Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2007material agreement▲ GoodMajor
Shareholders approved the bond issue under the DB Zwirn subscription agreement on a show of hands (27.4m for, 16.1m against). The meeting was adjourned to 11 January 2008 to consider Resolution 2, the loan shares.
21 Dec 2007agm notice● Neutral
AGM results: all seven resolutions passed on a show of hands, including re-election of Faull and Dunmore, option issues to four directors, and adoption of the remuneration report.
19 Dec 2007other● Neutral
Central set up two subsidiaries, Central Green (carbon sinks and forestry) and Central Geothermal, to investigate those sectors in central Australia. The MD says no significant move will come before production and cash flow, and the company stays committed to petroleum.
19 Dec 2007listing compliance notice▲ Good
ASX granted a waiver of Listing Rule 7.3.2, conditionally allowing a 15-month approval period for the DB Zwirn bond issues. Central also published its 2008 work program, with each well costed at about $1m to $5m, as required by the waiver.
18 Dec 2007drilling scheduled▲ GoodMajor
Central says up to 1,153 km of 2D seismic has started in the Amadeus and Pedirka/Eromanga Basins. The 2008 drilling plan has two firm wells (Blamore or Simpson, and Mt Kitty 1), with up to 5 more and 3 coal bed methane wells contingent on bond approval and a farmout. Blamore and Simpson oil-in-place estimates were raised to 81 and 161 MMbbl (high).
17 Dec 2007regulatory community update▼ Bad
The Central Land Council has refused consent to grant EPA 92, a Wiso Basin application. Central says it may seek judicial review and will pursue the matter vigorously. A setback for that permit, though the outcome is not final.
12 Dec 2007regulatory community update▲ GoodMajor
Central reached agreement with the Central Land Council on a dry-weather access route into the Pedirka Basin, with sacred site clearances for Blamore 1 and Simpson 1. This resolves the long-running road access blockage; Blamore targets 40 million barrels, Simpson 69 million (best estimate).
12 Dec 2007investor presentation● Neutral
Notice of a Boardroomradio audio interview with John Heugh on Pedirka Basin 2008 drilling access, repeating the 12 December announcement. No new information.
10 Dec 2007contract award▲ GoodMajor
Central signed a binding letter of intent, subject to contract and inspection, to use Hunt Rig 2 from March-April 2008 for at least 2 wells. Up to 5 more wells and 3 coal bed methane wells are optional, dependent on bond approval and farmouts.
30 Nov 2007director officer appointment▲ Good
Randy Frazier, previously a BP production and project manager (Shah Deniz, Azerbaijan), is appointed Drilling Manager, starting full time early in the new year once his visa issues. He adds drilling capacity ahead of the planned first campaign.
26 Nov 2007admin correction● Neutral
Re-release correcting the title of the 23 November audio: it covers the rolling bond facility and potential drilling rig purchase, not the Georgina Basin. Content is identical. Administrative only.
23 Nov 2007investor presentation● Neutral
Notice of a Boardroomradio audio presentation by John Heugh, mislabelled as being about Georgina Basin applications. Per the 26 November re-release, the content was actually about the bond facility. No new information in the notice itself.
23 Nov 2007security holder rights change● Neutral
Central clarifies the proposed $80m rolling bond facility: only $1m of bonds outstanding at once, DB Zwirn capped at 15% of shares, facility ends if shares trade below 15c. Also says it is not about to buy a drilling rig, though a purchase may come later.
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.
22 Oct 2007quarterly activities report● Neutral
September quarter: EP 115 was granted on 22 August and EPA 147 application confirmed valid. Drill-site approvals for Mt Kitty, Ooraminna and Waterhouse are expected shortly. The CLC has confirmed sacred site clearance for EP 93 drill sites, but road access is still under discussion.
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.
