Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2022investor presentation● Neutral
Quarterly presentation repeats known June quarter figures (revenue up 18%, $8.49/GJe, cash $21.6m) and the refinanced debt. New detail: Range pilot gas now 40,000 scfd, with visibility by year end; PV12 lateral at about 2,070m; three sub-salt wells now put in 2023.
3 Aug 2022investor presentation● Neutral
Central gives notice of a webinar on 4 August 2022 where the CEO and CFO will cover June quarter performance and upcoming activities. Notice only, with no new results.
2 Aug 2022drilling progress report● Neutral
Palm Valley-12 ST1 has its 7-inch liner cemented, and air drilling of the P2/P3 lateral is due to start within 24 hours. Completion is expected in about 3 weeks, depending on penetration rate.
2 Aug 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 7-inch liner is cemented and air drilling of the lateral is due to start within 24 hours. The P2/P3 lateral is expected to take about 3 weeks, depending on penetration rate.
1 Aug 2022farm in farm out agreement● Neutral
The Peak Helium farmout missed its 31 July deadline again. Peak asked for another month to meet the remaining conditions, so the date moves to 31 August 2022. Santos has reportedly given Peak a similar extension.
29 July 2022quarterly activities report▲ Good
June quarter: cash $21.6m (up from $18.9m), net debt $10.2m, revenue $10.1m, up 18.7% on a $8.49/GJe price, helped by spot sales at $34/GJ (over $2m). Volumes fell to 1.19 PJe. GM Exploration Duncan Lockhart leaves at end of August.
26 July 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 sidetrack reached section depth of 2,020m on 25 July. A 7-inch liner is being run and cemented before the up to 1,000m lateral in the lower P2 and P3.
26 July 2022drilling progress report● Neutral
Palm Valley-12 ST1 reached section depth of 2,020m on 25 July after 168m of the bend. Running and cementing a 7-inch liner has started, ahead of up to 1,000m of drilling in the lower P2 and P3.
19 July 2022drilling progress report● Neutral
The Palm Valley-12 ST1 sidetrack began on 18 July, with about 40m of the bend drilled. A liner will be set at 2,020m before up to 1,000m of horizontal drilling in the lower P2 and P3 formations, as per the revised plan.
19 July 2022drilling progress report● Neutral
NZOG repeats Central's update: the Palm Valley-12 sidetrack has started, with about 40m of the bend drilled into the middle P2. A liner will be set at 2,020m, then up to 1,000m of open hole targets the lower P2 and P3.
12 July 2022drilling scheduled▼ BadMajor
Central and its partners drop the deep 3,560m Palm Valley-12 target, drilling a sidetrack lateral into the P2/P3 unit at 2,061m instead, and defer the Dingo Deep well. Capital shifts to near-term Mereenie or Palm Valley output, funded within the $40m carry. The CEO calls it disappointing but right.
12 July 2022drilling scheduled▼ Bad
Cue repeats the joint venture announcement: the deep Palm Valley-12 target is replaced by a P2/P3 sidetrack lateral and Dingo Deep is deferred, with capital redirected to near-term production. Cue holds 15% of the Palm Valley and Dingo ventures.
12 July 2022drilling scheduled▼ Bad
NZOG repeats the joint venture decision: Palm Valley-12 swaps its deep 3,560m target for a P2/P3 sidetrack lateral, and Dingo Deep is deferred. Spending is to be covered by the $40m carry. NZOG's CEO calls it a setback for understanding deeper opportunities.
5 July 2022drilling progress report● Neutral
Palm Valley-12 was at 2,335m on 4 July, only 57m in the week. Tests of the P2 and P3 units were followed by a cement plug to cure the loss zone. Mud drilling of P4 has restarted; the 3,560m Arumbera target was still the primary objective.
5 July 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 was at 2,335m on 4 July, with 57m drilled in the week. Pressure tests of the P2 and P3 units were run before a cement plug was set to cure the loss zone; mud drilling through P4 has resumed.
4 July 2022director officer appointment● Neutral
Leon Devaney continues as Managing Director and CEO after his contract expired on 1 July 2022. The new contract has no fixed term, with a base salary of $629,280 a year. He has been with Central since 2012.
1 July 2022debt financing▲ Good
The Macquarie loan facility extension to 2025, announced 28 April, became unconditional on 1 July after its conditions were met. This resolves the open condition on the extension and secures the facility to September 2025.
30 June 2022farm in farm out agreement● Neutral
The Peak Helium farmout (announced 9 Feb 2022) did not meet its 30 June deadline. Peak asked for another month to finish the remaining conditions, so the date moves to 31 July 2022. Most conditions are already satisfied.
28 June 2022drilling progress report▼ Bad
Palm Valley-12 reached 2,278m on 27 June. P3 showed only minor gas flows, so no significant fractures there; the JV may appraise it with a horizontal lateral. CEO Devaney says the well is behind schedule and over its original budget.
28 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 2,278m on 27 June in the P4 unit, drilling 220m in the week. Gas shows through P1-P3 but only minor flows to surface from P3, so no significant fractures there.
21 June 2022drilling progress report● Neutral
Palm Valley-12 reached 2,058m on 20 June. Casing passed its integrity test, total fluid loss at 2,024m led to a switch to underbalanced air drilling, and drilling resumed. Routine progress; deep target still 3,560m.
21 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 2,058m on 20 June. Casing was cemented after an extra plug, then total lost circulation occurred at 2,024m, so the well switched to underbalanced air drilling.
14 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 was at 2,005m on 13 June, with the week spent cementing casing in fractured rock using several remedial cement plugs. Drilling resumes once the shoe is strong enough. Less detail on the problems than Central's version.
14 June 2022drilling progress report▼ Bad
Palm Valley-12 was at 2,005m on 13 June. Cementing the 9 5/8-inch casing has been problematic, with losses continuing and several remedial cement plugs run. Drilling in the 8.5-inch section resumes once required shoe strength is reached, so the deep target is further delayed.
7 June 2022drilling progress report● Neutral
NZOG repeats Central's update: Palm Valley-12 reached 1,998m on 6 June at the P2 sealing unit, with only 51m drilled in the week due to fracture-related fluid losses. 9 5/8-inch casing is being cemented; faster drilling is expected after.
7 June 2022drilling progress report● Neutral
Palm Valley-12 reached section depth of 1,998m on 6 June in the P2 seal, only 51m in the week because of fluid losses in the fractures. The 9 5/8-inch casing is being cemented, and faster drilling is expected afterwards.
31 May 2022drilling progress report▼ Bad
NZOG repeats Central's update: Palm Valley-12 was at 1,947m on 30 May in the P1 unit. Fractures keep causing drilling fluid losses, needing repeated cement jobs; only 67m was drilled in the week. Section target is about 2,009m.
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.
