Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2008resource reserve update▲ GoodMajor
Central reports a new Devonian carbonate play in the Warburton Basin below EP 97, with Erec and Lucan prospects having combined potential above about 5 billion barrels oil equivalent (unrisked, high estimate). Simpson 1 will test the top of the Erec prospect. Interests are projected at 65% Central, 20% Rawson and 15% PXA.
29 Aug 2008joint venture update● Neutral
Rawson, as reported from operator Central, says Simpson 1 in EP 97 should spud around 15 September, targeting about 2,200m. It is the first of three farm-in wells. Rawson cites gas seepage over the structure and calls it a moderate-to-lower risk trap. Not a Central announcement.
29 Aug 2008drilling spud● Neutral
CBM93001 spudded at 2200 hours NT time on 28 August and was at 52m by morning. It is the second well of the 2008 seven-well programme. It will drill stem test and core the coals, and can be completed as a producer if results justify.
28 Aug 2008material agreement▲ GoodMajor
An unnamed third party will fund the Blamore 1 drill stem test costs, about $600,000 (final cost not yet set). In return it gets the well results and an exclusive option to 6 October 2008 to negotiate a farm-in over some or all of Central's acreage plus a share issue. No terms agreed.
26 Aug 2008drilling scheduled● Neutral
Updated 2008 drilling programme announced, with CBM93001 expected to spud 27 August. The programme table is not in the supplied text, so no new detail can be reported. The rest repeats the earlier CBM93001 description.
25 Aug 2008drilling scheduled● Neutral
CBM93001, a c.1,200m coal bed methane well updip from the abandoned Blamore 1, was expected to spud on 27 August. The announcement summarised Blamore 1 results (15m residual oil column, up to 160m net coal), which the MD called 'unequivocally positive'.
18 Aug 2008drilling result▼ BadMajor
Blamore 1 was plugged and abandoned short of its planned 2,500m total depth after long-running hole problems and equipment faults prevented drill stem testing. It found a 15m residual oil column and up to 160m net coal. Rig 2 moved to CBM93001, and a redrill remained an option.
15 Aug 2008director officer appointment● Neutral
Bernard Crawford becomes CFO and Company Secretary from 18 August, replacing Mark Di Silvio, who is moving overseas. Richard Faull resigns as Company Secretary the same day. This changes the earlier plan that Faull would be sole secretary.
14 Aug 2008drilling result▲ GoodMajor
Preliminary log interpretation shows Blamore 1 net Permian coal of slightly over 160m, about four times the thickness expected, with gases from methane to pentane. This lifts the CBM case in the Pedirka Basin. CBM93001 is the next well.
11 Aug 2008drilling progress report● Neutral
Blamore 1 is preparing to run drill stem test tools over several intervals to check permeability. Preliminary log reading suggests there may be more coal than the roughly 87m logged earlier. Test results to follow.
8 Aug 2008drilling progress report● Neutral
Logs from 1,500m to 1,960m are complete at Blamore 1 and sidewall cores are being recovered and examined. Stopping at 2,128m is still under consideration. No new oil shows or results.
7 Aug 2008drilling progress report▼ Bad
Blamore 1 is running electric logs and preparing sidewall cores. Central is now considering completing the well at 2,128m rather than the planned 2,500m, which would leave the deeper primary targets untested. No new oil shows.
6 Aug 2008drilling progress report▲ Good
The 7-inch casing at Blamore 1 was run successfully over the tight section, and a full suite of electric logs is now being run from 1,500m to 1,960m. No new oil shows reported.
5 Aug 2008drilling progress report● Neutral
Blamore 1 is still running 7-inch casing over the tight section, down to about 900m. Electric logs over the Purni coals follow. No new results or oil shows.
4 Aug 2008drilling progress report▼ Bad
The cement plug attempt at Blamore 1's tight section near 1,300m failed, so 7-inch casing is being run over the problem zone before electric logging. Central wants logs over the Purni coals, as some may hold enough gas to test.
1 Aug 2008drilling progress report● Neutral
Blamore 1 is preparing a cement plug over the troublesome tight hole section near 1,300m, before drilling out to run logs. No new results; no further oil shows; planned depth remains 2,500m.
31 July 2008other● Neutral
Coretrack says its core-recording tool was not run at Blamore 1 because Central's coring did not proceed in July, for reasons it says were unrelated to the tool. Discussions continue on when coring might restart. It is not a Central announcement.
31 July 2008drilling progress report▼ Bad
Blamore 1 crews are reaming a tight hole section near 1,300m before setting casing or a cement plug so logging can continue. Depth stays 2,128m; no new oil shows. The tight section is a fresh hole problem on top of the earlier stuck pipe.
30 July 2008drilling progress report● Neutral
Blamore 1 is still circulating and conditioning the hole on a wiper trip before more logging. Depth stays 2,128m, about 87m of cumulative coal and gas peaks up to 233 units. No new oil shows; repeats the consultant's CBM view.
29 July 2008drilling progress report● Neutral
Blamore 1 is circulating and conditioning the hole on a wiper trip before continuing intermediate logging runs. No new results; depth still 2,128m, with no oil shows beyond those reported.
28 July 2008drilling progress report● Neutral
Stuck pipe in Blamore 1 was backed off at 2,064m; the crew is rigging up to run intermediate electric logs. Depth remains 2,128m, short of the 2,500m plan. No new oil shows.
25 July 2008drilling progress report▼ Bad
Blamore 1 is still at 2,128m, attempting to establish circulation before fishing out the stuck pipe. No new results; no further oil shows.
24 July 2008drilling progress report▼ Bad
Blamore 1 remains at 2,128m with stuck pipe; the crew is preparing to run a backoff shot. No new oil shows. CBM wells 93001 and 107001 are still planned after Blamore.
23 July 2008drilling progress report▼ Bad
Blamore 1 reached 2,128m with drill pipe stuck downhole, and crews were preparing to back off the stuck section before fishing it out. Central planned CBM wells 93001 and 107001 after Blamore 1, expecting similar coals updip; no new oil shows.
22 July 2008drilling progress report▲ Good
Blamore 1 reached 2,126m in the upper Crown Point/Tirrawarra interval, with about 87m of cumulative coal. A consultant's preliminary view says the coals suggest good permeability and potential for large coal seam gas, supporting the CBM programme. Not a result.
22 July 2008director officer appointment● Neutral
Non-executive director Richard Faull became Joint Company Secretary on 22 July. Mark Di Silvio will resign as Company Secretary effective 15 August, leaving Faull as sole secretary.
22 July 2008quarterly activities report● Neutral
June quarter report: Hunt Rig 2 mobilised to Blamore 1 to start the 2008 programme. About 1,092 km of 2D seismic was completed across the Amadeus and Pedirka basins. It restates the firm and contingent well plan; no new result.
21 July 2008drilling progress report● Neutral
Blamore 1 is drilling at 1,954m, with about 86m of cumulative coal and gas peaks up to 233 units. Purni now over 450m thick. No further oil shows; Tirrawarra not yet reached.
18 July 2008drilling progress report● Neutral
Blamore 1 is drilling at 1,812m. Cumulative coal is about 66m with gas peaks up to 233 units. A poor, slow-cut fluorescence show at 1,809-1,812m may partly be coal fines. Primary targets still not reached.
17 July 2008drilling progress report● Neutral
Blamore 1 stopped for rig repairs at 1,775m. About 52m of cumulative coal has been seen with gas peaks up to 133 units. Tirrawarra not yet reached; no new oil shows. Final results await logging.
