Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2010drilling progress report● Neutral
Surprise-1 had cemented 13-3/8in casing at 1,447m and was preparing to drill out the shoe. Targets remain the Stairway (2,581m) and Pacoota (2,694m) sandstones, with 50 million barrels of oil in place at high estimate. No new results.
29 Oct 2010drilling progress report● Neutral
Surprise-1 was drilling ahead at 1,162m with a 12-1/4in assembly. Targets are the Stairway Sandstone at 2,581m and Pacoota Sandstone at 2,694m. No new results.
22 Oct 2010drilling progress report● Neutral
Surprise-1 has set 13-3/8in casing at 493.8m after drilling a 17-1/2in hole to 499m and is drilling ahead. The stated chance of success is now 40%, up from 29% on 12 October. No hydrocarbon results yet.
13 Oct 2010drilling spud● NeutralMajor
Surprise-1 spudded on 11 October in EP 115 (Central 90%, Trident 10%), targeting 50 million barrels of oil in place at about 3,000m, with a 29% chance of success. Drilling should take about 30 days. Management called Johnstone-1 flow rates disappointing.
1 Oct 2010drilling progress report▼ BadMajor
Johnstone West-1 flow testing is delayed because a bridge plug did not seat correctly; testing is expected early next week. Netherland Sewell concluded the Pedirka coals did not generate economic thermogenic methane, resolving the CSG question; a four-well coal drilling programme is planned within a month.
27 Sept 2010drilling scheduled▲ Good
Central says Johnstone West-1 results may point to a new Western Amadeus oil and gas province, with a conservative 1,400 km2 of Horn Valley petroleum system. Surprise-1 is expected to spud in early October; commercial potential remains unconfirmed pending flow testing.
21 Sept 2010drilling result● Neutral
Johnstone West-1 drilled to 1,666m and stopped for logging; no significant oil shows were found in the Pacoota Sandstone. Central will case the well and flow test, saying it is hopeful of flowing oil. Commercial potential is still unproven.
17 Sept 2010drilling result● Neutral
Excellent oil shows at Johnstone West-1 continued to 1,483m, within about 96m of shows overall. Tentative Horn Valley Siltstone at 1,487m and Pacoota Sandstone top at 1,523m showed no further oil shows. Drilling continues; testing is still needed.
16 Sept 2010drilling result▲ Good
After the sidetrack, Johnstone West-1 found further live oil shows at 1,475-1,479m, with porosity improving to very good. Shows now total about 92m with no water leg. Central says commercial potential cannot be judged until logging and flow testing.
15 Sept 2010drilling scheduled▲ GoodMajor
Central exercised its rig option to drill Surprise-1, about 8km south-southeast of Johnstone West-1, once JW-1 finishes. Surprise-1 has a high estimate of 50 MMbbl and a fully risked mean of 6 MMbbl. This confirms the earlier conditional plan.
10 Sept 2010drilling progress report● Neutral
Central abandoned recovering the lost core assembly at Johnstone West-1 and will set a cement plug and sidetrack from about 1,420m, above the 1,469-1,475m oil shows. It still plans to drill on, log, and flow test.
8 Sept 2010drilling progress report▼ Bad
At Johnstone West-1 the core barrel separated from the drill string before any significant core was cut across the 1,469-1,475m live oil shows. Central calls the core desirable but not essential, and plans to drill ahead, log, and flow test promising zones.
7 Sept 2010drilling result▲ GoodMajor
Johnstone West 1 found further oil shows at 1,469-1,475m: up to 90% fluorescence, visible live oil at the shakers, fair to good porosity. Shows now span 88m (1,387-1,475m) with no water leg seen. An 18m core is being cut; testing is still needed.
6 Sept 2010drilling result▲ GoodMajor
Johnstone West 1 found significant oil shows over 22m (1,387-1,409m), with up to 40% fluorescence, in sandstone likely of low porosity. Central says it suggests an active oil kitchen and raises the chance of drilling Surprise 1. Drilling continues; it is not yet a discovery.
3 Sept 2010drilling progress report● Neutral
Johnstone West 1 hit the top of the Stairway Sandstone at about 1,245m with no oil or significant gas shows, and the Horn Valley Siltstone at 1,327m. The string was being pulled to core the siltstone for shale potential. The primary target, the Pacoota Sandstone, lies below.
