oh, where have you found that out from, have i missed something?????????? Oh I hate the minimum character count!
CTP - Central Petroleum
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oh, where have you found that out from, have i missed something?????????? Oh I hate the minimum character count!
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It's on page two of the announcement:
75 characters isn't that hard. Put in a little effort!
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Yup, its a pretty nifty trick.
No-one ever clicks to read the trading halt announcement lol.
Saw the 8.6c on the ASF side news bar I think
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CTP is in trading halt for cap rasing.. but there is no mention of 8.6c ??????
No details have been released at all as yet..
Watching with anticipation to see how this plays out.. I can imagine they will just hit a cap raising now and think investors will stump up more $$$..
I am expecting that Monday there will be either a couple of announcements at once.. Oil Flows to surface, cap raising at $X or placement to Institution..
No details have been released at all as yet..
Watching with anticipation to see how this plays out.. I can imagine they will just hit a cap raising now and think investors will stump up more $$$..
I am expecting that Monday there will be either a couple of announcements at once.. Oil Flows to surface, cap raising at $X or placement to Institution..
adobee, there has been a lot of discussion on another forum site.This info from mitcho and confirmed by a couple of other posters...... placement organised by pattersons...we the little people get 150 mil shares @ 8.6cents each in parcels of $3k to $7k ...the inst/soph investors get 75 mil shares @ 8.6 cents total 225 mil @ 8.6 cents and the 19 million raised will go to follow up work on J1 and seismic work. Apparently pattersons did a presentation of some sort yesterday. Obviously, officially nothing has been released to market but this is the general consensus on HC. Many thanks to mitcho and others for sharing the info
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Apart from the dilutive component to existing investors I think that this is still a pretty reasonable deal. I also like the fact that JH has offered up the majority of the shares to 'little people' rather than 'instos'
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So CAP raising announcement officially out today.. as above..
Underwritten by Pattersons.. they must be confident its going to flow or that there wont be an announcement until way down the track.. ??????? No more drill or flow results yet.. thought this would be out by now..
Underwritten by Pattersons.. they must be confident its going to flow or that there wont be an announcement until way down the track.. ??????? No more drill or flow results yet.. thought this would be out by now..
The CR announcement by CTP I believe was poorly considered, notwithstanding the intention to limit risk of a failure to flow oil in JW1, based on the pricing and the structure. Clearly in the event that JW doesn't flow on test the share price will fall below the 8.6 cents issue price of SPP shares, thus will not achieve the intended capital raising of 12 odd million. But the initial tranche of funding, via placement to Patersons, although it has already managed to raise $6 odd million, it was priced very low at the time the share price was on the way up. Thus the price momentum was not optimum, and lost the loyalty of long suffering shareholders just at a time when SH thought they might recover with the encountering of oil in JW-1. I am a current shareholder and was staggered with the timing of this CR and lack of corporate nous re timing and structure. For a board of highly paid executives I would expect better!
If the price falls below 8.6 cents before close of the SPP has the existing deal with Patersons covered that scenario wrt underwriting referred to in the announcement, I hope so but I'm not sure it does!
Patersons sophisticated investors have once again made a killing with their couple of days trading and managed to kill the share price for the SPP attraction! When will corporate executives ever learn that opportunist brokers like Patersons are not dealing for the benefit of the corporate but for their own greedy pockets - of course if you didn't have naive corporate management then Patersons would have to lift their game to earn their fees rather than bottom feed off naive boards! Thats my view anyways, I have already burned a lot due to this stupidity of CTP management, and will be very careful in buying more shares at any future date with CTP, they have done this before despite their comment in the last announcement that the SPP is for the shareholder! Whooppee - maybe you can ask Patersons to take up the SPP amounts if the share price is below 8.6 cents!!!
If the price falls below 8.6 cents before close of the SPP has the existing deal with Patersons covered that scenario wrt underwriting referred to in the announcement, I hope so but I'm not sure it does!
Patersons sophisticated investors have once again made a killing with their couple of days trading and managed to kill the share price for the SPP attraction! When will corporate executives ever learn that opportunist brokers like Patersons are not dealing for the benefit of the corporate but for their own greedy pockets - of course if you didn't have naive corporate management then Patersons would have to lift their game to earn their fees rather than bottom feed off naive boards! Thats my view anyways, I have already burned a lot due to this stupidity of CTP management, and will be very careful in buying more shares at any future date with CTP, they have done this before despite their comment in the last announcement that the SPP is for the shareholder! Whooppee - maybe you can ask Patersons to take up the SPP amounts if the share price is below 8.6 cents!!!
