CTP - Central Petroleum
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Wysiwyg
Everyone wants money
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Yet to prove any oil exists though there have been a few wells drilled in the location.The difference between undiscovered oil, proving it`s there and then what amount is recoverable needs to be understood so one doesn`t get burned by the numbers.
A high risk wildcat.
from their asx release http://imagesignal.comsec.com.au/asxdata/20080502/pdf/00839002.pdf
6) A Poolowanna pinchout edge occurs on the Andado Shelf (possibly a stratigraphic play of regional significance) at shot point 2098 (Figure-1) where top Poolowanna Formation Cycle 1 shales (seal) overlap prospective Poolowanna sandstones at the base of cycle-1. These form the reservoir in the Poolowanna-1 oil pool which recorded significant oil recoveries of 38 deg. API oil when drilled by Delhi Petroleum in 1977. It is thought that the Poolowanna structure was breached by Miocene faulting which is not apparently a feature of the Blamore prospect nor the leads on line CB08-01.
theres definantly oil in the area
6) A Poolowanna pinchout edge occurs on the Andado Shelf (possibly a stratigraphic play of regional significance) at shot point 2098 (Figure-1) where top Poolowanna Formation Cycle 1 shales (seal) overlap prospective Poolowanna sandstones at the base of cycle-1. These form the reservoir in the Poolowanna-1 oil pool which recorded significant oil recoveries of 38 deg. API oil when drilled by Delhi Petroleum in 1977. It is thought that the Poolowanna structure was breached by Miocene faulting which is not apparently a feature of the Blamore prospect nor the leads on line CB08-01.
theres definantly oil in the area
Based on the announcement today, there definitely was (and perhaps still is) oil where they are drilling. The below are extracts from part of the announcement. It looks like oil may have disappeared from their secondary target, but hopefully (I hold) it has remained in the reservoirs in the secondary targets. They are very close to the Poolowanna Formation, so we may see an announcement regarding whether there is oil in that formation tomorrow. Any oil experts who know whether the Poolowanna Formation is a better reservoir for holding oil than the Algebuckina Sandstone?
"Oil Shows : Oil shows were observed in samples over the interval 996m to 1017m in the ? top Algebuckina Sandstone . The shows were not accompanied by elevated gas readings or visual natural fluorescence, or streaming cut fluorescence but had slow developing cut fluorescence in medium to coarse grained sandstones with pale to dark brown residual oil staining. Residual oil shows indicate that a oil column of c.15m was present in the past but has subsequently dissipated by water flushing and/or other migration processes. No drill stem testing was recommended but the zone will be examined again during electric logging."
"Targets : Prognosed primary reservoir targets are the Poolowanna Formation and the Tirrawarra Sandstone. The top Algebuckina Sandstone was a secondary target. Other horizons may have potential. Blamore is a wildcat well based on seismic interpretation. Prognosed formation top depths are being revised using new seismic parameters based on preliminary field wellsite interpretation and subject to ongoing revision as more data becomes available, particularly final electric logging. It is encouraging that field picks for formation tops are coming in higher than the preliminary prognosis."
Datsun, you were pretty exited about CTP a while ago. You seem to know your oil and gas pretty well, so I was wondering whether you had any thoughts on the Blamore results so far
Preliminary Results : Preliminary interpretation of electric logs at Blamore 1 have indicated a net Permian coal sequence of slightly over 160m, approximately 4 times the net thickness expected. The coal sequences, while being drilled, exhibited a range of high gas readings including peaks up to 233 units (1 unit equals 100 parts per million – ppm) and a range of gases from C1 (methane) to C5 (pentane) suggesting a higher calorific value than typical Coal Bed Methane gases. This Permian sequence of coals will be further tested in Coal Bed Methane well CBM 93001, the next well to be drilled.
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I have been playing CTP as a classic BESBS play.
Blamore-1: entry 6 weeks from spud @ 17c and out at 26c.
CBM93001: entry at 12.5c and out at 15c
Simpson should be an interesting play. Supposedly an estimate of potentially150mmbl if it hits the black gold. I reckon 1 in 20 chance at best. Still, better odds than tatts!
CBM discoveries sound OK but they are in very isolated areas - not much immediate value to traders/speculators/short-medium termers. Simpson looks more appealing as it is an oil target.
I'm in at 15c as a BESBS play.
DYOR.
Blamore-1: entry 6 weeks from spud @ 17c and out at 26c.
CBM93001: entry at 12.5c and out at 15c
Simpson should be an interesting play. Supposedly an estimate of potentially150mmbl if it hits the black gold. I reckon 1 in 20 chance at best. Still, better odds than tatts!
CBM discoveries sound OK but they are in very isolated areas - not much immediate value to traders/speculators/short-medium termers. Simpson looks more appealing as it is an oil target.
