Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2011drilling spud● Neutral
Hunt Rig 3 re-entered Surprise-1 Sidetrack-1 at 1700 on 18 November and is drilling out cement plugs. This is roughly two weeks later than the first-week-of-November plan. Drilling still targeted for completion by about mid December; no results yet.
7 Nov 2011drilling progress report● Neutral
Hunt Rig 3 is arriving on site and rigging up, delayed by a temporary road closure from local rain. Surprise-1 re-entry is now planned by the weekend, with drilling and testing complete by about mid December. No well results yet.
1 Sept 2011resource reserve update▲ GoodMajor
An interim independent valuation by Mulready Consulting puts the upstream value of Central's risked Amadeus and Southern Georgina unconventional resources at $412m, and a possible GTL plant at $5bn if about 5 TCF of gas is found. Early-stage; Surprise re-entry is now late September.
18 Aug 2011drilling scheduled● Neutral
Central releases a technical note saying conventional plays in the southern Georgina Basin could hold targets of hundreds of millions of barrels. It says Rig 6 should be available mid to late September, with the contract expected within 7-10 days. Drilling plan unchanged.
5 Aug 2011drilling scheduled▲ GoodMajor
Central signs a Letter of Intent with Australian Drilling Services to contract Rig 6 for up to three wells from mid-September 2011: Surprise-1 re-entry, then Madigan (4 bn bbl P50) and Mt Kitty (2 TCFG P50). Contract is not final; conditions remain, including rates and terms.
18 July 2011drilling scheduled● Neutral
Central releases a note on a fractured-basement oil play and says it has secured casing for the three-well programme. It expects to pick a rig within a fortnight and re-enter Surprise-1 in late August or early September, aiming to finish all three wells before the wet season.
7 July 2011resource reserve update● Neutral
Technical note puts Madigan at 4 billion barrels best-estimate undiscovered oil in place, about one-third in EP 97 (Central 80%) and two-thirds in EP 93 (100%), needing a unitisation deal with Rawson. Simpson East is 350 million barrels. Madigan is to be drilled first in late 2011.
26 May 2011resource reserve update▲ Good
Central releases maturation modelling suggesting up to about 11 million acres of its Lander Trough (Wiso Basin) applications may lie in the oil window. Source-rock equivalents of the Georgina Basin shales are confirmed present. Permits EPAs 92, 129 and 160 remain ungranted, pending Central Land Council talks.
27 Apr 2011resource reserve update▲ GoodMajor
Technical note interprets Devonian reef and platform oil plays in the Pedirka Basin with 6 billion barrels best-estimate undiscovered oil in place, mostly in EP 97 (Central 80%, Rawson 20%). In-house and undrilled. Central says it has farm-in interest from majors and state-owned firms.
11 Apr 2011resource reserve update▲ GoodMajor
Independent DSWPET report puts mean prospective recoverable resources in Central's Southern Georgina applications at 5 billion barrels of oil and 33 TCF gas, over 6 million net acres. Subject to permit grants. Completes the assessment pending since February, alongside the Amadeus estimate.
11 Mar 2011farm in farm out completion▼ BadMajor
Central and Great Southern Gas agreed to end their farmout and joint operating agreements, with GSG leaving EPA 130 for an undisclosed settlement sum. Merlin regains GSG's 45%, so Central now holds EPA 130 fully, and the GSG partnership ends.
7 Feb 2011resource reserve update▲ GoodMajor
An independent assessment by DSWPET and MBA Petroleum Consultants put mean unrisked prospective recoverable resources in Central's 100%-owned Amadeus Basin acreage at about 26 TCF of gas and 1 billion barrels of oil. Central said much more seismic, drilling and testing would be needed to confirm them.
3 Feb 2011drilling result▲ GoodMajor
Preliminary core analysis from Surprise-1 shows permeability averaging 295 mD in one zone and porosity of 5-8%, which RPS Energy-backed estimates suggest could flow about 970 bopd pumped or 420 bopd naturally. This is unproven until the well is re-entered and logged.
1 Feb 2011drilling progress report▼ Bad
Forecast monsoon rain of up to 400mm delays the fourth Pedirka coal hole by up to six weeks. Central will use the pause to recalibrate seismic against the first three holes, and the hole locations may change.