1 Sept 2010drilling scheduled● NeutralMajor
Central shifts the 2010 programme toward oil for short-term cash flow. Magee 2 (800 BCFG, 15 BCF helium) is deferred, partly because Oil and Gas Exploration (formerly He Nuclear) owes about $1m in cash calls. Surprise 1 pad is being built, and shale studies are commissioned.
26 Aug 2010drilling progress report● Neutral
Johnstone West 1 has 9 5/8-inch casing cemented at 513m. After a formation integrity test, due by 27 August, it will drill into the first target, the Mereenie Sandstone. No results yet.
19 Aug 2010drilling spud▼ BadMajor
Johnstone West 1 (EP 115) spudded 19 August, targeting up to 500 MMbbl oil high estimate (fully risked mean 32 MMbbl). Central also says preliminary advice shows little chance of significant CSG in the Pedirka wells, and plans a four-well coal stratigraphic programme in 4-8 weeks, favouring UCG/coal-to-liquids.
6 Aug 2010farm in farm out agreement● Neutral
Rawson confirms the Pellinor Block farmout to Central: Central funds at least 100km of 2D seismic and one well to earn 80%. About 38km of seismic soon to be acquired in EP 97 counts toward the obligation. Mirrors Central's 5 August announcement.
5 Aug 2010farm in farm out agreement▲ GoodMajor
Merlin can earn 80% of Rawson's oil-prospective Pellinor Block in EP 97 (Pedirka Basin) by funding 100km of 2D seismic and one well; c.38km already acquired counts. Adds about 1,400 km2 of ground. Subject to the NT renewing EP 97, which expires 14 February 2011.
30 July 2010farm in farm out completion● NeutralMajor
Central and Red Sky settled the farm-in dispute: Red Sky withdraws from all permits and returns its interests for an undisclosed sum, and the farmout agreement ends. This resolves the default-notice thread from 5 July and leaves Central free to seek other partners, per its MD.
30 July 2010farm in farm out completion● Neutral
Red Sky confirms it has withdrawn from all permits in its joint venture with Central, referring to Central's announcement of the same day. It adds no new terms or figures.
27 July 2010drilling progress report● Neutral
Ooraminna 2 reached about 1,666m TVD after repeated air hammer problems, and electric logs are being run. An acid squeeze of the Pioneer Sandstone may raise gas flow. Johnstone West 1 is expected to spud around 14 August 2010.
20 July 2010drilling progress report● Neutral
Ooraminna 2 continues to flare gas but has found no new zones since the last report. Repeated air hammer blockages, mostly from flaking drill pipe, delayed drilling; the string was sand-blasted. An acid wash of the Pioneer Sandstone is contemplated at the planned 1,777m TD.
12 July 2010drilling progress report● Neutral
Ooraminna 2 entered the Pioneer Formation at 1,261m on 11 July with gas flowing at over 100 Mcf/d. The air hammer then blocked, so drilling is paused while it is pulled out to find the cause.
7 July 2010drilling progress report● Neutral
Ooraminna 2 has 7-inch casing cemented and a smaller blowout preventer stack fitted, which took longer than expected. Central expects to reach the top of the Pioneer Sandstone target late 7 July, drilling with air. Central now holds 90% of EP 82 after PXA's exit.
25 June 2010farm in farm out completion▲ GoodMajor
Central settled its cash-call dispute with PXA: PXA pays $4.25m and withdraws from the joint ventures, returning all its interests. This ends the arbitration and resolves the PXA thread, though PXA's share of the $13.23m unpaid calls is evidently settled for less.
18 June 2010drilling progress report▲ Good
Ooraminna 2 met a shallow gas show (peak 300 units over 50 background) at 371m in the Julie Formation, with a flare. Management calls it encouraging but not commercially significant; surface casing was about to be run at 486m.
11 June 2010drilling spud▲ GoodMajor
Ooraminna 2 (EP 82, up to 2 TCFG high estimate) spudded on 11 June, about 26 days planned to 1,770m TD. It targets the Pioneer Sandstone, poorly tested by Ooraminna 1 in 1963, and is the first of a planned 3-4 well 2010 programme.
10 June 2010drilling scheduled▼ Bad
Central pushes the Ooraminna 2 spud date again, to 11 June, because drilling equipment has been delayed in reaching site. The earlier target was 4 June, after the contracted 31 May date was missed.
