Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 June 2007drilling result▲ GoodMajor
Preliminary seismic interpretation suggests a possibly very large structure, approaching 400 km2, at Mt Kitty with a roughly 100m thick Heavitree target. Depth conversion is pending and final mapping is due within weeks. This is an early, unconfirmed result, not a discovery.
28 June 2007resource reserve update▲ GoodMajor
A technical note by Greg Ambrose estimates the Horn Valley Siltstone in the Amadeus Basin holds 12, 67 and 90 TCF of gas in place (low/best/high) as an unconventional play. Central puts total unconventional prospective resources at 160 TCF (best). Unproven, never tested.
27 June 2007regulatory community update● Neutral
Central forwarded a Minister Brough release on scrapping permits for some NT Aboriginal land access roads. Central has asked what this means for its Colson Track access to EP 93 prospects, still stalled by the CLC not presenting its August 2006 proposal.
26 June 2007contract award▲ GoodMajor
Central awarded IP Services (Australasia) a project management contract for its first three-well programme, planned for late 2007: Blamore-1, Mt Kitty-1 and Ooraminna-2. Blamore and Avalon still depend on approval to use an existing road.
26 June 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh on 26 June 2007 titled 'Additional Recoverable Prospective Resources'. The text contains no new information.
25 June 2007farm in farm out agreement● Neutral
Re-release of the Advent Energy farmout announcement, repeating the same MoU terms. Nothing new.
25 June 2007farm in farm out agreement▲ GoodMajor
Central agreed commercial terms in an MoU with Advent Energy, backed by MEC Resources. It covers all 18 permits, with up to 54 wells and $54m of seismic at the 40% promoted level for a 20% interest. With PXA, Central would fund only 20% and keep operatorship. Not yet binding.
25 June 2007capital raising announcement▲ GoodMajor
Central signed a conditional underwriting agreement with Martin Place Securities guaranteeing exercise of at least 20m of its 39.4m 20c options, raising $4m (up to $7.9m if all convert). This firms up the earlier letter of intent; cash was $5.3m at 31 March.
22 June 2007resource reserve update▲ GoodMajor
A Mulready report adds 25 TCF of coal bed methane gas in place in EPAs 105-107. Recoverable prospective resources across seven Pedirka permits rise to 34, 47 and 70 TCF. The company sees no immediate sales gas market. These are unproven prospective resources.
21 June 2007other● Neutral
Company shares a link to a PetroleumNews.net article summarising its plans. Barry Dawes of Martin Place Securities is quoted backing a re-rating of the Amadeus and Pedirka basins. No new information.
21 June 2007regulatory community update▲ Good
The NTGS released a technical paper, co-authored by John Heugh, on the western Pedirka Basin. It describes the basin as more oil-prone and under-explored than the Cooper Basin, but names seal as the greatest risk. This is supportive third-party geology, not a result.
20 June 2007other● Neutral
Promotional note on the helium potential of the Amadeus Basin, citing Magee 1 (1992) flowing 6.3% helium. Mt Kitty is planned for drilling in the latter half of 2007 with He Nuclear. It adds no new result.
20 June 2007regulatory community update▲ Good
Central applied for a new Amadeus Basin permit of about 1,500 km2, the Santa Teresa application, east of the Ooraminna prospect. The planned Ooraminna 1 updip well targets up to 0.7 TCF at high case. It is an application only, not a grant.
15 June 2007capital raising announcement▲ GoodMajor
Martin Place Securities intends to underwrite conversion of at least 20m of about 39.5m options at 20c expiring 30 June 2007, up to $7.9m if all convert. A July non-renounceable issue of one 25c option per two shares at 2.5c is planned. Only letters of intent exist.
13 June 2007regulatory community update● Neutral
Central says it asked the Central Land Council in August 2006 to put a road access proposal to Traditional Owners, with no action by May 2007. The Federal Minister wrote to the CLC on 5 June 2007. The Blamore and Avalon access dispute remains unresolved.
12 June 2007investor presentation● Neutral
Notice of an audio presentation by John Heugh on Boardroomradio titled 'Farmout Agreement and Additional Potential in Amadeus Basin', going live 12 June 2007. No new information in the text.
