Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2022drilling progress report▼ Bad
Palm Valley-12 reached 1,947m on 30 May in P1. Fractures keep causing drilling fluid losses, needing multiple fluid loss measures including consecutive cement jobs; only 67m drilled in the week, slower than anticipated. The 12 1/4-inch section is to end near 2,009m.
24 May 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 1,880m on 23 May in the Pacoota P1 zone, where it appears to have hit the fracture system, which is encouraging. Fluid losses slowed drilling to 193m for the week.
24 May 2022drilling progress report● Neutral
Palm Valley-12 reached 1,880m on 23 May in the Pacoota P1 zone, the field's main producing layer. It appears to have hit the gas-carrying fracture system, which is encouraging; fluid losses slowed drilling to 193m for the week.
17 May 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 1,687m on 16 May in the Lower Stairway Formation, with 584m drilled in the week. The 12 1/4-inch section is expected to finish near 2,005m on 18 May. No new information.
17 May 2022drilling progress report● Neutral
Palm Valley-12 reached 1,687m on 16 May, with 584m drilled in the week, in line with expectations. The current hole section is expected to finish at about 2,005m on 18 May. Routine progress, no new result.
17 May 2022joint venture update▲ GoodMajor
Joint venture approvals were given for Santos to begin key activities for three sub-salt wells in 2023: Mahler (chosen over Magee), Dukas and Mt Kitty. Peak Helium will carry Central on Mahler and Mt Kitty (capped $20M gross per well); farmout conditions are progressing.
16 May 2022investor presentation● Neutral
Market update presentation restating March quarter results (revenue $8.5M, cash $18.9M), the Macquarie extension, $3.1M drilling cost rise, Pacoota-3 option and 2023 sub-salt wells. New detail: Palm Valley-12 at about 1,700m, total depth now around mid-June.
13 May 2022other● Neutral
Notice of a 16 May webcast where the CEO and CFO will cover last quarter's performance and recent and upcoming activities. No substantive new information.
11 May 2022drilling scheduled● Neutral
NZOG, citing Central, says a possible extra Pacoota P3 appraisal target could be added to Palm Valley-12, and that drilling costs are about $3.1M over to 30 April with more rises expected. Decisions come after the deep target is evaluated. Partner restatement of Central's news.
11 May 2022drilling scheduled● NeutralMajor
Central flags Pacoota-3, about 90m below the main producing zone, as a possible extra appraisal target in Palm Valley-12, but wells are $3.1M (gross) over forecast to 30 April. Central's share is carried by NZOG and Cue. The P3 decision may change timing and cost.
10 May 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 1,103m on 9 May, finishing the 17.5-inch section. The 13 3/8-inch casing is cemented and drilling resumes in 12 1/4-inch hole. No new information.
10 May 2022drilling progress report● Neutral
Palm Valley-12 reached 1,103m on 9 May, the planned depth for the first hole section. Casing is cemented and pressure tests done; drilling ahead in smaller hole from 10 May. Routine progress, no new result.
6 May 2022well test result▲ Good
Range-9 and Range-10 pilots have pumped continuously since 4 April; gas appeared immediately, indicating gas-saturated coals. After about four weeks, combined gas rate is around 9,000 scfd and rising. Range-6 is to restart in May. Early, small volumes; FID still depends on longer testing.
4 May 2022material agreement▲ GoodMajor
Central, for the Mereenie JV, set up transport and trading deals to sell non-firm gas (up to 7 TJ/d gross) into east coast spot markets for an initial 2 years. Its first spot sale on 3 May got over $13/GJ ex-field, roughly double its March quarter non-firm average.
3 May 2022drilling progress report● Neutral
Palm Valley-12 reached 820m by 2 May, with 599m drilled in the past week, and is drilling ahead. The 17.5-inch section is planned to 1,100m before casing; the Arumbera target remains about 3,560m. Routine progress, no new result.
3 May 2022drilling progress report● Neutral
NZOG repeats Central's weekly update: Palm Valley-12 at 820m on 2 May, drilling ahead, with 599m drilled in the week. No new information.
