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I think you may be right YT. Friday's close was strong on good volume.
This week should be interesting..........
CTP - Central Petroleum
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I think you may be right YT. Friday's close was strong on good volume.
This week should be interesting..........
great announcement on Friday....sure should run. Only 600km pipe would be needed to the Moomba hub!!
Everyone needs to read this:
http://www.mpsecurities.com.au/Publications/2008/Great Southern Gas Term Sheet April 2008.pdf
The other company with a farmout relationship with CTP is Rawson Resources (RAW). It also put on 12% on Friday with next to no volume (measley 233,000 shares!). Only 60m shares on issue.
RAW have farmed out CBM rights for EP97 to a non-listed company called Great Southern Gas. They in turn will own 33% of the co. plus retain a 3% royalty.
The importance you ask? CTP has EP93 as covered in the report. Well....EP97 is right next door as shown in the above link. Should also add Great Southern Gas have farmed for 20% of EP93 (if you don't read the link).
RAW has a mc of $16m...:screwy:
Go the Pedirka Basin!!:dance:
Everyone needs to read this:
http://www.mpsecurities.com.au/Publications/2008/Great Southern Gas Term Sheet April 2008.pdf
The other company with a farmout relationship with CTP is Rawson Resources (RAW). It also put on 12% on Friday with next to no volume (measley 233,000 shares!). Only 60m shares on issue.
RAW have farmed out CBM rights for EP97 to a non-listed company called Great Southern Gas. They in turn will own 33% of the co. plus retain a 3% royalty.
The importance you ask? CTP has EP93 as covered in the report. Well....EP97 is right next door as shown in the above link. Should also add Great Southern Gas have farmed for 20% of EP93 (if you don't read the link).
RAW has a mc of $16m...:screwy:
Go the Pedirka Basin!!:dance:
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I think it is actually 0.6TCF annually - not to be picky.
sorry can't help being anal...
Everyone loves gas these days!!
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Was reading through the last few anns and just realised that on top of the CBM/Coal/Gas stuff which should build momentum for the company as its advanced CTP are about to spud a very large Oil Wild Cat
The Ballmore 1 well should be spudding on Tuesday, with a target of 70M bls of oil, this would be worth some $10Billion in ground or $1.4Billion on a EV basis using $20 barrel
Of course this is just a wild cat and the chances of it coming in are say 1 in 20 or 1 in 10 (being generous) but nevertheless it adds a another positive string to the "BOW" of momentum CTP is building
As I said earlier I am in this stock for a RUN which it may or may not do, however given the developments CTP has in regards to its CBM/Coal/Gas and Oil recently the story is starting to gain favourable fundamentals
The Ballmore 1 well should be spudding on Tuesday, with a target of 70M bls of oil, this would be worth some $10Billion in ground or $1.4Billion on a EV basis using $20 barrel
Of course this is just a wild cat and the chances of it coming in are say 1 in 20 or 1 in 10 (being generous) but nevertheless it adds a another positive string to the "BOW" of momentum CTP is building
As I said earlier I am in this stock for a RUN which it may or may not do, however given the developments CTP has in regards to its CBM/Coal/Gas and Oil recently the story is starting to gain favourable fundamentals
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ASX ANNOUNCEMENT RELEASED to the ASX DATE: 090608
TO: Manager, Company Announcements Australian Stock Exchange
Limited
CONTACT: John Heugh +61 8 9474 1444
090608 Full Text of
Independent Reports on Recoverable Prospective Resources Coal Bed Methane (CBM) Pedirka Basin Further Explanation
An announcement made on 060608 referred to appended reports on CBM prospective recoverable resources in Central Petroleum Limited’s (Central) Pedirka Basin Permits and Applications.
Apparently some shareholders are confused by the reference to appended reports and various communications to the Company make it clear that some shareholders are only reading the first report.
To eliminate any potential confusion, further explanation is warranted.
Appended to the announcement made on 060608 are 3 reports :
# 1. The first refers to CBM prospective recoverable resources on Central’s EP 93, EPA 130 and 131 and PELA 77 of 25, 34 and 51 TCFG at “low”, “best” and “high” estimate.(Mulready Consulting Services Pty Ltd 090307)
# 2. The second report refers to the potential for a CBM fueled large scale GTL plantsubject, inter alia, to the proving of sufficient reserves and other requirements. (Holt, Cambell and Payton Pty Ltd 190207)
# 3. The third report refers to incremental prospective recoverable resources on Central’s EPs 105,106 and 107 giving total combined prospective recoverable resources of CBM on EPs 93, 105,106 and 107 and EPs 130 and 131 and PELA 77 together of 34, 47 and 70 TCFG at “low”, “best”, and “high” estimate in accordance with standard Society of Petroleum Engineers (SPE) classifications. (Mulready Consulting Services Pty Ltd 210607)
TCFG : Trillions of Cubic Feet
EP : Granted Exploration Permit (Northern Territory)
EPA : Exploration Permit Application (Northern Territory)
PELA : Petroleum Exploration Licence Application (South Australia)
The relevant text of the announcement made on 060608 follows in italics for ease of reference and a map is provided showing the area of the Pedirka Basin.