31 Jan 2011drilling result▼ Bad
The third Pedirka coal hole, in newly granted EL 28095, reached 461.6m and found no significant coal; the thickest seam was about 0.2m. This is a setback to the shallower-coal idea; the fourth hole is due in a few days.
24 Jan 2011drilling result▲ Good
The second Pedirka coal hole reached 1,128.59m and intersected a total of 75m of coal, with the thickest seam about 18m. This is a stronger result than the first hole's ~33m net coal. The third hole will test shallower coal in newly granted licence EL 28095.
10 Jan 2011drilling spud● Neutral
Central spudded the second Pedirka coal hole, SHEL27109-1, on 9 January, about 20km southwest of the first, targeting about 1,040m in up to two weeks. The programme may be redefined to include shallower coal in the three newly accepted licences.
22 Dec 2010drilling result▲ Good
The first Pedirka coal hole finished at 1,209m, intersecting about 33m of net coal seams over 1m thick. Central also accepted offers of grant for three licences covering about 3,700 km2. Three more holes remain in the programme.
17 Dec 2010resource reserve update● Neutral
Central restates in-house shale estimates for its southern Georgina Basin applications of up to 80 TCF gas and 650 MMbbl oil, citing Baraka's 5-11 bn bbl estimate nearby. An independent assessment is due early in 2011. These are unproven figures.
14 Dec 2010drilling result▼ BadMajor
After the rig incident damaged the monkey board beyond repair, Central will plug and suspend Surprise-1, demobilise, and terminate the drilling contractor, citing wet-season risk. Drilling is meant to resume in first half 2011; flow tests of live oil zones failed when a tool stuck.
14 Dec 2010drilling progress report▲ Good
The first Pedirka coal hole reached 957.5m, tagging the Permian Purni Formation at 798m with about 16m of net coal so far. Central also lists applications covering about 3,700 km2 of new coal licences; programme now expected to take 40 days.
8 Dec 2010drilling result● Neutral
Core from Surprise-1's Lower Stairway (2,546.2-2,554.4m) showed bright yellow fluorescence overall, with free light oil in a fractured zone and sticky black oil deeper. Matrix porosity is mostly poor to tight. Lab analysis pending; still not a proven discovery.
6 Dec 2010drilling progress report▼ Bad
An unplanned 5 December rig incident twisted the monkey board and 129 stands of drill pipe around the mast. No injuries, but Surprise-1 drilling is suspended for at least 7 days and no restart date can be given.
3 Dec 2010drilling result● Neutral
Surprise-1 cored 2,546.2-2,555m of Lower Stairway with more oil shows. Two fractured zones bled light oil, but the rest of the core looks low permeability. Flow testing attempts continue; the company says commercial significance cannot be predicted.
30 Nov 2010drilling progress report▲ Good
Surprise-1 recorded fair to very good oil shows at 2,542-2,546m in the Lower Stairway Sandstone, the first primary target, with 100% natural fluorescence in the basal 2.7m. A 9m core will be cut. Shows only; no flow test yet.
29 Nov 2010drilling progress report▲ Good
Surprise-1 reached 2,501m and found oil shows in the Middle Stairway Sandstone, with the best interval at 2,497-2,499m showing good fluorescence. The Stairway top was 131m higher than prognosed. The Lower Stairway primary target is expected in 2-4 days. Shows are not a discovery.
26 Nov 2010drilling progress report● Neutral
Surprise-1 reached 2,362m, drilling faster at about 2m/hour. The Stokes Siltstone top was 169m higher than prognosed. The first primary target, the Lower Stairway Sandstone, is expected in about 5 days. No significant gas peaks.
23 Nov 2010resource reserve update▲ Good
Gas samples from Ooraminna-2 showed 0.22% helium and 10.5% nitrogen, which Central says may point to commercial helium production. Gas flowed at only about 150,000 cubic feet a day from tight sandstone. Magee-2 remains deferred behind Surprise-1.
19 Nov 2010drilling progress report● Neutral
Surprise-1 reached 2,229m, with drilling slowed by hard silicified sandstones near the base of the Mereenie Formation. No significant gas peaks since the last update. The Mereenie is a secondary target.
12 Nov 2010drilling progress report● Neutral
Surprise-1 reached 1,881m. The Mereenie Sandstone top was 16m high to prognosis, and a gas peak of 23 units was seen at 1,880m, versus none at that level in Johnstone West-1. Mereenie is not the main target.