28 Apr 2022debt financing▲ GoodMajor
Central signed a three-year extension of its $32.8M Macquarie facility to 30 September 2025, effective 1 July 2022 on substantially the same terms. Quarterly repayments fall from $2M to $1.125M, with up to $5M extra available. Resolves the pending refinancing before the September 2022 expiry.
26 Apr 2022drilling progress report● Neutral
Palm Valley-12 reached 221m by 25 April after the 20-inch conductor was cemented, and is drilling ahead. Total depth of 3,980m is still expected in early June. Routine progress with no new result.
26 Apr 2022drilling progress report● Neutral
NZOG repeats Central's weekly update: Palm Valley-12 reached 221m by 25 April and is drilling ahead, with total depth of 3,980m expected in early June. No new information.
19 Apr 2022drilling spud● Neutral
NZOG reports Palm Valley-12 began drilling on 17 April 2022, targeting the Arumbera Sandstone about 1,300m below the producing zones, with total depth near 4,144mMD in roughly 61 days. Partner repeat of Central's news; NZOG will give weekly updates.
19 Apr 2022drilling spud▲ GoodMajor
Palm Valley-12 spudded on 17 April 2022, the deepest well planned in the Amadeus Basin, targeting 123 PJ mean prospective resource (61.5 PJ net to Central, free-carried). Target depth expected early June; a Pacoota sidetrack is the fallback. Dingo-5 follows. This starts the long-awaited exploration program.
6 Apr 2022well test result● Neutral
Range-9 and Range-10 single well pilots have started production testing, with pumps running slowly and producing water into storage. Pump speed ramps up over the next month. Gas flow results are not yet reported; the FID path still depends on them.
4 Apr 2022regulatory community update▲ Good
The Federal Government named Range (ATP2031, Central 50%) a priority gas infrastructure project, with a grant to APA Group for pre-FID infrastructure work. The grant amount has not been made public. It supports the third-party infrastructure model for Range.
14 Mar 2022investor presentation● Neutral
Presentation and video of the half-year results, restating the $36.6M sale profit, 3.81 PJe sales, $23.5M revenue, the 3.15 PJ gas agreement and the Range and Palm Valley/Dingo drilling plans. No new information.
9 Mar 2022half year report● Neutral
Interim report for the half to 31 December 2021, with a chair's letter booking the $36.6M profit on selling 50% of the Amadeus fields and $10M underlying EBITDAX. Full figures are in the results release; text provided is truncated.
9 Mar 2022half year report● Neutral
Half-year net profit was $30.5M, driven by the $36.6M gain on selling half the Amadeus fields. Underlying EBITDAX fell to $10.0M from $12.9M on the lower interests; revenue $23.5M; net debt $12.4M, down from $31.3M at June 2021.
7 Mar 2022resource reserve update● Neutral
Cue notes Central's updated Mereenie, Palm Valley and Dingo reserves and will fold any impact into its regular reporting, along with results from the coiled tubing campaign and upcoming Palm Valley and Dingo drilling. Partner commentary only; no new figures.
7 Mar 2022resource reserve update● Neutral
NZOG notes Central's updated Mereenie, Palm Valley and Dingo reserves but has not adopted the new volumes, pending coiled tubing and upcoming drilling results. Its own reserves assessment is unchanged. Partner commentary only.
3 Mar 2022resource reserve update▲ GoodMajor
Reserves at 31 Dec 2021 are 62.2 PJe (1P), 75.4 PJe (2P) and 92.2 PJe (3P), with Range 2C unchanged at 135.1 PJ. Palm Valley and Dingo 2P rose by 1.7 and 2.3 PJ; Mereenie had a slight cut.
28 Feb 2022drilling result▲ Good
Range-9 reached 702m with 29.8m of net coal, 17% more than at the initial pilot location. Both step-out wells go online late March, subject to wet weather, then undergo months of water testing before any FID decision.
