Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2007security holder rights change● Neutral
Responding to shareholder questions, Central says it intends pro rata entitlement offers of at least as many shares as issued on bond conversion, to offset dilution. Timing and ratio are undecided; the price would match the latest conversion price.
20 Nov 2007debt financing● NeutralMajor
Central signed a Bond Subscription Agreement with D.B. Zwirn for up to $80m of convertible zero-coupon bonds in $1m tranches over up to five years. It needs shareholder approval at a 21 December general meeting, held with the AGM. Conversion would dilute shareholders.
15 Nov 2007regulatory community update▲ GoodMajor
The Pmere Nyente Land Trust voted unanimously to ask the CLC to finalise a road lease east of the Colson Track to EP 93 and EP 97 by 31 December 2007. This could end the access blockage, but the CLC did not attend and has not yet agreed.
29 Oct 2007farm in farm out agreement▲ GoodMajor
The Rawson MoU became a formal farmin agreement on 26 October. Merlin funds 100 km of seismic and one well per block to hold 80% of the Simpson, Bejah and Dune blocks (best estimate 260 mmbbls). Subject to Central Land Council road access and reasonable road costs.
24 Oct 2007asset acquisition disposition▲ GoodMajor
With EPs 105-107 granted, Central will complete the purchase: $375k of shares plus a further $1m after a year of production and a 1.5% production bonus. It adds about 27,000 km2 of granted ground, bringing Central's granted permits to nine.
23 Oct 2007asset acquisition disposition▲ Good
Enterprise Energy, seller of the permits, says Traditional Oil has now been granted EPs 105, 106 and 107. This clears the condition for Central's purchase ($100k cash, $375k shares, $1m after production); assignment and share issue to follow.
15 Oct 2007regulatory community update● Neutral
Follow-up technical note on the southern Georgina Basin, restating the Queensland preferred-tenderer status. It says grant cannot be guaranteed and depends on Traditional Owner negotiations. No new commercial information.
11 Oct 2007asset acquisition disposition▲ GoodMajor
Central's subsidiary Merlin was named preferred tenderer for three Queensland Georgina Basin permits (ATPs 909, 911, 912, c.14,000 km2). This gives it priority to apply for grant, and the permits complement its NT application EP(A) 132 in the same basin.
11 Oct 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh on 12 October 2007 about the Queensland Georgina Basin applications. No new information.
3 Oct 2007director officer appointment● Neutral
Mark Di Silvio, appointed CFO on 25 September, is now also Company Secretary, replacing Richard Faull in that role. Faull stays as a non-executive director. Otherwise restates the first drilling campaign and acreage.
28 Sept 2007annual report● Neutral
2007 annual report. The chairman says seismic over Ooraminna, Waterhouse and Mt Kitty is complete and well locations are being finalised. The Avalon (20 MMbbl) and Blamore (40 MMbbl) mean prospective resources await road access still blocked by the Central Land Council. He describes the company as financially robust after recent raisings.
27 Sept 2007director officer appointment● Neutral
Richard Faull, a founding executive director since 1998, retired as Executive Director Finance on 25 September 2007 due to ill-health, remaining as non-executive director and Company Secretary. Mark Di Silvio, ex-Woodside, becomes CFO.
12 Sept 2007investor presentation● Neutral
Link to a Wall Street Reporter interview with MD John Heugh. No new information in the announcement itself.
4 Sept 2007capital raising announcement● Neutral
The option entitlement offer is complete: the underwriter placed the 29.9m-option shortfall, raising a further $748,668. Martin Place also received 5m options as underwriting fees. Total listed 25c options now about 96m.
27 Aug 2007regulatory community update▲ GoodMajor
EP 115 (about 13,000 km2) was formally granted, resolving the pending grant. It hosts the Johnstone prospect (up to 112 MMbbl) and a new large Wells prospect. A 200 km seismic programme is planned; first drilling is contingent for Q4 2007, with Johnstone in mid to late 2008.