I'm in at 15c as a BESBS play.
DYOR.
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Happy with management. Yesterday saw the Simpson announcement, today a broadcast. Good to see management keeping CTP in the media eye.
BESBS action already underway. SP now 17c.
Holding CTP
BESBS action already underway. SP now 17c.
Holding CTP
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Wonder if there will be news of spudding this week for Simpson? Should see some SP activity when it does occur.
Holding CTP as a BESBS play.
Holding CTP as a BESBS play.
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I pulled the pin on CTP for a quick profit on Thursday . Did not like the mention of issuing new shares (BRR-boardroom radio) to a cornerstone investor which will dilute it's value depending on what is on offer. I could be wrong but I suspect the price may drop back to 0.14 . CTP/RAW were due to spud simpson west today 28th Sept however if you go by CTP,s other drilling announcements you could easily add on another 4 to 5 days before the drill bit actually makes contact with the ground , once again we will see tomorrow .
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Agree that spud is unlikely to start today. It is not a long change over between CBM93001 and Simpson. Happy to be proved wrong but suspect even next week for kick-off.
The allocation of new shares might take the shine off the SP in the immediate but given the potential size of Simpson, I am happy to wait and see if greed draws the punters in and lifts the SP.
For a few, a capital injection might bring extra funding security and make CTP slightly more attractive.
Guess we will know in the next few weeks when Simpson starts.
The allocation of new shares might take the shine off the SP in the immediate but given the potential size of Simpson, I am happy to wait and see if greed draws the punters in and lifts the SP.
For a few, a capital injection might bring extra funding security and make CTP slightly more attractive.
Guess we will know in the next few weeks when Simpson starts.
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Today CTP/RAW spud simpson 1 , target 190mmbbls UOIP . Lets hope the drilling contractor has learnt from the 2 previous wells and has picked his game up to have a trouble free result.
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They need a incident-free drill for this one. Given the market gitters, a smooth drill and calming news from the US would help build the SP. As you say Seasprite, it is a potential 190mmbl target so this would normally attract some punters.
Interesting times ahead.
Holding CTP
Interesting times ahead.
Holding CTP
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They need a incident-free drill for this one. Given the market gitters, a smooth drill and calming news from the US would help build the SP. As you say Seasprite, it is a potential 190mmbl target, so this would normally attract some punters.
Interesting times ahead.
Holding CTP
Interesting times ahead.
Holding CTP
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Been away for a week or so. What a time to watch.
Exited from CTP last Tuesday...lost 12%. Never happy to lose $$$. Overall, did OK as I played both Blamore & CBM93001 with success.
That's the end of CTP for me. If no oil in Simpson, the SP will get hammered. Good luck to all holders and hope that Simpson brings success.
Exited from CTP last Tuesday...lost 12%. Never happy to lose $$$. Overall, did OK as I played both Blamore & CBM93001 with success.
That's the end of CTP for me. If no oil in Simpson, the SP will get hammered. Good luck to all holders and hope that Simpson brings success.
I will take a guess and say BG are annoyed at the reference to UCG and have taken it upon themselves to seek a clarication from JH re the JV and the assertion that the JV may ultimately pursue UCG as the prefered development option.
CTP were forced to clarify their latest email based news item and I would presume BG are less than satisfied with todays announcement.
Of course it was BG that was feverishly lobbying the Qld government to abandon any development approvals for UCG in the medium term.
Stick it up 'em JH. Love ya work!
But of course I may be completely on the wrong track. It may be that the ASX aren't happy with some of the assumptions.
Good luck.
wonder how the rights trading will pan out - the options coming with the shares are more attractive to me than anything and with the shares i'm holding i can get a few - suspect a fair few people may consider selling their holdings (assuming SP is right for them) to fund rights acquisition with options) - i.e retain same number of shares after issue - but get options that go with them and hopefully a little left over cash if there's any discount at offer close date - mind you shareholding will be diluted with double the number of shares on offer (assuming offer fully taken up) but hopefully value still there.
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Wonder why MMR sold out all thier shares? Seems they see BUY as a more immediate return PEP11 looks to be going ahead. I heard they needed the $600k for drill pep11 Even so they have heaps of oppies should ctp strike oil helium and prove up their huge coal seam reserves ie a few trillion tonnes of coal in their tenaments and with BG as a partner I cant see them sitting on this resource for too long Looks good for CTP A strike of substance will get the market talking CT
maybe to get the cash to buy the shares/options under the rights issue - if they didn't have the cash and didn't participate - their holding would be diluted to the extent the issue is taken up anyway - by selling at the price they did relatively close to issue price they get the cash to participate and in taking up the issue they will have the same percentage holding they would have anyway - they maintaining holding and get the bonus options.... my thoughts anyway without looking at their situation and what they might otherwise be trying to do elsewhere.