# Although approximately 14 wells have been drilled in the Pedirka Basin, many of which have intersected coal, none of these have attempted to flow test CBM potential as they were intersecting coal at probably non-commercial depths for CBM exploitation. Central aims to drill an initial 3 CBM test wells this year in its 2008 programme as the first ever flow tests of Permian and Triassic coals in the Pedirka Basin which will focus on flow testing coal above a cut off depth of 1,250m.
# It is thought that on Central’s permits and application areas, a total of up to 30,000 km² of coal beds up to a cumulative thickness of 60m may exist above this cut-off depth based on previous drilling and approximately 2,000 line km of seismic. Previous announcements (120307 and 220607) gave summaries of independent reports by Mulready Consulting Services Pty Ltd of the CBM potential of Central’s Pedirka Basin acreage.
# The reports concluded that in addition to the CBM original gas in place (OGIP) prospective resources of 67 TCFG in Central’s Pedirka Basin acreage previously described in an earlier report, there is an additional 25 TCFG in permit applications EPA 105,106 and 107 which were recently acquired by Central.
# Prospective recoverable resources of CBM in Central’s 7 Pedirka Basin permits and applications now stand at 34, 47 and 70 TCFG at “low”, “best” and “high” estimates according to the reports.
Independent studies by Holt Campbell and Payton Pty Ltd, consulting engineers, concluded in a pre-feasibility study dated February 2007, that a 140,000 bbl/day plant producing ultra-clean diesel, jet fuel and naphtha fueled by such potential CBM resources could be profitable at any prevailing oil price over USD$30/bbl provided that the gas could be delivered to the plant at Alice Springs at A$2.20/Gj or less. Later updates of the figures provided in this report indicates a break even oil price of c.USD $40/bbl with gas delivery costs at $2.50/Gj for such a conceptual plant as engineering costs have risen significantly in step with rising oil prices.
Central’s Permits and Applications showing the Pedirka Basin and the proposed location of the first three CBM wells to be flow tested once drilled in the 2008 campaign.
Sincerely
John Heugh
Managing Director
Central Petroleum Limited
TO: Manager, Company Announcements Australian Stock Exchange
Limited
CONTACT: John Heugh +61 8 9474 1444
090608 Full Text of
Independent Reports on Recoverable Prospective Resources Coal Bed Methane (CBM) Pedirka Basin Further Explanation
An announcement made on 060608 referred to appended reports on CBM prospective recoverable resources in Central Petroleum Limited’s (Central) Pedirka Basin Permits and Applications.
Apparently some shareholders are confused by the reference to appended reports and various communications to the Company make it clear that some shareholders are only reading the first report.
To eliminate any potential confusion, further explanation is warranted.
Appended to the announcement made on 060608 are 3 reports :
# 1. The first refers to CBM prospective recoverable resources on Central’s EP 93, EPA 130 and 131 and PELA 77 of 25, 34 and 51 TCFG at “low”, “best” and “high” estimate.(Mulready Consulting Services Pty Ltd 090307)
# 2. The second report refers to the potential for a CBM fueled large scale GTL plantsubject, inter alia, to the proving of sufficient reserves and other requirements. (Holt, Cambell and Payton Pty Ltd 190207)
# 3. The third report refers to incremental prospective recoverable resources on Central’s EPs 105,106 and 107 giving total combined prospective recoverable resources of CBM on EPs 93, 105,106 and 107 and EPs 130 and 131 and PELA 77 together of 34, 47 and 70 TCFG at “low”, “best”, and “high” estimate in accordance with standard Society of Petroleum Engineers (SPE) classifications. (Mulready Consulting Services Pty Ltd 210607)
TCFG : Trillions of Cubic Feet
EP : Granted Exploration Permit (Northern Territory)
EPA : Exploration Permit Application (Northern Territory)
PELA : Petroleum Exploration Licence Application (South Australia)
The relevant text of the announcement made on 060608 follows in italics for ease of reference and a map is provided showing the area of the Pedirka Basin.
# Although approximately 14 wells have been drilled in the Pedirka Basin, many of which have intersected coal, none of these have attempted to flow test CBM potential as they were intersecting coal at probably non-commercial depths for CBM exploitation. Central aims to drill an initial 3 CBM test wells this year in its 2008 programme as the first ever flow tests of Permian and Triassic coals in the Pedirka Basin which will focus on flow testing coal above a cut off depth of 1,250m.