22 Aug 2007capital raising announcement● Neutral
Central issued 58.0m 25c options (expiry 30 June 2010) in the entitlement offer, a 66% take-up raising $1.45m. Martin Place took a 29.9m-option shortfall, which should add $748,668 for a total of about $2.2m.
13 Aug 2007farm in farm out agreement▲ Good
Rawson Resources' side of the same MoU: Merlin earns 80% of each EP 97 block by funding 100% of a well each, plus a 100 km seismic survey. The rig drilling Blamore in EP 93 in Q4 2007 may then move to EP 97. Still subject to due diligence and a formal agreement.
13 Aug 2007farm in farm out agreement▲ GoodMajor
Central's subsidiary Merlin signed a non-binding MoU with Rawson Resources to fund up to 3 wells and 100 km of seismic in EP 97 (Pedirka Basin) to earn 80% and operatorship of three prospect blocks. Targets 256 million barrels 'best' estimate; subject to due diligence and board approvals.
13 Aug 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh on 13 August 2007 about the planned EP 97 farmin. No new information.
24 July 2007capital raising announcement▲ GoodMajor
Central completed the option underwriting and placement, raising $9,007,650 before costs, with a further 39.07m shares allotted and 3m options issued to Martin Place. Prospectuses for the option entitlement offer have been despatched; it closes 17 August.
What it means for a shareholder
39.1m new shares at about A$0.2306 to raise about A$9.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (4,337 at the issue price), your slice goes from 0.00263% to 0.00212% of the company. To keep it you'd need 1,026 more shares - about A$237 at the issue price.
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12 July 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation titled 'Changing Trends in the Energy Market' on 13 July 2007. No new information.
12 July 2007capital raising announcement● Neutral
Prospectus for the option entitlement offer at 2.5c. The MD's letter says drilling did not start by 30 June 2007 partly because of Blamore and Avalon access problems in EP 93, and the new option replaces the expired one.
11 July 2007capital raising announcement● Neutral
Central announced its non-renounceable offer of one option per two shares at 2.5c (25c exercise, expiry 30 June 2010) to holders on 20 July 2007. It is conditionally underwritten by Martin Place and closes 17 August.
9 July 2007capital raising announcement▲ GoodMajor
Central will place about 5.5m extra shares at 20c, raising $1.1m and bringing the total from option conversion and placement to $9.0m before costs. 3m 25c options go to Martin Place as fees. 5.96m shares went to option holders.
6 July 2007capital raising announcement▲ Good
MEC Resources, parent of farm-out partner Advent Energy, agreed to invest $1.25m in Central at 20c per share for 6.25m shares, plus options on the entitlement terms. The Advent farm-out is still only an MoU awaiting formal agreement.
5 July 2007capital raising announcement▲ GoodMajor
The underwriter fully placed the expired 20c options: about 39.53m shares raising $7.9m before costs, of which 5.98m options were exercised by holders for $1.19m. Cash was $5.3m at 31 March; this is a further c.$7.6m boost.
What it means for a shareholder
39.5m new shares at about A$0.1998 to raise about A$7.9m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (5,004 at the issue price), your slice goes from 0.00417% to 0.00313% of the company. To keep it you'd need 1,647 more shares - about A$329 at the issue price.
Create a free account to see this worked out for your own holding.
2 July 2007capital raising announcement● Neutral
Central is reviewing the 9 July record date for its planned option entitlement issue so it can include shares from the underwritten option conversion. A firm timetable is to follow.
2 July 2007investor presentation● Neutral
Notice of a Boardroomradio interview with John Heugh on 2 July 2007 about the Trident Energy farm-out. No new information.
29 June 2007farm in farm out agreement▲ GoodMajor
Central signed a non-binding MoU with unlisted Trident Energy over EPA 115 (not yet granted): Trident funds a $3m seismic programme and three wells at the 20% level to earn 10%. Central keeps 50% and operatorship, with a stated 100% free carry.
29 June 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh on 29 June 2007 about the additional non-conventional gas resources in the Amadeus Basin. No new information.
