Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2023quarterly activities report▼ Bad
September quarter sales fell 2.5% to 1.25 PJe and revenue fell 14% to $9.2M, on a Northern Gas Pipeline outage and softer prices ($7.41/GJe). Cash was $12.5M and net debt $14.5M. The CEO says the strategic review is taking longer than expected.
13 Oct 2023agm notice● Neutral
Shareholder letter giving details for the AGM on 14 November 2023, 10.00am AEST, at the Hilton Brisbane and online. Proxies are due by 10.00am on 12 November. Administrative only.
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.
13 Sept 2023agm notice● Neutral
Central will hold its 2023 AGM on 14 November 2023, in person and online. Director nominations close 22 September 2023. Administrative notice only.
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.
28 July 2023quarterly activities report● Neutral
June quarter: sales 1.3 PJe (down 4%), revenue $10.7M, price $8.37/GJe; cash $13.8M, net debt $14.3M. FY2023 revenue $38.2M. Reserves upgrade noted; the Peak Helium funding risk could delay the three-well sub-salt program.
27 July 2023resource reserve update▲ Good
Partner NZOG reports its share of Palm Valley 2P reserves up 14% to 2.1 mmboe after PV-12, and Dingo up 13% to 3.5 mmboe. This is the partner's view of fields Central operates; Central's own booking follows the same day.
27 July 2023resource reserve update▲ GoodMajor
Central's 2P gas reserves rose 8% before production to 75.0 PJe (1P 62.7) at 30 June 2023, on the PV-12 well at Palm Valley (2P 13.4 PJ) and Dingo remodelling (2P 21.9 PJ). This delivers the reserves booking expected from PV-12. Mereenie unchanged.
30 June 2023joint venture update▼ BadMajor
Peak Helium owes Central over $3M overdue under the farmout that completed 31 March, and Central thinks Peak may not fund its farm-in obligations. This puts the three-well sub-salt program at risk. Peak and its financiers want to restructure and prioritise Jacko Bore.
12 May 2023investor presentation● Neutral
Quarter presentation repeats known results: revenue $10.9M, net debt $15.1M, cash $14.2M, Peak farmout complete. Adds that Central should be exempt from the $12/GJ price cap, and that five Mereenie recompletions are in progress. Sub-salt drilling still planned late 2023/early 2024.
10 May 2023investor presentation● Neutral
Notice of an online March quarter results webinar on 12 May 2023 with the CEO and CFO, including Q&A. No new information.
2 May 2023admin correction● Neutral
Central re-lodged its March 2023 quarter cash flow report (Appendix 5B) on the current ASX template instead of the older one used on 28 April. Reported cash flows and other disclosures are unchanged.
28 Apr 2023quarterly activities report▲ Good
March quarter: sales 1.3 PJe (up 25%), revenue $10.9M (up 50%), price $8.15/GJe; cash $14.2M, net debt $15.1M. Farmout completed 31 March; five Mereenie recompletions planned by mid-year. Strategic review continues in the background.
18 Apr 2023investor presentation● Neutral
QUPEX presentation restates known facts: 6.3 PJe sales and $42.2M revenue in FY2022, net debt about $17M, 729.3M shares, and the three sub-salt wells. Mean Dukas-2 estimates are 429 bcf gas net to Central. Dukas-2 spud is expected in 1H 2024.
18 Apr 2023resource reserve update▲ GoodMajor
Central estimates its share across the three sub-salt wells at 44.8 bcf helium, 56.7 bcf hydrogen and 272 bcf natural gas. Only Jacko Bore's 2C contingent portion (4.3 bcf helium) is contingent; the rest is undiscovered prospective resource, carrying discovery risk. Peak carries Central up to $4.8M (Jacko Bore) and $5.8M (Mahler).
31 Mar 2023farm in farm out completion▲ GoodMajor
The Peak Helium farmout completed on 31 March 2023, resolving the long-delayed condition. Post-farmout interests: EP82 Central 29%, EP112 35%, EP125 24%. Peak free-carries Central for the Mahler and Jacko Bore wells (capped at $20M gross each); drilling is targeted for late 2023 or early 2024.
