1 Aug 2014drilling progress report● Neutral
Whiteley-1 is at 991m measured depth, with the intermediate hole section finished and logging next. Primary target is the Lower Arthur Creek Formation. Gaudi-1 is still due mid-September. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2014farm in farm out agreement▲ GoodMajor
Santos proceeds to Stage 2 of an amended Southern Amadeus JV, funding 1,300km of 2D seismic (about $12m) to lift its interest to 40% in listed permits. Central regains 100% of Ooraminna (RLs 3&4); Pellinor not drilled; WA applications dropped. Santos decision on Mt Kitty and NW Mereenie due around end August.
21 July 2014drilling spud▲ GoodMajor
Drilling started 20 July 2014 at Whiteley-1 in ATP912, first of the Southern Georgina unconventional gas wells with partner Total. It targets the Lower Arthur Creek Formation; Gaudi-1 is due mid-September. Each well should take about 60 days.
20 Mar 2014drilling progress report● Neutral
Santos's rig is mobilised and expected to resume drilling Mt Kitty-1 around 24 March 2014, after the top hole was drilled to about 785m. Planned total depth is about 2,030m KB. No results yet.
28 Nov 2013farm in farm out agreement▲ GoodMajor
Total and Central lift Southern Georgina Stage 1 spending from US$60m to US$95m, with the US$190m four-year total unchanged. Central's extra 20% share (US$7m) is deferred, targeted mid-2015. Core wells are planned from April 2014; production tests are possible.
18 Sept 2013drilling progress report● Neutral
Mt Kitty top hole was at 417m and its planned depth is now about 825m, instead of 480m, to go below the Base Cambrian Unconformity. The main hole timing (Q1 2014, about 2,000m) is unchanged.
17 Sept 2013drilling spud▲ GoodMajor
Santos spudded the Mt Kitty gas well in EP125 on 13 September, as part of its farm-in obligations to earn 70%. The top hole goes to about 480m; the main hole is planned to about 2,000m in Q1 2014 to the Heavitree formation.
4 July 2013farm in farm out completion▲ GoodMajor
Central completes the Santos farm-out for the Simpson, Pellinor and Bejah Blocks in EP97, fully completing the Santos deal over more than 18.7 million acres. This resolves the last open condition from the 4 April partial close.
9 May 2013farm in farm out completion▲ GoodMajor
Central completes the Total farm-out over the three Queensland permits (about 6 million acres). Stage one costs US$60m, with Total funding the first US$48m. The Northern Territory EPA132 part closes only when that permit is granted.
4 Apr 2013farm in farm out completion▲ GoodMajor
Central completes the Santos farm-out for most of the 18.7 million acres in the Amadeus and Pedirka Basins. The EP97 parts are deferred until the Rawson share purchase finishes. This follows the 2 October 2012 Santos deal.
26 Mar 2013resource reserve update▲ GoodMajor
Reserve report puts Surprise-1 at 7.48m barrels of oil in place, with 3P recoverable reserves of 2.1m barrels and 600,000 barrels proved. That supports interim development once a production licence is granted. Debt and a partial farm-out are options.
6 Nov 2012farm in farm out agreement▲ GoodMajor
Total farms into about 6 million acres of the Southern Georgina Basin (EP(A)132, ATP(A)909/911/912). Stage one is US$60m, with US$130m more at Total's election, earning up to 68%. Central operates for four years and keeps 100% of Surprise. Second farm-out after Santos.
5 Oct 2012farm in farm out agreement▲ Good
Rawson says the Santos deal includes the three EP 97 farm-in blocks, with Santos agreeing in principle to pay Central's farm-in. After earning, Santos would hold 56%, Central 24% and Rawson 20% in those blocks. Rawson remains operator and plans to farm out other blocks.
2 Oct 2012farm in farm out agreement▲ GoodMajor
Santos farms into up to 13 Amadeus and Pedirka permit areas (nearly 80,000 sq km), investing $30m initially plus options for $60m and $60m more, to earn up to 70%. Central is free-carried and keeps at least 30% plus 100% of EP115. Subject to permit renewals. First major farm-out after months of talks.
8 June 2012drilling progress report● Neutral
The roughly 82 sq km Surprise 3D seismic survey has received regulatory and environmental approvals. Ground preparation starts next week and recording is likely close to early July 2012, later than the earlier mid-May target.
