Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2008drilling progress report▲ Good
Hunt Rig 2 is on track to mobilise by end April for Blamore 1; vendors are finalised and Drill pads are levelled. Line clearing is done at Guinevere and Vivienne (1.235 billion bbl UOIIP combined); Johnstone is now put at up to 300 MMbbl with a possible new play.
1 Apr 2008asset acquisition disposition● Neutral
MEC Resources proposes to sell its Central Petroleum shares, and those in subsidiary Asset Energy, to its subsidiary Advent Energy for 45,701,240 Advent shares. MEC shareholder approval is still needed. Continues the Advent/MEC relationship amid their dispute with Central.
1 Apr 2008other● Neutral
Managing director John Heugh bought 33,900 shares on market at 14.5 cents on 31 March 2008, lifting his direct holding to 5,298,901 shares. Small director purchase; his options are unchanged.
28 Mar 2008drilling progress report▲ Good
Casing for 4 conventional and 3 CBM wells is secured, water bores have started, and 70 km of extra 2D seismic is planned along the Blamore road. Blamore 1 is still set to spud 25 April; the Hunt Rig 2 contract is expected to be signed imminently.
28 Mar 2008joint venture update● Neutral
Central rejects MEC's claims: it ended negotiations with Advent on 6 February, never got past an MoU, and any farmout needed board approval. It says it has received no correspondence from Advent, MEC or their solicitors.
27 Mar 2008joint venture update▼ Bad
MEC Resources says Central emailed on 6 February 2008 withdrawing from the Advent farmout MoU, which Advent calls a repudiatory breach. Advent reserves its right to claim damages, not yet quantified. This follows Central ending those talks on 8 February.
27 Mar 2008drilling scheduled● Neutral
Rawson Resources, operator of EP 97, re-released Central's announcement: Blamore 1 spuds 25 April 2008, followed by Simpson 1 in EP 97, where Rawson has a 20% free carried interest. No new information.
27 Mar 2008drilling scheduled● Neutral
Blamore 1 is planned to spud on 25 April 2008, followed by Simpson 1. Seismic profiles showing the well locations are attached. This confirms the date flagged earlier; the first test of Central's Pedirka thesis.
26 Mar 2008other● Neutral
Central cancelled 450,000 unlisted employee options exercisable at 30c by 30 November 2010, under the employee option scheme rules. Minor housekeeping.
20 Mar 2008investor presentation● Neutral
Notice of a Boardroomradio recording of the managing director's coal-seam methane conference presentation. No new information in the notice itself.
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.
23 Jan 2008quarterly activities report● Neutral
October-December 2007 quarterly: seismic line clearing began for up to 1,153 km; Blamore and Simpson oil-in-place estimates raised to 81 and 161 MMbbl (high); CLC rejected EPA 92; Merlin preferred tenderer for three Queensland permits. Largely restates known items.
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 2007agm notice● Neutral
Chairman's AGM address: seismic is under way, drill sites chosen and cleared at Ooraminna and Blamore, with Mt Kitty clearance imminent. Hunt Rig 2 is subject to inspection. The Petroleum Exploration Australia farmout terms are agreed but await royalty-holder paperwork. The CLC route to Blamore was accepted reluctantly.