# It is thought that on Central’s permits and application areas, a total of up to 30,000 km² of coal beds up to a cumulative thickness of 60m may exist above this cut-off depth based on previous drilling and approximately 2,000 line km of seismic. Previous announcements (120307 and 220607) gave summaries of independent reports by Mulready Consulting Services Pty Ltd of the CBM potential of Central’s Pedirka Basin acreage.
# The reports concluded that in addition to the CBM original gas in place (OGIP) prospective resources of 67 TCFG in Central’s Pedirka Basin acreage previously described in an earlier report, there is an additional 25 TCFG in permit applications EPA 105,106 and 107 which were recently acquired by Central.
# Prospective recoverable resources of CBM in Central’s 7 Pedirka Basin permits and applications now stand at 34, 47 and 70 TCFG at “low”, “best” and “high” estimates according to the reports.
Independent studies by Holt Campbell and Payton Pty Ltd, consulting engineers, concluded in a pre-feasibility study dated February 2007, that a 140,000 bbl/day plant producing ultra-clean diesel, jet fuel and naphtha fueled by such potential CBM resources could be profitable at any prevailing oil price over USD$30/bbl provided that the gas could be delivered to the plant at Alice Springs at A$2.20/Gj or less. Later updates of the figures provided in this report indicates a break even oil price of c.USD $40/bbl with gas delivery costs at $2.50/Gj for such a conceptual plant as engineering costs have risen significantly in step with rising oil prices.
Central’s Permits and Applications showing the Pedirka Basin and the proposed location of the first three CBM wells to be flow tested once drilled in the 2008 campaign.
Sincerely
John Heugh
Managing Director
Central Petroleum Limited
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This one is giving me butterflies.... the numbers are huge and that should be enough to excite the market as we approach spudding of wells. I see this as a great free carry opportunity. What I mean by that is, buy your stake - ride the building excitement leading up to spud, sell off the value of the initial stake and sit back risk free. If it takes off you always kick yourself for being a wuss - but more often than not you end up taking a profit away from a situation that could have taken part of your cap.
I think also there is one sentence that should not be underestimated regarding the CBM wells. It reads;
Although approximately 14 wells have been drilled in the Pedirka Basin, many of which have intersected coal, none of these have attempted to flow test CBM potential as they were intersecting coal at probably non-commercial depths for CBM exploitation.
So the CBM play is a crack at proving popular theory wrong. If they do then this alone is HUGE. As I said it's giving me butterflies. But it is going against popular opinion.
Then there's the oil. At YT's EV of $20 / $1.4bn that translates to $3.50 a share (mc 400m fully diluted).
Chart looks decidedly bullish - minor gap open today too. Problem is I don't trust those damned butterflies.
I think also there is one sentence that should not be underestimated regarding the CBM wells. It reads;
Although approximately 14 wells have been drilled in the Pedirka Basin, many of which have intersected coal, none of these have attempted to flow test CBM potential as they were intersecting coal at probably non-commercial depths for CBM exploitation.
So the CBM play is a crack at proving popular theory wrong. If they do then this alone is HUGE. As I said it's giving me butterflies. But it is going against popular opinion.
Then there's the oil. At YT's EV of $20 / $1.4bn that translates to $3.50 a share (mc 400m fully diluted).
Chart looks decidedly bullish - minor gap open today too. Problem is I don't trust those damned butterflies.
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volumes remain high but this stock is treading water at 25c range. i was going to blame the Dow for its lack of movement but think something else is happening with this stock...someone happy to sell at around this mark very large volumes??
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yeah I think this stock is going to get cheaper as people start pushing the emergency button due to the market dropping.
I'm looking to buy in but think it will go much lower in the short term
I'm looking to buy in but think it will go much lower in the short term
volumes remain high but this stock is treading water at 25c range. i was going to blame the Dow for its lack of movement but think something else is happening with this stock...someone happy to sell at around this mark very large volumes??
