19 Feb 2024admin correction● Neutral
At the ASX's instruction, Central clarifies that its Arafura release's claim that pricing 'reflects strong market conditions' means the pricing is consistent with market prices. No new facts.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2024debt financing● Neutral
Central extended to 30 September 2024 its option to draw an extra $5M under its loan facility, which it had previously chosen not to extend in full after the Range sale. Twenty-five percent of any drawing is repaid in quarterly instalments to 30 September 2025.
13 Feb 2024material agreement● Neutral
Partner NZ Oil & Gas's release on its own conditional 4.8 PJ Arafura gas deal, attaching Central's 12 February announcement. Nothing new for Central.
12 Feb 2024contract award▲ GoodMajor
Central signed a firm, take-or-pay gas supply agreement with Arafura for up to 6.85 PJ (net) from 2026, for up to five years, at a fixed price rising with inflation. It is conditional on Arafura meeting conditions, including a final investment decision, by 30 June 2024.
12 Feb 2024material agreement● Neutral
Arafura Rare Earths' release on its gas supply agreements with the Mereenie partners, up to 27.4 PJ from 2026 including 6.85 PJ from Central. Conditional on Nolans project steps, including a final investment decision, by 30 June 2024. Counterparty's version of Central's own announcement.
6 Feb 2024security holder rights change● Neutral
Central plans a share sale facility for holders of parcels worth under A$500, to cut registry and mailing costs. The company pays the sale costs for those who use it. Further details to follow.
6 Feb 2024other● NeutralMajor
Central says its strategic review, begun in August 2022, is complete. Outcomes: the $12.5M Range sale, interest in sub-salt exploration, and expressions of interest in its producing assets, none attractive enough to put to shareholders. It will now focus on cost and production efficiency.
6 Feb 2024director officer appointment● Neutral
Non-executive director Troy Harry resigned effective 5 February 2024, saying the time was right now the strategic review is done. He joined the board in September 2022. This adds to the open audit committee chair vacancy.
22 Dec 2023material agreement● Neutral
Partner NZ Oil & Gas's release on its own 0.67 PJ Incitec Pivot supply deal for 2024, attaching Central's announcement. Its deal is conditional on transportation agreements. Nothing new for Central.
22 Dec 2023material agreement● Neutral
Partner Cue's release on its own Incitec Pivot gas supply agreement, repeating the 1.74 PJ total for Palm Valley and attaching Central's announcement. No new information for Central.
22 Dec 2023contract award▲ GoodMajor
Central signed a firm, take-or-pay, fixed-price gas supply agreement with Incitec Pivot for 0.87 PJ (net) in 2024. Combined with partners' Palm Valley gas, total supply to Incitec is up to 1.74 PJ.
30 Nov 2023asset acquisition disposition▲ Good
The sale of Central's 50% of the Range Gas Project to Senex completed on 30 November 2023, bringing in the A$12.5M announced on 13 November.
14 Nov 2023investor presentation● Neutral
AGM presentation largely repeats known FY2023 results and the Range sale. It states $5M of additional debt is available and pre-sold gas will be fully delivered by year-end. Also notes a Palm Valley exploration well did not reach its target formation.
13 Nov 2023asset acquisition disposition▲ GoodMajor
Central sold its 50% of the Range Gas Project (Surat Basin) to a Senex Energy subsidiary for A$12.5M, with no conditions and completion expected by end-November. Described as consistent with the strategic review, it is the first disclosed outcome of that review.
2 Oct 2023material agreement● Neutral
Partner NZ Oil & Gas's cover release re-publishing Central's 29 September notice that the Shell Energy gas supply agreement is now unconditional. No new information.
29 Sept 2023material agreement▲ Good
The Shell Energy east coast gas supply agreement, signed 15 September 2022 (0.91 PJ for calendar 2025), has become unconditional. The text gives no further terms, so the contract is now binding.
27 Sept 2023investor presentation● Neutral
Results presentation largely repeats known FY2023 figures and the Mereenie helium unit plan. Confirms the Peak farmout is terminated, sub-salt drilling suspended while the Santos JV is restructured, and states the strategic review is making good progress. Adds an extra $11M of debt available.
25 Sept 2023investor presentation● Neutral
Notice of an online FY2023 results webinar on 27 September 2023 with the CEO and CFO, including Q&A. No new information.
21 Sept 2023material agreement● Neutral
Partner NZOG's cover release for the South32 gas supply extension, repeating the 1.46 PJ 2025 total and the 30 June 2024 transport condition, and attaching Central's announcement. No new information for Central.
21 Sept 2023material agreement● Neutral
Partner Cue's release on its own extension of the South32 gas supply agreement, repeating the 1.46 PJ 2025 total and the 30 June 2024 transport condition. No new information for Central.
21 Sept 2023contract award▲ GoodMajor
Central extended its South32 gas supply agreement by 12 months, adding 0.36 PJ in 2025 (net to Central). Together with Mereenie partners' gas, total supply to South32 in 2025 is 1.46 PJ, firm take-or-pay, at renegotiated pricing. It is conditional on transport agreements by 30 June 2024.
20 Sept 2023material agreement termination▼ BadMajor
Central's subsidiaries terminated the Peak Helium farmout after Peak ignored the statutory demands, and will seek transfer back of 31% in EP82, 10% in EP112 and 6% in EP125. Central's interests return to 60% EP82 (Mahler), 45% EP112 (Dukas) and 30% EP125. The transfers have yet to be completed.
19 Sept 2023annual report● Neutral
Corporate governance statement for the year to 30 June 2023, describing board practices against ASX principles. Includes 24% female employees. Administrative disclosure with no new business information.
19 Sept 2023annual report● Neutral
FY2023 revenue was $39.3M (down 7%) with underlying EBITDAX $15.7M and a statutory loss of $8.0M after $13.1M exploration costs, against a FY2022 profit of $21.3M that included the asset sale gain. Average price rose 17% to $7.90/GJe; sales volumes fell 22%.
19 Sept 2023annual report● Neutral
The 2023 annual report's chair letter says the Peak default will delay the three sub-salt wells and Central is working to restructure and refinance the program. It says the strategic review continues, slowed by the gas price cap, code of conduct and safeguard mechanism, and hopes to conclude soon. Text is truncated.
19 Sept 2023annual report● Neutral
Appendix 4G key to the governance statement, a required form lodged with the annual report. Administrative, no substantive information.
12 Sept 2023joint venture update▼ BadMajor
Peak Helium ignored statutory demands for debts owed to Central subsidiaries, and the operator has paused the three-well sub-salt program pending a joint venture forward plan. This escalates the 30 June default warning; Central says it will consider its options.
30 Aug 2023material agreement● Neutral
Partner NZOG's cover release for the Mereenie helium recovery unit MOU with Twin Bridges, attaching Central's announcement. Repeats the 17.5% NZOG interest and Central as operator with 25%. No new information.
30 Aug 2023material agreement● Neutral
Partner Cue's cover release for the Mereenie helium recovery unit MOU with Twin Bridges (Cue holds 7.5%), attaching Central's announcement. No new information for Central.
30 Aug 2023material agreement▲ GoodMajor
Central and its Mereenie partners signed a non-binding 12-month MOU with US firm Twin Bridges to progress a helium recovery unit toward a final investment decision. Twin Bridges would fund and own it, targeting up to 60,000 scf/d, with operating profit split 50/50 with the JV.