Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2007quarterly activities report● Neutral
June quarter: Mt Kitty, Ooraminna and Waterhouse seismic mapping is now due by end August (earlier it was due end May). EPA 115 grant is awaited, and EPA 147 was lodged. Road access to EP 93 is unresolved. PXA, Advent and Trident farm-outs remain MoUs.
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.
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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.
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.
