Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2023investor presentation▲ Good
Half-year presentation largely repeats known results: PV12 over 10 TJ/d with payback under 12 months, net debt $16.8M, $12M extra debt available. New detail: Range pilot gas rates have more than doubled to ~70 GJ/d since November. Sub-salt wells are planned for late 2023/early 2024; farmout completion was still expected by 31 March.
14 Mar 2023investor presentation● Neutral
Notice of an online half-year results webinar on 17 March 2023 with the CEO and management, including Q&A. No new information.
2 Mar 2023half year report▼ BadMajor
Half-year to December 2022: revenue $16.7M (down 29%, up 6.7% like-for-like), underlying EBITDAX $5.3M versus $10.0M, statutory net loss $11.2M versus a $30.5M profit last year (which included the asset-sale gain). Net debt $16.8M. PV12 has earned over $3M revenue since 28 November.
2 Mar 2023half year report● Neutral
Interim report for the half to 31 December 2022, matching the separate results release. The Chair says the strategic review continues and that some permits unlikely to be commercial will be surrendered. Full financials are truncated in the text provided.
1 Mar 2023other● Neutral
The Peak Helium farmout deadline was extended a further month, from 28 February to 31 March 2023. Central says contact with the NT Government shows good progress toward approving Peak's entry into EPs 82, 112 and 125. Completion is still pending.
1 Feb 2023other● Neutral
The Peak Helium farmout conditions precedent date was extended again, from 31 January to 28 February 2023, at Peak's request while it pursues Northern Territory Government approvals. Central agreed; Santos reportedly gave a similar extension. Completion is still pending.
31 Jan 2023quarterly activities report● Neutral
December quarter: sales 1.07 PJe (down 8%), revenue $7.2M, price $6.78/GJe as the NGP outage lasted to mid-December; cash $13.7M, net debt $16.8M, $1M drawn on new facility. PV12 flowing over 10 TJ/d; reserves booking expected mid-year; RBC review continues.
15 Dec 2022material agreement▲ GoodMajor
New firm gas deal with South32 (Mt Isa): Central supplies 0.55 PJ over two years from 1 January 2023, take-or-pay, CPI-escalating price. Combined with Mereenie JV partners' gas it totals 2.19 PJ.
15 Dec 2022material agreement● Neutral
NZOG repeats the South32 deal from its side: 0.38 PJ over two years from 1 January 2023, fixed price, take-or-pay, aggregated with Mereenie JV gas to total up to 2.19 PJ. Central's own 0.55 PJ was announced separately.
12 Dec 2022debt financing● Neutral
The first $6M tranche of the Macquarie loan expansion announced 28 November became unconditional and was partly drawn. The amount drawn is not stated here.
1 Dec 2022production update▲ Good
NZOG repeats Central's news: Palm Valley 12 was tied in and began flowing sales gas on 28 November at a stable ~10 TJ/d, above pre-drill expectations. Field output is expected to approach the 15 TJ/d plant maximum in mid-December.
1 Dec 2022production update▲ GoodMajor
Palm Valley 12 was tied in and began flowing on 28 November at a stable ~10 TJ/d, about 40% above pre-drill expectations (CEO). Field output is expected to approach the 15 TJ/d plant maximum in mid-December. First production from the rescued well.
30 Nov 2022other● Neutral
Peak Helium farmout conditions precedent date extended again, from 30 November 2022 to 31 January 2023, at Peak's request given the holiday season. Central agreed; Santos reportedly gave a similar extension. Completion is still pending.
28 Nov 2022debt financing▲ GoodMajor
Macquarie agreed to expand Central's loan facility by up to $12M in two $6M tranches, to fund Mereenie recompletions and development wells (subject to JV approval). Drawing depends on conditions precedent; Macquarie also gets a 0.25% royalty on Central's 35% of EP112.
17 Nov 2022admin correction● Neutral
Central lodged its amended Constitution, adopted by special resolution at the 10 November 2022 AGM. Administrative filing; the text given does not say what changed.