27 Mar 2012drilling progress report▲ Good
Kintore bypass road for EPT transport is nearly complete and storage tank leasing is well advanced. Surprise 3D seismic is aimed to be acquired before the EPT starts to avoid interference. Central also reports a new farm-in initiative with encouraging results, without detail.
29 Feb 2012farm in farm out agreement● Neutral
Central and Rawson agree to combine the Simpson, Bejah and Pellinor farm-ins in EP 97 into one arrangement. The Dune block farm-in, in which Central had not yet earned an interest, is removed, though Central keeps a right to match any offer Rawson accepts.
17 Feb 2012drilling scheduled● Neutral
Central defers a Surprise appraisal well until after the EPT and 3D seismic, and will not exercise its option to keep Hunt Rig #3. This resolves the open question of a second well on the rig and pushes further drilling later.
30 Jan 2012resource reserve update● NeutralMajor
RPS Energy says pressure data suggest Surprise-1REH may access 0.5-2 million barrels of oil in place near the well, with no boundaries seen. Final test rate is quoted as about 400 bopd. EPT is now expected in April 2012; a second well may be postponed until 3D seismic and EPT results.
25 Jan 2012resource reserve update▲ Good
Central releases a technical note arguing the Amadeus, Georgina and Wiso basins' conventional and unconventional potential may be underestimated, based on source rock correlations with Oman, Siberia and Sichuan. It is a geological view with no resource figures.
3 Jan 2012drilling progress report▲ Good
Horizontal drilling stopped at about 2,854m measured depth after roughly 230m in the reservoir, because of tight hole conditions. Continuous oil shows over about 28m vertical thickness are reported. Flow testing is planned by 6 January 2012; tubing will be run first. No flow capability is yet shown.
28 Dec 2011drilling progress report▲ Good
Surprise-1 Re-entry H is drilling horizontally at 2,630m measured depth, with about 75m of horizontal hole done. Continuous good oil shows and oil droplets in the mud are reported. Quantities cannot be given and no flow has been tested.
22 Dec 2011drilling progress report▲ Good
A window has been milled in the 7-inch casing at Surprise-1 and the angle-building section is under way. The horizontal section is due to start by 23 December, with evaluation ready by early January 2012. Consultants say the oil in the mud is consistent with a marine source and unlikely to be refined-product contamination. The NT has renamed the well "Surprise-1 Re-entry H".
12 Dec 2011drilling result▲ GoodMajor
Log interpretation suggests a possible oil column of up to 17m in the Lower Stairway Sandstone, with permeability up to 420 mD. Central plans a horizontal leg of up to 700m. Movable oil is not yet proven; the plan needs NT Department of Resources approval.
9 Dec 2011drilling progress report● Neutral
Electric logs are complete at Surprise-1 and the formation pressure and fluid sampling tool is running. An operational issue has caused minor delays, with preliminary results now expected in the week of 12 December 2011.
2 Dec 2011drilling progress report▲ Good
Surprise ST-1 reached a total depth of 2,732m. Fair to good oil shows are logged across 25m of gross sand in the Lower and Middle Stairway; an 18m depth-tally error moved formation tops up. Logging and 7-inch casing follow, with a horizontal section proposed.
1 Dec 2011resource reserve update● Neutral
A technical note identifies up to 65 million acres of additional unconventional exploration targets, on top of the roughly 11 million acres DSWPET assessed. The company says these are preliminary and sparsely sampled, and that no resource figures can yet be derived.
29 Nov 2011drilling progress report▲ GoodMajor
Surprise-1 ST1 reached 2,672m in the Pacoota Sandstone. With the core drilled in December 2010, about 20m of continuous fair to good oil shows are reported at the base of the Lower Stairway. These are preliminary well-site observations, not tested flows; logging is still to confirm oil saturation.
28 Nov 2011drilling progress report▲ Good
Surprise-1 reached 2,599m, past the earlier Stairway Sandstone oil shows. Fair to good oil shows and heavy-gas readings continue, which the company says point to oil. Results are preliminary well-site observations, not tested flows. This text refers to December 2011 where it presumably means 2010.
24 Nov 2011drilling scheduled● NeutralMajor
New Surprise-1 plan after input from new COO Hallgren and Exploration Manager Shortt: drill to about 2,770m, log, run 7" casing, then contingently drill to about 3,450m. Horizontal or slanted wells are possible if results justify. This replaces the earlier sidetrack-for-vertical-completion plan.