It's their bond holders selling, on conversion at 15c they sell out immediately, they held about 6.6million yesterday and have sold 39million previously
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I was on this site for the TZL interview, and saw the CTP one on there (not sure how old). Just thought I'd let you know if any of you haven't heard it.
http://www.marketheadquarters.net/
http://www.marketheadquarters.net/
ps., don't forget about the other 32million shares issued today at 15c from the spp., also the 20% shortfall or about 8million shares yet to be placed also, so todays shareprice is still at a fair premium, may be best to wait for these to come to market, looks like 22c might be current support
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wow another one of my stocks to buck the trend of the falling mkts, CTP is moving back towards its highs of 29c-30c
It was a no brainer this would happen with CTP, at say 22c its mkt cap was around $90m with plenty of funding, massive Oil, Gas, CBM, CSG and Coal targets I knew it would
It was a no brainer this would happen with CTP, at say 22c its mkt cap was around $90m with plenty of funding, massive Oil, Gas, CBM, CSG and Coal targets I knew it would
wow another one of my stocks to buck the trend of the falling mkts, CTP is moving back towards its highs of 29c-30c
It was a no brainer this would happen with CTP, at say 22c its mkt cap was around $90m with plenty of funding, massive Oil, Gas, CBM, CSG and Coal targets I knew it would
Holding for this perhaps???
I don't hold (although I did last year). CBM (American terminology for CSG
)...will be interesting if the coals are of the right type for CSG?? or more to the point, are they highly permeable? We will soon know. I follow with interest.
Wysiwyg
Everyone wants money
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As expected the spud date is now 1st. July.Can anyone see the Pedirka Basin being any better than the Cooper?Fat chance.Hard to keep these mobs honest I tell ya.
The estimates below are based on 70`s and 80`s mapping.
This area they reckon has 2 billion barrells of undiscovered oil initially in place is 450km² or 21 km x 21 km.Again .
I can smell pork pies in the oven.
The estimates below are based on 70`s and 80`s mapping.
This area they reckon has 2 billion barrells of undiscovered
oil initially in place is 450km² or 21 km x 21 km.Again .I can smell pork pies in the oven.
Attachments
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Wyswig
Couldn't agree with you more, CTP is real spec,
Its in an unexplored Frontier Basin for Oil and Gas and CBM/CSG, I mean this ain't no Copper Basin or NSW/QLD Coast area
But still it does offer that "BLUE SKY" returns that most of us dream of and I think thats whats most appealing to me, but look its not dirt cheap I mean its mkt cap is over $100m and it does have some dodgey convertible bond financing in place and it has been ****e at keeping to its drilling timetable
I haven't be tthe farm on this, just a few chickens, if they pull it off great, if not bah at least I gave it a go
p.s. it is up a lazy 40% since my entry so not fairing too bad and this is the second time I've gotten in
Couldn't agree with you more, CTP is real spec,
Its in an unexplored Frontier Basin for Oil and Gas and CBM/CSG, I mean this ain't no Copper Basin or NSW/QLD Coast area
But still it does offer that "BLUE SKY" returns that most of us dream of and I think thats whats most appealing to me, but look its not dirt cheap I mean its mkt cap is over $100m and it does have some dodgey convertible bond financing in place and it has been ****e at keeping to its drilling timetable
I haven't be tthe farm on this, just a few chickens, if they pull it off great, if not bah at least I gave it a go
p.s. it is up a lazy 40% since my entry so not fairing too bad and this is the second time I've gotten in
Are you still in on this one datsun, or did it fall by the wayside like ego
I hold, and am hoping for a bit of a run when it spuds (hopefully tomorrow)We shall see.. too much expectation, and often it is these with the most expectation that can be the biggest failures!
Wysiwyg, apparently they have done more recent seismic mapping to justify their more recent estimates, but 2bn bbl seems a waste of time to even put it out there.. however even 100mbbl would be.. worth a lot So they only have to find a fraction of their wild figure and most are going to be pretty happy. If not, nobody will ever trust or respect them ever again and that'll probably be the end of them. We'll see.
Wysiwyg, apparently they have done more recent seismic mapping to justify their more recent estimates, but 2bn bbl seems a waste of time to even put it out there.. however even 100mbbl would be.. worth a lot
So they only have to find a fraction of their wild figure and most are going to be pretty happy. If not, nobody will ever trust or respect them ever again and that'll probably be the end of them. We'll see.
Wysiwyg
Everyone wants money
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Too right gfresh, i`ve been caned and learned the hard way.Recoverable oil estimates could be mentioned in field assessments so these wild `spill point` and gross estimate figures are brought into perspective.
If only to help someone be aware before taking the risk.
Way to go Young Trader, i like oil specs for their s.p. volatility too.
.
If only to help someone be aware before taking the risk.
Way to go Young Trader, i like oil specs for their s.p. volatility too.
.
Too right gfresh, i`ve been caned and learned the hard way.Recoverable oil estimates could be mentioned in field assessments so these wild `spill point` and gross estimate figures are brought into perspective.
If only to help someone be aware before taking the risk.
Way to go Young Trader, i like oil specs for their s.p. volatility too.
.
You shouldn't have to ring the company for the info, but it seems quite prevalent lately in the specs i've been looking at to just talk spill points and omit P10-P90. Actually even "high medium low" estimates put me slightly on edge by not using the correct terminology.
