CTP - Central Petroleum
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If the past is anything to go by, I think that CTP is about to start entering into farm out agreements, and probably with Chinese companies. A more targeted approach, by people with specific expertise in the area must be more beneficial to CTP shareholders than the shot gun approach that saw JH keep running back to the market for more funds, and diluting my holding.
I'm sure that Clive Palmer's entry to the share register will be very good for CTP's shareholders. Any thoughts?
I'm sure that Clive Palmer's entry to the share register will be very good for CTP's shareholders. Any thoughts?
Can you prove of that Clive Palmer has any thing to do with Petroleum Nominees, we have had so much BS posted about CTP that it is hard to believe any one.
No, cannot prove it but it was reported in the media that way. PN was incorporated very recently, has bought up a big load of shares with money from 'somewhere' and has an office with the same address as Clive's coal office. No actual ironclad proof but a reasonable theory.
TrendGAIN
TrendGAIN
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Certainly looks like a nice chart, good positive volume.
The total board is a joke. I want to put forward a proposal that gets rid of JH & Askin & Co. Keep JH on as a non exec director and get Dalton on as a director.
JH has proven over the years that he does not have the required skill set to bring CTP shareholders maximum value, and whilst he has gotten it to where it is now, we need people with expertise in finance, connections with the big end of town, and of course horizontal drilling to get to the next step.
The current board room shananigans shows that ALL the directors only have THEIR best interests at heart.
Lets get some farm ins happening, get rid of the coal assets all together, and concentrate on proving up central Australia as our next major oil province.
A more targeted approach is needed to unlock shareholder value.
JH has proven over the years that he does not have the required skill set to bring CTP shareholders maximum value, and whilst he has gotten it to where it is now, we need people with expertise in finance, connections with the big end of town, and of course horizontal drilling to get to the next step.
The current board room shananigans shows that ALL the directors only have THEIR best interests at heart.
Lets get some farm ins happening, get rid of the coal assets all together, and concentrate on proving up central Australia as our next major oil province.
A more targeted approach is needed to unlock shareholder value.
An article from the West Australian on the 29th of May, may be of interest to those investors in the east.
Palmer wants sacked Central MD reinstated
Billionaire businessman Clive Palmer has bought into a brawl at explorer Central Petroleum, demanding sacked founding boss John Heugh be reinstated.
Mr Palmer accused Central’s board of acting against shareholders’ interests, holding the company back from becoming a producer to position it to be snapped up cheaply by a large oil company.
Mr Palmer, who says his 4.8 per cent stake through Petroleum Nominees makes him Central’s biggest shareholder, is opposing industry veteran Richard Cottee’s proposed appointment to the top job two weeks ago.
He will also push for board representation at an extraordinary general meeting of shareholders to resolve the issues on June 22.
He has nominated three Petroleum Nominees directors for positions on Central’s six-person board.
Central holds a 29 million hectare area in central Australia - double the size of the UK - with ambitious prospective oil, gas, helium and coal assets.
An oil discovery was made at a well last year, but the board had blocked Mr Heugh from developing it, Mr Palmer said.
Ongoing appraisal and/or drilling work is set to continue this month.
"The previous managing director founded the company, found the oil, he was recommending that they get it into production and these guys said they didn’t want to,” he told AAP.
"You’ve got to ask the question: Why was that? Is it a fact that all these guys used to work for large oil companies?
"Are we going to see a situation where large oil companies come along and trample on the rights of shareholders?
"It was discovered over a year ago, nothing happened, shareholders haven’t got a return, why run a company down just to do a takeover from a large oil company?"
Mr Palmer has taken legal action to increase his stake.
There are also moves to spill the board at the meeting.
Mr Heugh was also quoted in a statement released by Mr Palmer, stating that Central should have been in significant oil production by now with attendant cash flow having executed significant farm-out deals.
He has taken legal action to fight his sacking.
The board accuses Mr Heugh of not following instructions and spending $15,000 in company funds on private detectives to investigate exploration manager Trevor Shortt, after a bitter falling out between the pair.
Mr Cottee could not be contacted for a comment.
The company’s shares closed 0.5 cent weaker at nine cents.
Palmer wants sacked Central MD reinstated
Billionaire businessman Clive Palmer has bought into a brawl at explorer Central Petroleum, demanding sacked founding boss John Heugh be reinstated.
Mr Palmer accused Central’s board of acting against shareholders’ interests, holding the company back from becoming a producer to position it to be snapped up cheaply by a large oil company.
Mr Palmer, who says his 4.8 per cent stake through Petroleum Nominees makes him Central’s biggest shareholder, is opposing industry veteran Richard Cottee’s proposed appointment to the top job two weeks ago.
He will also push for board representation at an extraordinary general meeting of shareholders to resolve the issues on June 22.
He has nominated three Petroleum Nominees directors for positions on Central’s six-person board.
