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CTP - Central Petroleum

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There will have to be a drilling update shortly.. checking the daily drilling website it appears they have slowly moved further.. Great opportunity if you think it will head north whilst there are people who cant hold further and get out.. picked up another 500k at 0.09 .. Fingers crossed we get an oil slick this afternoon ..
 
Annoucement out.. CTP to drill Surprise also to further explore current oil shows and work out which formation they are in.. JH indicates announcement re sidetrack on current welll due today or tomorrow..

Hope this is enought to test 9.7c again.. I think we will need a positive annoucement on the sidetrack to break 10c..
 

That didn't take long lol

Looking like another good payday for the faithful today!
 
This is fantastic - the announcement re Surprise gave me a lot of confidence. Having confirmed the presence of oil up dip the odds are very good that the surprise structure is filled - notwithstanding what is present at the current drill site.

From memory you can attribute about $15 a barrel for oil in place - so if surprise contains 50mmbl's that equates to a market cap of $750m - or an sp of about 70c. Perhaps a little premature - but I've been waiting a long time!!!
 
its been a long wait to see some oil from these guys but we are looking really good at the moment.. as indicated in this morning announcement they expect to drill further this morning and we should have news later today or tonight / tomorrow morning.. from the looks of it there will be more oil as its getting better as they drill further..
 
Made two nice trades in at 11 and out at 11.5.

Looks rangebound now with 5 million buyers on either side of 11.5....
 
I think there is a fair way to go in this yet ..15c and highs of 23c were being achieved before there were in shows of oil.. we are now just working out how much oil there is within a tiny amount of the vast amount of land ctp are yet to explore..
 
Well it took all afternoon but I got my third parcel away at close.

A great days trading in a falling market

Personal best day trading profit as well

Time for a few coopers to celebrate!

:alcohol::alcohol:
 
You might be able to trade it more today.. Further announcement out this morning of more oil shows..

96m of oil shows
14m excellent oil shows

Hopefully they get some more as they smash through the pacoota sandstone..


One would think that CTP will have to start getting more interest.. Hopefully some institutions, or chinese.. We now have assurance that there is oil , its just a matter of houw much.. and this drill isnt the primary target..

Good luck today to holders.
 

LOL yeah already in the buy queue at 12.5

Should be a fun days trading. I might hang onto a parcel as well to see how the flow tests results are, they seem to have hit the motherlode here!
 
A bit quieter today only 15 mm through in the first hour vs 40 mm yesterday and plenty of profittakers about from yesterday by the looks.

I knocked my opening order down to 11.5 but commsec filled it for 11 cents

Plenty of buyers at 10.5 looks like a mexican standoff today
:badass:
 
If John H is right in this mornings announcement that they have been drilling through the Mereenie and Stairway formations and are just about to drill into the Pacoota sandstones then the signs are very good.

The Pacoota is the primary target - this is the one that should be containing the oil produced by the johnstone oil kitchen - the confirmation of the presence of oil above the Horn Valley siltstone may indicate that the horn valley closure has been breached at some point. If this is the case possibly one of two things could have occured then - the 'leak' through horn valley was fast and oil has migrated up to mereenie / stairway and this is all that we find at this location. If it is a slow leak then we may be about to drill into a proper reservoir that flows to surface......

Confirming presence of oil is just awesome from my perspective, as adobee mentioned, this was around 15c without having drilled anything, we've got to see some decent appreciation now that the needle came back wet... and it all bodes very veyr well for the drilling of surprise now. the only question mark is the quality of the closure.
 
I think you are right.. At the moment it is a gamble for holders and why you see many taking the short term gains and as many people rebuying.. daytraders aside.. there is the potential that by monday they will have found the oil kitchen and also the potential that they will still be drilling sandstone and no oil will have been found.. I am in for the long term till 2014 ..
 
No news yet form the weekend - and it is spooking the horses... The drilling schedule (on their website) shows that they are at the prognosed depth for the Pacoota target - you would expect to see some news if they had encountered oil. The reason I haven't sold yet is because there is some doubt about where they are - and they encountered some of the other formations deeper than predicted. So while the picture says they are in the Pacoota sandstones, the actual position could be higher hence nothing to report. I would like to hear something about what they are drilling through though - hopefully siltstone.... Drill bit is not moving down fast either which would point to either drilling issues or hard rock.

Nervously holding...

adobee - what's your price target if you are holding for the long term?
 

DD, below is an interesting article on share valuations which you may or may not have seen

http://www.proactiveinvestors.com.a...t-bang-for-buck-oil-play-on-the-asx-7109.html

Also tend to agree that the drilling has slowed substantially (25m/day??) and thus may have hit another formation or drilling problems. Bit disappointed that JH hasn't released an ann. around this slowed drilling.

Bottom line is that there are indications of hydrocarbbons in this well and those holes closer to the kitchen hold further promise.
 

Update this morning for preliminary logging data. Indicates an oil column, a pay zone and some OK porosity, permeability and saturation. There is an expectation that this should flow to surface, after casing 2nd Oct.

Flow rates are the next hurdle
 
boronia said:
Update this morning for preliminary logging data. Indicates an oil column, a pay zone and some OK porosity, permeability and saturation. There is an expectation that this should flow to surface, after casing 2nd Oct.

Flow rates are the next hurdle
Click to expand...

An excellent announcement this morning - all previous announcements were cautiously optimistic, but this one is a definite change of tone - oil flows 'likely' is an excellent statement for holders. The punters seem to be hanging back though. I suppose with all the doom and gloom people like to see the results before committing any cash - understandable I suppose but a discovery here paints a pretty good picture for the area - the one I'm excited about now is Surprise:drink: - it is a natural closure - no faults so much less chance of leaks allowing our oil to escape. If only I'd loaded up at 2c!! Remorse always finds a way to come to the party......

But yes Boronia - here's to getting some good flow rates.
 
CTP has gone into a trading halt till Monday. As a long term holder I am hoping it is good news!
 
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