12 June 2007regulatory community update▲ Good
Central lists 18 permits and applications, five granted. EP 115 approval is imminent, a notice of intent to grant EPs 105-107 is being prepared, and the Central Land Council negotiations for EPAs 130, 131 and 137 are now permitted. Nine granted permits are expected soon.
8 June 2007resource reserve update▲ Good
Exploration Manager Greg Ambrose's study identifies an overlooked Aralka petroleum system across 90,000 km2 of the Amadeus Basin, with up to 21 billion barrels of oil equivalent expelled. This is a preliminary estimate of generated hydrocarbons, not recoverable resources. An updip Ooraminna test is planned for Q3 2007.
1 June 2007farm in farm out agreement▲ GoodMajor
Central signs an MoU with Petroleum Exploration Australia (PXA), chaired by Barry Dawes. PXA would fund 40% of up to $3m of seismic per permit area and 40% of drilling for a 20% interest in each permit. Detailed agreements are targeted for end June; it is not yet binding.
16 May 2007investor presentation● Neutral
Progress note: seismic processing is not yet complete, farm-in talks have no signed deal, and several capital raising options are under consideration. Blamore, Ooraminna and Mt Kitty drilling is conditional on funding, rigs and road access. No tenders have been let.
14 May 2007regulatory community update▼ Bad
Sacred site clearances for Blamore and Avalon are done, but talks with the Central Land Council on all-weather access to EP 93 remain stuck. Central has asked the Federal Minister to step in. It notes the 30 June 2007 option expiry.
14 Mar 2007resource reserve update● Neutral
Mulready's full independent report supports the 9 March release. It estimates about 67.4 TCF of original gas in place, with 25, 34 and 51 TCF recoverable in low, best and high cases. It adds no new resource estimate beyond the summary already released.
9 Mar 2007resource reserve update▲ GoodMajor
Independent reports estimate Pedirka Basin coal bed methane prospective resources of 25 TCF low, 35 TCF best and 50 TCF high, for a notional Alice Springs gas-to-liquids plant. These are unproven prospective resources, not reserves. Scout drilling is the proposed next step.
7 Mar 2007drilling result▲ Good
Central finished acquiring 484 km of 2D seismic over Mt Kitty, Ooraminna and Waterhouse, the first such programme in the area since 1992 outside the producing fields. It sets up drilling of the three prospects, which together have a high case of 3.4 TCF of gas. No well results yet.
6 Mar 2007asset acquisition disposition● Neutral
Enterprise Energy, seller of Traditional Oil's permits, confirms the sale of EPAs 105, 106 and 107 to Central for $100,000 cash and $375,000 of Central stock. Another $1 million is payable after commercial production. This is the seller's side of Central's 5 March deal.
5 Mar 2007asset acquisition disposition▲ GoodMajor
Central agreed, conditional on permit grant, to buy EPAs 105, 106 and 107 from Traditional Oil, adding about 27,000 km2 between EP 82 and EP 93. Price is $100,000 cash plus $375,000 of Central shares, $1 million after commercial production starts, and a 1.25% royalty. It opens a coal bed methane angle.
16 Feb 2007director officer appointment▲ Good
Greg Ambrose, currently Deputy Director of the Northern Territory Geological Survey, becomes Exploration Manager from 16 March on a four-year contract. The company says many of its prospect concepts derive from his work. A senior technical hire, not a board change.
6 Feb 2007security holder rights change● Neutral
Escrow notice: 23.5 million shares on 21 February and 17.5 million shares on 22 February 2007 are released, with 8.75 million and 8 million unquoted options. These are much larger releases than earlier notices. Administrative notice only.
24 Jan 2007drilling progress report▲ Good
Central has started seismic acquisition over Ooraminna, Waterhouse and Mt Kitty, after line clearing began at Mt Kitty. This delivers the long-planned Amadeus seismic. Prospect size estimates are repeated: 3.4 TCF, 300 MMbbl and 105 BCF helium at high case.
19 Jan 2007half year report● Neutral
Half-year accounts to 31 December 2006 mostly repeat the quarterly operations review. The $3.5 million seismic programme is now timed to start January 2007, and the He Nuclear MoU is still described as proposed. The financial statements are truncated, so no figures are given.
