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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
23 Apr 2007quarterly activities report● Neutral
March quarter: cash fell to about $5.33m from $7.47m. 473 line km of seismic is with JustGeo for processing, with preliminary results due end May. Blamore #1 tenders stay suspended over Pedirka road access. The Traditional Oil royalty is stated as 1.5%, versus 1.25% earlier.
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.
17 Jan 2007farm in farm out agreement▲ GoodMajor
The He Nuclear MoU became a formal farm-out agreement. He Nuclear funds A$5 million of a roughly A$10 million programme (seismic plus a well each at Mt Kitty and Magee) to earn 25% of each prospect. This resolves the MoU thread and delivers Central's first signed farm-out.
12 Jan 2007regulatory community update▲ Good
Federal consent to grant EPA 115 has been received; only Northern Territory ministerial sign-off remains, with grant expected shortly. The company calls it the first Western Amadeus permit granted since the early 1980s. Largely repeats the December announcement.
12 Jan 2007quarterly activities report● Neutral
December quarter report: cash was about $7.47 million, down from $7.94 million. EPA 115 has Land Council approval, the He Nuclear MoU is still being formalised, and Pedirka road access is still under discussion. Pedirka interests are now shown as 100%, up from 85% in the prior report; the text gives no reason.
13 Dec 2006regulatory community update▲ Good
The Central Land Council consented to grant of EPA 115, a 13,000 km2 Western Amadeus permit hosting the Johnstone oil prospect. Ministerial approvals remain, with grant expected early in the new year. This advances an open permit thread.
8 Dec 2006drilling result▲ Good
A spectral attenuation study of seismic over Avalon and Blamore shows moderate to strong anomalies at all target zones except Poolowanna, which the company says can indicate hydrocarbons. RPS's c.60 MMbbl mean estimate is repeated. Supportive technical data, not a well result.
6 Dec 2006drilling result▲ Good
Aerial and satellite (ASTER) studies map possible gas seepage zones over Ooraminna and Waterhouse, likened to Palm Valley. These are interpretations, not drilling results. High-case estimates are 0.7 TCF for Ooraminna and 1.1 TCF for Waterhouse; further seismic is planned for Dec/Jan.
29 Nov 2006farm in farm out agreement▲ GoodMajor
Central signed a non-binding MoU with He Nuclear for a helium-focused farm-out of Mt Kitty (EP 125) and Magee (EP 82). He Nuclear would fund 50% of seismic and a well on each to earn 25%. Mt Kitty's high case is 1.7 TCF gas with over 100 BCF helium. This is a first farm-out after White Sands fell through.
6 Nov 2006director officer appointment● Neutral
Tony Rudge joins as Senior Geoscientist, with over 10 years' experience including Amadeus Basin seismic reprocessing. A staff hire, not a board change.
3 Nov 2006farm in farm out agreement▲ Good
Central says it has received a number of indicative offers and expressions of interest after the 31 October target, and is reviewing them. No binding agreement yet; further announcements will follow only if one is signed.
24 Oct 2006quarterly activities report● Neutral
September quarter report: cash was about $7.94 million, down from $8.37 million. Blamore #1 drilling tenders are suspended pending access route approval, a $3.5 million Amadeus seismic tender was accepted, and farm-out talks involve three majors.
23 Oct 2006regulatory community update▼ Bad
The Central Land Council has backed away from its 16 October advice: it has not agreed to meet Traditional Owners on the Pedirka access route, so Blamore #1 remains held up. RPS's c.60 MMbbl estimate for Avalon and Blamore is repeated; farm-in offers still targeted by 31 October.
16 Oct 2006regulatory community update● Neutral
Sacred site clearances are complete over the Avalon and Blamore drill sites and Ooraminna and Mt Kitty seismic lines, but the preferred Pedirka access route is still unapproved. An RPS audit puts the two prospects at about 60 million barrels mean recoverable; Central aims for farm-in offers by 31 October.
3 Oct 2006material agreement termination▼ BadMajor
The Heads of Agreement for White Sands Petroleum to farm into EPA 92, PELA 77 and EP 93 has been terminated, citing uncertainty over White Sands' drilling rig availability. Central's first farm-in prospect therefore falls away.
21 Sept 2006material agreement● Neutral
Central engaged Horwath to advise on R&D tax concession eligibility for its drilling, seismic and gas-to-liquids ideas. Reiterates the $3.5 million Amadeus seismic from Q4 2006 and Blamore #1 awaiting access road approval.