Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2024joint venture update● Neutral
Partner NZ Oil & Gas attached Central's announcement of an expression of interest for Mereenie gas supply of up to 40 TJ/d or 90 PJ (gross to the JV), for delivery from mid-2024 to the end of 2030. It restated that Mereenie interests will be NZO 42.5%, Horizon 25%, Central 25% (operator) and Cue 7.5% after the Macquarie deal.
30 Apr 2024quarterly activities report▲ Good
March quarter: revenue $8.25M (-1%), price $7.99/GJe (+13%), sales 1.0 PJe (-13%) because the Northern Gas Pipeline was suspended from mid-February. Cash $24.2M, net debt $0.4M (from $4.4M). Mereenie back to 26 TJ/d by end-April on the new PWC deal.
23 Apr 2024security holder rights change● Neutral
Letter to holders of 8,333 or fewer shares (under A$500 at $0.06) on 16 April. Their shares will be sold without brokerage unless they return a retention form by 5 June 2024. Follows the 17 April facility announcement; nothing new.
17 Apr 2024security holder rights change● Neutral
Central has set up the small-parcel share sale facility announced in February. Holders of 8,333 or fewer shares (under $500 at $0.06) on 16 April have their shares sold without brokerage unless they opt out by 5 June 2024.
12 Apr 2024joint venture update● Neutral
Partner NZ Oil & Gas's release attaching Central's 12 April as-available Power and Water gas deal announcement. Restates post-Macquarie-deal Mereenie interests. Nothing new for Central.
12 Apr 2024contract award▲ GoodMajor
Mereenie JV signed an as-available gas deal with Power and Water Corporation for up to 8.6 PJ (2.1 PJ net to Central) to end-2024. Mereenie is still curtailed by 10–15 TJ/d; initial sales are expected to be moderate. This is separate from the PWC deal awaiting ACCC authorisation.
22 Mar 2024investor presentation● Neutral
Half-year results presentation repeating known figures: sales 2.4 PJe, statutory profit $13.9M, net debt $4.4M. Strategy is to maximise cash flow for possible future distributions, cut costs and seek farm-in partners. Notes about 70% of 1P reserves are uncontracted.
19 Mar 2024investor presentation● Neutral
Notice of an online presentation of half-year results on 22 March 2024 at 9:00am AEST, with Q&A. Administrative; no new information.
15 Mar 2024joint venture update● Neutral
Partner NZ Oil & Gas's release attaching Central's pipeline outage update. States that after buying 25% from Macquarie Mereenie, Mereenie interests will be NZOG 42.5%, Horizon Oil 25%, Central 25% (operator), Cue 7.5%. Central's share is unchanged.
15 Mar 2024production update▼ BadMajor
The Northern Gas Pipeline is expected to stay closed until June 2024, so east coast deliveries are blocked. Mereenie JV sales are cut by about 13.6 TJ/d (3.4 TJ/d net to Central) while the JV tries to re-contract that gas to NT customers. Follows the December-quarter outage.
15 Mar 2024joint venture update● Neutral
Partner Cue Energy's release attaching Central's 15 March pipeline outage update. Notes Cue's 7.5% Mereenie interest. Nothing new for Central.
12 Mar 2024production update▲ Good
The Mereenie flare gas recovery compressor, under testing since late 2023, is now online. It turns waste gas into sales gas, adding 0.5 TJ/d of sales capacity and cutting emissions by 13.2 kt CO2-e a year (gross JV) at current field rates.
8 Mar 2024half year report▲ Good
Half-year to 31 December 2023: statutory profit $13.9M (versus $11.2M loss a year earlier), including the $13.8M Range sale gain. Underlying EBITDAX rose 53% to $8.0M; cash $21.4M, net debt $4.4M. Repeats figures already given in the chair's letter.
8 Mar 2024half year report▲ Good
Half-year accounts to 31 December 2023. The chair says the strategic review is concluded, net debt is $4.4M after the Range sale, and underlying EBITDAX, volumes and revenue rose on the prior half. Also notes NZOG and Horizon Oil buying Macquarie's 50% of Mereenie. Dividend only a future possibility.
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.
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.
30 Jan 2024quarterly activities report● Neutral
December quarter sales fell 5% to 1.2 PJe and revenue 9% to $8.4M, hit by an eight-week Northern Gas Pipeline outage and a $7.04/GJe price. Range sale proceeds lifted cash to $21.4M and cut net debt to $4.4M. Incitec Pivot's 0.87 PJ 2024 deal is confirmed.
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 2023agm notice● Neutral
Chair's AGM address: Central is exempt from the gas price cap from December, the Range sale is the first strategic review outcome, and the sub-salt program is being restructured after Peak's failure. The review is still slowed and the share price weak.
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.
