16 July 2008drilling progress report● Neutral
Blamore 1 is drilling at 1,595m in the Purni Formation. Coal was hit at 1,537-1,544m with elevated gas readings up to 26 units. No new oil shows; primary targets remain deeper.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 July 2008drilling progress report● Neutral
Blamore 1 is preparing to drill ahead from 1,405m, having passed the top of the Permian Purni Formation at 1,370m. No oil shows beyond the earlier 996-1017m interval. Primary targets are still deeper; planned depth 2,500m.
15 July 2008admin correction● Neutral
Amended notice for Dunmore's 8 July purchase of 10,000 shares. It corrects his prior holding to 666,666 shares; the 676,666 holding afterwards is unchanged. Administrative correction.
14 July 2008other● Neutral
Director William Dunmore bought 10,000 shares off-market on 8 July for $1,500, lifting his direct holding to 676,666 shares. Options unchanged. Routine director interest notice.
14 July 2008drilling result● Neutral
Blamore 1 found residual oil shows over 996-1017m in top Algebuckina Sandstone, a secondary target. Central reads them as a c.15m oil column that has since dissipated, so no test was recommended. Primary targets lie deeper; drilling continues.
11 July 2008drilling progress report● Neutral
Blamore 1 is pressure testing blowout preventers, with drilling expected to resume that night. Formation tops continue to come in higher than forecast; no new result.
11 July 2008other● Neutral
Central cancelled 1,200,000 unlisted 30-cent employee options after a resignation and issued 200,000 new 33-cent options to staff. Shares on issue stay at 252,308,265. Administrative.
10 July 2008drilling progress report● Neutral
Blamore 1 is landing casing and preparing to cement it. Central calls it encouraging that formation tops are coming in higher than forecast; no hydrocarbon result yet.
9 July 2008drilling progress report● Neutral
Blamore 1 is running 9 5/8-inch casing. It is the first of a planned seven wells in 2008; planned total depth is 2,500m. Formation tops so far are shallower than forecast.
8 July 2008drilling progress report● Neutral
Blamore 1 stopped at 975m to run surface casing. The top of the Cadnaowie Formation came in at about 951m, 110m shallower than forecast. Primary targets are still deeper.
7 July 2008drilling progress report● Neutral
Blamore 1 spudded at 0400 on 5 July and had reached 975m by 0600 on 7 July.
4 July 2008drilling spud▲ GoodMajor
Blamore 1 is spudding: the 16-inch conductor is set and the main hole section is imminent. This is the first well of Central's 2008 programme, after repeated delays, and the first conventional oil well drilled in the Pedirka in about 15 years.
26 June 2008drilling scheduled▼ Bad
Spud of Blamore 1 slips again to 1 July, as remedial work on part of the Blamore track means only single truckloads can get through. The camp is in place and rig equipment is being assembled and tested.
25 June 2008security holder rights change▼ Bad
After the rights issue, the minimum conversion price on the D.B. Zwirn bonds was cut from 15 cents to 14.41 cents. A conversion at the time would price at 18.7 cents, so more shares per bond could be issued if the share price falls.
24 June 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the drilling schedule, 24 June. No new information in the notice itself.
23 June 2008resource reserve update▲ Good
A technical note describes two new stratigraphic leads in the Pedirka Basin, Perceval (306 MMbbl) and Bedivere (172 MMbbl) of undiscovered oil in place at 'high' estimate, up to 480 MMbbl combined. They are high risk and need more seismic.
23 June 2008drilling scheduled● Neutral
Spud of Blamore 1 is anticipated on 26 June, subject to operational contingencies, as most camp and rig components are on site or due by 23 June after tracks dried.
16 June 2008drilling scheduled▼ Bad
Rig mobilisation began 10 June but heavy rain delayed some components; Blamore 1 spud is now expected 26-30 June. The Blamore track is finished and the pad nearly done. Two CBM wells now precede Simpson 1.
13 June 2008capital raising announcement● Neutral
The 31,090,865 rights issue shares were allotted on 13 June, raising a net $4.66m. Shares on issue are now 252,308,265; MEC Resources is the largest holder at 2.97%.
12 June 2008capital raising announcement● NeutralMajor
The 1-for-5 rights issue closed 6 June with shareholders taking up 78%: 31,090,865 shares at 15 cents, raising $4.67m. The 8,982,070-share shortfall may be placed by directors within three months, so it falls short of the $6.01m maximum.
What it means for a shareholder
31.1m new shares at A$0.150 to raise about A$4.7m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00262% to 0.00233% of the company. To keep it you'd need 814 more shares - about A$122 at the issue price.
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10 June 2008admin correction● Neutral
Clarification of the 6 June CBM report release after some shareholders read only the first of three appended reports. Restates the 34, 47 and 70 TCF combined figures; no new information.
6 June 2008resource reserve update● Neutral
Central released full text of earlier independent reports on Pedirka CBM: 34, 47 and 70 TCF recoverable prospective resources (low, best, high) across its permits. It re-releases known figures, adding a conceptual gas-to-liquids plant study; nothing has been flow tested.
4 June 2008drilling scheduled▼ Bad
Rig mobilisation is now set to start 10 June, after the Finke Desert Race closed the access road, and takes about 10-15 days. Blamore 1 remains the first well, then CBM wells and Simpson 1: another slip in the spud date.
3 June 2008debt financing▼ Bad
Central drew a sixth $1m bond tranche from D.B. Zwirn: 600 bonds issued ($6m), 500 converted into 33,333,330 shares, 13.1% of issued capital. DBZ held 3.3% at 2 June, continuing the dilution.
28 May 2008investor presentation● Neutral
Link to a webcast of the managing director's presentation at the Excellence in Oil and Gas symposium, 26-27 May, with standard forward-looking disclaimers. No new information in the notice itself.
27 May 2008drilling scheduled● Neutral
Central will begin mobilising Hunt Rig 2 to Blamore 1 on 5 June, after earlier delays. Blamore 1 is to be followed by one or two CBM wells, then Simpson 1. Pedirka oil potential with PXA is put at over 700 MMbbl.
23 May 2008investor presentation● Neutral
Notice of a Boardroomradio audio broadcast by the managing director on the Hector Trend, 26 May. No new information in the notice itself.
23 May 2008debt financing▼ Bad
Central drew a fifth $1m bond tranche from D.B. Zwirn: 500 bonds issued ($5m), 400 converted into 23,333,331 shares, 9.4% of issued capital. DBZ held 4.1% at 22 May, as converted shares are being traded.
23 May 2008resource reserve update▲ GoodMajor
A re-assessment of old seismic identifies the Hector Trend in the Pedirka Basin: four large leads (450 km2) with up to 2,098 MMbbl undiscovered oil in place at the 'high' estimate. These are unmapped-to-drill-ready leads, not drilled results; more seismic is probably needed.
22 May 2008capital raising announcement● Neutral
Offer document for the 1-for-5 rights issue at 15 cents. The maximum is 40,075,746 shares raising up to $6.01m, up slightly from the earlier figure. It closes 6 June 2008; funds are for central Australian exploration and/or development.
What it means for a shareholder
40.1m new shares at about A$0.150 to raise about A$6.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (6,668 at the issue price), your slice goes from 0.00277% to 0.00238% of the company. To keep it you'd need 1,111 more shares - about A$167 at the issue price.
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