10 Nov 2022investor presentation● Neutral
AGM presentation restates known facts: PV12 rig test about 12 TJ/d, net debt $15.1M, Macquarie facility extended to 2025, Range needs further appraisal. Carry funds available are $11.4M at 30 September, down from $21.1M at 30 June. No new announcements.
10 Nov 2022agm notice● Neutral
Chair's AGM address repeats known themes: Palm Valley 12 gas expected this quarter, Mereenie capacity next year, three sub-salt wells in 2023. The RBC strategic review has 'everything on the table' (asset sales, partnerships, acquisitions, restructuring) and continues for at least a couple more months.
31 Oct 2022quarterly activities report● Neutral
September quarter: sales 1.16 PJe (down 2.5%), revenue $9.4M, price $8.12/GJe; cash $15.6M (from $21.6M), net debt $15.1M. Palm Valley 12 tie-in under way, first gas expected later in the December quarter; strategic review with RBC continues.
18 Oct 2022flow test result▲ Good
NZOG repeats Central's result: Palm Valley-12 P1 sidetrack flowed about 11.8 mmscfd in a 187-minute rig test and is being completed as a producer. Rate is similar to Palm Valley-13 in 2018. This is the last weekly update.
18 Oct 2022flow test result▲ GoodMajor
Palm Valley-12 P1 sidetrack flowed about 11.8 mmscfd in a 187-minute rig test and is being completed as a producer, similar to Palm Valley-13 in 2018. Production rate is only known after tie-in. Rescues the well after the failed deeper lateral; final weekly update.
12 Oct 2022other● Neutral
Peak Helium farmout conditions precedent date extended from 12 October to 30 November 2022, at Peak's request, after NT stamp duty assessment was finalised. Remaining conditions are still outstanding. Santos reportedly gave Peak a similar extension.
11 Oct 2022drilling progress report▲ Good
Palm Valley-12 P1 sidetrack reached total depth of 3,039m on 8 October and was being cleaned up for a further flow test. After testing, production tubing will be run to complete it as a gas producer.
11 Oct 2022drilling progress report▲ Good
NZOG repeats Central's update: Palm Valley-12 P1 sidetrack reached total depth of 3,039m on 8 October and was being cleaned up ahead of a further flow test. It will then be completed as a gas producer.
7 Oct 2022agm notice● Neutral
Shareholder letter for the AGM on 10 November 2022 at 10am Brisbane time, in person or online. Proxies must be lodged by 10am on 8 November. Administrative, no new business information.
3 Oct 2022flow test result▲ GoodMajor
Palm Valley-12 P1 sidetrack flowed gas at about 7 TJ/d in a 47-minute interim test, at 2,598m with about 440m of hole left to drill. The CEO still calls the earlier exploration result disappointing. First P1 flow after the failed P2/P3 lateral.
3 Oct 2022flow test result▲ Good
NZOG repeats the Palm Valley-12 P1 interim test of about 7 TJ/d, gas only. It says the rate exceeds pre-drill estimates (NZOG's statement). NZOG holds 35% of the joint venture, and drilling continues.
3 Oct 2022flow test result▲ Good
Cue repeats Central's result: Palm Valley-12 P1 sidetrack flowed about 7 TJ/d, gas only, in a 47-minute interim test at 2,598m, with about 440m of hole still to drill. Cue holds 15% of the joint venture.
28 Sept 2022other● NeutralMajor
RBC Capital Markets was appointed exclusive adviser for the strategic review of the asset portfolio and possible transactions to crystallise value, announced 24 August. The review is expected to finish by end of October 2022, earlier than the 'several months' first flagged.
27 Sept 2022drilling progress report▲ Good
Palm Valley-12 P1 sidetrack reached 2,063m on 26 September, about 200m into the P1. Gas is seen throughout the section and flared, but no flow rate has been measured. The first sign of gas after the failed P2/P3 lateral.
27 Sept 2022drilling progress report▲ Good
NZOG repeats Central's update: Palm Valley-12 P1 sidetrack reached 2,063m on 26 September, about 200m into the P1. Gas is being encountered throughout and flared; no flow rate measured yet. Drilling continues laterally for several hundred metres.