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Your crystal balls are looking very clear beatle.
Oil hasn't flowed to the surface in JW1. There seems likely to be a major shakeout when the market opens (already down 10% pre opening) and it seems that CTP is furiously starting another drill. Hopefully there will be a quick enough result to restore support in time for the Nov 3rd cut off date for the new issue. Otherwise this will look like a juicy play for the professional investors who got in and out early.
Not happy.
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what a fizzer ...
i dont understand why they persist in talking it up.. announcing a cap raising and then releasing zero results ..
Dejavu ..
Will keep my eye on it .. could be a chance to trade it as I imagine it will get smashed and then recover slightly. . or not
i dont understand why they persist in talking it up.. announcing a cap raising and then releasing zero results ..
Dejavu ..
Will keep my eye on it .. could be a chance to trade it as I imagine it will get smashed and then recover slightly. . or not
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Your crystal balls are looking very clear beatle.
Oil hasn't flowed to the surface in JW1. There seems likely to be a major shakeout when the market opens (already down 10% pre opening) and it seems that CTP is furiously starting another drill. Hopefully there will be a quick enough result to restore support in time for the Nov 3rd cut off date for the new issue. Otherwise this will look like a juicy play for the professional investors who got in and out early.
Not happy.
The only red mark on a sold green day, thought it deserved an update..
currently 0.065 -0.024-26.966% with a low of 0.058 this looks set for a 30% loss today, poor poor decisions from the board, and this is what they are hired for.
we just payed for their stupidity 3 times.
Hi Noie, and unfortunately I agree with you entirely. CTP board has made some very stupid commercial decisions, and us shareholders have suffered as a consequence. I made a decision in the heat of the moment to get out this morning, knowing full well that there is now a long wait for any result from Surprise, and also knowing that CTP clearly will not be able to raise sufficient funds from SPP to maintain the exploration activity for conventional oil/gas exploration unless they cut their other activities considerably.
(CTP has previously indicated an underwriting of the SPP by Patersons, but I have no doubt that this underwriting is not solidly locked in yet, thus its unlikely CTP will raise the cash they require since I can't see the share price recovering in the timeframe it has to get funds in via the SPP).
Of course the failure of oil in JW-1 is unfortunate and part of the usual technical spec risk we investors are prepared to accept. Its not clear in my mind whether CTP management could have had a better idea about this prior to their earlier claims of "excellent oil shows", "live oil" and that "oil is likely to flow to surface" (but I assume CTP management have been very careful to keep a technical audit trail to support that previous stance prior to raising funds through the Patersons placement).
CTP has burnt its bridges with loyal shareholders (with me at least!) in the entire way it has acted recently, and its unfortunate but demonstrates how to beware of some companies. I admit it was a spec investment, but you would have hoped it was more spec on the technical aspects and not the commercial aspects which you trust a board to cover with sensible decisions!
(CTP has previously indicated an underwriting of the SPP by Patersons, but I have no doubt that this underwriting is not solidly locked in yet, thus its unlikely CTP will raise the cash they require since I can't see the share price recovering in the timeframe it has to get funds in via the SPP).
Of course the failure of oil in JW-1 is unfortunate and part of the usual technical spec risk we investors are prepared to accept. Its not clear in my mind whether CTP management could have had a better idea about this prior to their earlier claims of "excellent oil shows", "live oil" and that "oil is likely to flow to surface" (but I assume CTP management have been very careful to keep a technical audit trail to support that previous stance prior to raising funds through the Patersons placement).
CTP has burnt its bridges with loyal shareholders (with me at least!) in the entire way it has acted recently, and its unfortunate but demonstrates how to beware of some companies. I admit it was a spec investment, but you would have hoped it was more spec on the technical aspects and not the commercial aspects which you trust a board to cover with sensible decisions!
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I hear ya.
Of course it was a spec, but a weighed spec, i guess i just thought i was paying for common sense
Its funny how one bad management decision is OK
One bad drill result is OK
Combine the two and its potentially game over.
I don't have enough in this one (i keep my specs low after burnt fingers) ill hold until the surprise (maybe a good surprise) no matter the bottom i don't think i will pick any up cheap..
Bad drill result take weeks, and normally only one a week, but management can make more then one bad decision a day.
One strange thing about this market ( I love Aussie white peg stocks) is we can still make some money if they fold and some-one grabs this plot for a bargain.