Central holds a 29 million hectare area in central Australia - double the size of the UK - with ambitious prospective oil, gas, helium and coal assets.
An oil discovery was made at a well last year, but the board had blocked Mr Heugh from developing it, Mr Palmer said.
Ongoing appraisal and/or drilling work is set to continue this month.
"The previous managing director founded the company, found the oil, he was recommending that they get it into production and these guys said they didn’t want to,” he told AAP.
"You’ve got to ask the question: Why was that? Is it a fact that all these guys used to work for large oil companies?
"Are we going to see a situation where large oil companies come along and trample on the rights of shareholders?
"It was discovered over a year ago, nothing happened, shareholders haven’t got a return, why run a company down just to do a takeover from a large oil company?"
Mr Palmer has taken legal action to increase his stake.
There are also moves to spill the board at the meeting.
Mr Heugh was also quoted in a statement released by Mr Palmer, stating that Central should have been in significant oil production by now with attendant cash flow having executed significant farm-out deals.
He has taken legal action to fight his sacking.
The board accuses Mr Heugh of not following instructions and spending $15,000 in company funds on private detectives to investigate exploration manager Trevor Shortt, after a bitter falling out between the pair.
Mr Cottee could not be contacted for a comment.
The company’s shares closed 0.5 cent weaker at nine cents.
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O.K lets go back to your original statement that the CAD is due to the 1997 - 2007 years. Please expand on that so we can have meaningfull debate, in relation to the wastage and increased taxes of the last 5 years.
CTP is our top pick in the Australian shale space and we maintain our Speculative Buy
recommendation with a slightly reduced price target of $0.31/sh (previously $0.33/sh) to
reflect CTP s cash balance of $12.1m at the end of the June quarter.
D.J. Carmichael Reserch - 6th Aug 12
recommendation with a slightly reduced price target of $0.31/sh (previously $0.33/sh) to
reflect CTP s cash balance of $12.1m at the end of the June quarter.
D.J. Carmichael Reserch - 6th Aug 12
Oct 2nd
Central Petroleum announced a JV with partner Santos spending up to A$150m for the further exploration and potential development of up to 13 permit/application areas in the Amadeus and Pedirka Basins in central Australia. Under the farm-out agreement Santos will fund exploration by investing an initial $30m, with options to invest a further $60m in stage two and a further $60m in stage three. In return Santos will earn rights to up to 70% of the area totalling nearly 80,000km². Santos will assume operatorship of the fields during exploration and in the event that they are developed.
Out Too Soon
My real name is King Julian ;)
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Finally, over 2 years I've been holding this for an ~ 20%. Oh for the days when it was 6 weeks for the same result 
Finally, over 2 years I've been holding this for an ~ 20%. Oh for the days when it was 6 weeks for the same result
25th July Selection from Interview with CEO Richard Cottee:
"The next 12 months are really about 3 things:
• The development of Surprise and commencement of production;
• Commencing an intense seismic and drilling program in conjunction with Santos and Total; and
• The ongoing re-capitalisation of the Company as part of our transition from an explorer to a producer.
More specifically, some of our other major objectives over the next year include acquiring 3,000 kilometres of seismic, gaining a better understanding of Surprise East, hopefully drilling Surprise East-1, drill 2 to 4 holes at Surprise East if Surprise East-1 is a discovery, drill Mt Kitty and drill up to 6 holes in the Southern Georgina Basin.
There’s a lot of activity, but now that we have restructured the Company and have underwritten the large exploration programs, we are in a position to add enormous wealth for shareholders.
The share price has responded to the above and now sits at $0.125
I think the SP will be at $0.15 at close tomorrow.
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Jack, can you please explain why you believe the CTP SP will be $0.15 at tomorrow's close? All posted price targets must be accompanied by some kind of explanation or analysis.
I can think of a few reasons why CTP won't close at 15c today:
1. It's nudging the 61.8% retracement.
2. Market Depth indicates substantial supply at 13c, and minimal demand above 12.5c.
3. Rocket ships have a habit of running out of fuel, particularly when people get excited.
Have I missed something, Jack?
15th Aug 2013
CENTRAL CONSOLIDATES SHARES
Central Petroleum Ltd (ASX: CTP) (“Central” or “Company”) today announced a 5:1
consolidation of its shares as a final step in the restructuring of the Company. The
consolidation is dependent on receiving shareholder approval at a General Meeting to be
held at its Brisbane Headquarters at 10.30 am on 27 September 2013. The Notice of Meeting
does NOT seek shareholder approval to be able to issue more stock.
Central Petroleum Managing Director Richard Cottee said: “The Central Petroleum Board
believes that consolidating the number of Central shares on offer will help transform the
Company from a speculative explorer to a long-term institutional-grade investment.
