a 50% discount (about $250,000 advantage), may not strictly need approval. A member must lend DB Zwirn $500,000 of shares. Bond approval (Resolution 1) is confirmed as passed; the meeting reconvenes 11 January.
21 Dec 2007material agreement▲ GoodMajor
Shareholders approved the bond issue under the DB Zwirn subscription agreement on a show of hands (27.4m for, 16.1m against). The meeting was adjourned to 11 January 2008 to consider Resolution 2, the loan shares.
19 Dec 2007other● Neutral
Central set up two subsidiaries, Central Green (carbon sinks and forestry) and Central Geothermal, to investigate those sectors in central Australia. The MD says no significant move will come before production and cash flow, and the company stays committed to petroleum.
19 Dec 2007listing compliance notice▲ Good
ASX granted a waiver of Listing Rule 7.3.2, conditionally allowing a 15-month approval period for the DB Zwirn bond issues. Central also published its 2008 work program, with each well costed at about $1m to $5m, as required by the waiver.
18 Dec 2007drilling scheduled▲ GoodMajor
Central says up to 1,153 km of 2D seismic has started in the Amadeus and Pedirka/Eromanga Basins. The 2008 drilling plan has two firm wells (Blamore or Simpson, and Mt Kitty 1), with up to 5 more and 3 coal bed methane wells contingent on bond approval and a farmout. Blamore and Simpson oil-in-place estimates were raised to 81 and 161 MMbbl (high).
17 Dec 2007regulatory community update▼ Bad
The Central Land Council has refused consent to grant EPA 92, a Wiso Basin application. Central says it may seek judicial review and will pursue the matter vigorously. A setback for that permit, though the outcome is not final.
12 Dec 2007regulatory community update▲ GoodMajor
Central reached agreement with the Central Land Council on a dry-weather access route into the Pedirka Basin, with sacred site clearances for Blamore 1 and Simpson 1. This resolves the long-running road access blockage; Blamore targets 40 million barrels, Simpson 69 million (best estimate).
12 Dec 2007investor presentation● Neutral
Notice of a Boardroomradio audio interview with John Heugh on Pedirka Basin 2008 drilling access, repeating the 12 December announcement. No new information.
10 Dec 2007contract award▲ GoodMajor
Central signed a binding letter of intent, subject to contract and inspection, to use Hunt Rig 2 from March-April 2008 for at least 2 wells. Up to 5 more wells and 3 coal bed methane wells are optional, dependent on bond approval and farmouts.
30 Nov 2007director officer appointment▲ Good
Randy Frazier, previously a BP production and project manager (Shah Deniz, Azerbaijan), is appointed Drilling Manager, starting full time early in the new year once his visa issues. He adds drilling capacity ahead of the planned first campaign.
26 Nov 2007admin correction● Neutral
Re-release correcting the title of the 23 November audio: it covers the rolling bond facility and potential drilling rig purchase, not the Georgina Basin. Content is identical. Administrative only.
23 Nov 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh, mislabelled as being about Georgina Basin applications. Per the 26 November re-release, the content was actually about the bond facility. No new information in the notice itself.
23 Nov 2007security holder rights change● Neutral
Central clarifies the proposed $80m rolling bond facility: only $1m of bonds outstanding at once, DB Zwirn capped at 15% of shares, facility ends if shares trade below 15c. Also says it is not about to buy a drilling rig, though a purchase may come later.