Of course it was a spec, but a weighed spec, i guess i just thought i was paying for common sense
Its funny how one bad management decision is OK
One bad drill result is OK
Combine the two and its potentially game over.
I don't have enough in this one (i keep my specs low after burnt fingers) ill hold until the surprise (maybe a good surprise) no matter the bottom i don't think i will pick any up cheap..
Bad drill result take weeks, and normally only one a week, but management can make more then one bad decision a day.
One strange thing about this market ( I love Aussie white peg stocks) is we can still make some money if they fold and some-one grabs this plot for a bargain.
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Interesting idea. Somewhere, someone thought up the idea that LNC should make a takeover for CTP. CTP have billions of tons of coal suitable for UCG as well as the potentially very valuable oil tenements. LNC is now actively drilling for oil with it's own rigs (I believe) so expanding it's resource base would make excellent sense.
In fact they wouldn't even have to shell out cash. A takeover using LNC shares would add value to LNC's asset base, would enable CTP's shareholders to gain access to even larger resources and technology than they already have and enable some extra cash and expertise to be brought to CTP's exploration. It's not as if LNC hasn't already picked up other assets. SAPEX for one.
I think it could be very good deal around. With the current SP reversal some strategic buying by LNC wouldn't go astray.
Any thoughts?
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I wrote a slightly more detailed response to this on the LNC side where you also posted, I think that IF LNC offer to take over CTP it'd be in cash only, 500 million from coal sales sitting in the bank. A lazy 100-150 million should get most of the long suffering shareholders to agree. LNC also has the sales of two more tenements coming up, as a holder of LNC I'd be dissapointed that they issued large amounts of shares while still holding extensive cash assets.
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New Well for CTP "Suprise1" Spuding today
Not sure why but CTP have decided to provide a bit more info that companies normally do in their announcement, handy for people new to the Drilling process to see the sequence , and time frames
29%, worse odds than the last DUD
(I still hold CTP shares)
Not sure why but CTP have decided to provide a bit more info that companies normally do in their announcement, handy for people new to the Drilling process to see the sequence , and time frames
29%, worse odds than the last DUD
(I still hold CTP shares)
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Fingers crossed surprise is a surprise.. I have to believe that they are drilling surprise in a place that they feel has more chance than JW1..
I am still holding.. we know there is oil.. we just need to smash into that kitchen and get some flowing for market to take off..
Still trying to work out if managements decisions were good or bad for the actual company.. All depends if Pattersons are locked in I guess.. at this stage they havent really done that much to hurt shareholders apart from secure some more finances (or thats the way it looks) without smashing the share holders with an even lower cap rate.. see what happens..
I am still holding.. we know there is oil.. we just need to smash into that kitchen and get some flowing for market to take off..
Still trying to work out if managements decisions were good or bad for the actual company.. All depends if Pattersons are locked in I guess.. at this stage they havent really done that much to hurt shareholders apart from secure some more finances (or thats the way it looks) without smashing the share holders with an even lower cap rate.. see what happens..
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Sharp fall in CTP today from .070 to .062.. Any ideas on the fall just ahead of the Surprise drilling information? Not a good look.
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Sharp fall in CTP today from .070 to .062.. Any ideas on the fall just ahead of the Surprise drilling information? Not a good look.
you got that right .. no news yet ...
I am still really hoping for a surprise... I havent watched GAS LAND the movie yet but I think we should get fraccing in the NT and pour some chemicals down these holes and get the surprise to flow.. !!!
Still waiting and holding.. I really think this will be make or break for CTP.. forget getting any more capital if you cant flow when you have high estimates of billions of barrells..
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Oh dear.....Not a good Christmas for CTP or their tired and fed up shareholders (grrrr)
The Sunrise drill has been capped until after the wet season and sometime in the New Year the drillers will be back to see what surprises are is store at Surprise..
They do say the darkest hour is before dawn. I think tomorrow will be 4am.
http://newsstore.fairfax.com.au/app...get_prices=Get+prices+&+charts&code=ctp&f=pdf
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Maybe time for a takeover offer ?
The Sunrise drill has been capped until after the wet season and sometime in the New Year the drillers will be back to see what surprises are is store at Surprise..
They do say the darkest hour is before dawn. I think tomorrow will be 4am.
http://newsstore.fairfax.com.au/app...get_prices=Get+prices+&+charts&code=ctp&f=pdf
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Maybe time for a takeover offer ?