“Central Petroleum is set to embark on a series of potentially transformative drilling programs
in the next 12 months that could place Central on the edge of becoming a continuing oil
producer. As such, it is our view that a consolidated share register is more reflective of the
Company’s status and profile as an independent oil and gas producer and developer.
“At this time last year, the Company had a capital structure that would not support the rapid
growth necessary for Central to aspire to become an ASX 100 company. Central had a threefold
problem: we had insufficient funding to cover the capital requirements of our minimal
exploration expenditure, an unhealthy balance sheet due to excess spending, and an equity
register with some shareholders whose focus was not the long-term success of the Company.
“Through farmouts to Total and Santos, the Company now has sufficient access to capital to
satisfy drilling commitments. The balance sheet has been improved by reducing cash burn by
two thirds from $1.5 million per month 12 months ago, to a current rate of $1.5 million per
quarter.
“It is my belief that the Company needs patient, supportive shareholders looking for returns
over the two year horizon rather than the two hour horizon. The recent placement coupled
with this share consolidation is aimed at delivering this stability.”
The resolution at the General Meeting will propose that every five (5) ordinary shares held by
a shareholder be converted into one (1) ordinary share (subject to rounding). If the resolution
is passed, the number of ordinary shares and options on issue and the exercise price of the
options will be adjusted in accordance with the ASX Listing Rules.
Further information in relation to the proposed share consolidation, including the timetable for
the consolidation, is provided in the attached Notice of General Meeting and Explanatory
Statement which is planned to be dispatched shareholders shortly.
CENTRAL CONSOLIDATES SHARES
Central Petroleum Ltd (ASX: CTP) (“Central” or “Company”) today announced a 5:1
consolidation of its shares as a final step in the restructuring of the Company. The
consolidation is dependent on receiving shareholder approval at a General Meeting to be
held at its Brisbane Headquarters at 10.30 am on 27 September 2013. The Notice of Meeting
does NOT seek shareholder approval to be able to issue more stock.
Central Petroleum Managing Director Richard Cottee said: “The Central Petroleum Board
believes that consolidating the number of Central shares on offer will help transform the
Company from a speculative explorer to a long-term institutional-grade investment.
“Central Petroleum is set to embark on a series of potentially transformative drilling programs
in the next 12 months that could place Central on the edge of becoming a continuing oil
producer. As such, it is our view that a consolidated share register is more reflective of the
Company’s status and profile as an independent oil and gas producer and developer.
“At this time last year, the Company had a capital structure that would not support the rapid
growth necessary for Central to aspire to become an ASX 100 company. Central had a threefold
problem: we had insufficient funding to cover the capital requirements of our minimal
exploration expenditure, an unhealthy balance sheet due to excess spending, and an equity
register with some shareholders whose focus was not the long-term success of the Company.
“Through farmouts to Total and Santos, the Company now has sufficient access to capital to
satisfy drilling commitments. The balance sheet has been improved by reducing cash burn by
two thirds from $1.5 million per month 12 months ago, to a current rate of $1.5 million per
quarter.
“It is my belief that the Company needs patient, supportive shareholders looking for returns
over the two year horizon rather than the two hour horizon. The recent placement coupled
with this share consolidation is aimed at delivering this stability.”
The resolution at the General Meeting will propose that every five (5) ordinary shares held by
a shareholder be converted into one (1) ordinary share (subject to rounding). If the resolution
is passed, the number of ordinary shares and options on issue and the exercise price of the
options will be adjusted in accordance with the ASX Listing Rules.
Further information in relation to the proposed share consolidation, including the timetable for
the consolidation, is provided in the attached Notice of General Meeting and Explanatory
Statement which is planned to be dispatched shareholders shortly.
What will the SP be when they dump the next CR on us?????
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Jack what will the SP be when they come clean on the CR???.
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Jack what will the SP be when they come clean on the CR???.
27th Sept
Central Petroleum Limited in accordance with Listing Rule 3.13.2 and section 251AA(2) of the Corporations Act 2001 (Cth), advises details of the resolution, direct votes and proxies received for the resolution moved at the General Meeting held 27 September 2013, as set out below.
Resolution 1 - Consolidation of Share Capital
The instructions given to validly appointed proxies in respect of the resolution were as follows
For 287,311,411 Against 42,175,208 Abstain 208,185,605 Proxy’s discretion 18,462,366
The motion was carried on a show of hands as an ordinary resolution.
Central Petroleum Limited in accordance with Listing Rule 3.13.2 and section 251AA(2) of the Corporations Act 2001 (Cth), advises details of the resolution, direct votes and proxies received for the resolution moved at the General Meeting held 27 September 2013, as set out below.
Resolution 1 - Consolidation of Share Capital
The instructions given to validly appointed proxies in respect of the resolution were as follows
For 287,311,411 Against 42,175,208 Abstain 208,185,605 Proxy’s discretion 18,462,366
The motion was carried on a show of hands as an ordinary resolution.
