CTP - Central Petroleum

[adobee]

Reopen again this morning I thought we were waiting to Friday WTF ?!?!

I dont think that it will be able to push beyond 25c.. probably retrace shortly..
If its pushes 25c I think that this will be a big break out
Fingers crossed though!

 

[BESBS Player]

Happy enough with the announcement.

Red Sky Energy will commit via farm-in to becoming a minimum 10% stakeholder in 27 of Central Petroleum’s energy focused permits around the Red Centre.
This will require Red Sky Energy to fund up to 20% of the first three conventional wells in each of the 29 permits, as well as 20% of the first A$3 million of seismic costs incurred for each permit.
Red Sky will also pay to Central Petroleum A$5 million as a series of reserve premiums, for each increment of one trillion cubic feet of gas (TCFG) or oil equivalent (167 mmboe) that may be identified in proved, probable and possible reserves (3P) in each permit.

From a SP perspective, the next big trigger will be a drilling program. If this is well received by the punters, then CTP could easily go for a pre-spud run. Just depends what the program says...


Holding CTP at 9c ave

 

[swm79]

Happy enough with the announcement.

Red Sky Energy will commit via farm-in to becoming a minimum 10% stakeholder in 27 of Central Petroleum’s energy focused permits around the Red Centre.
This will require Red Sky Energy to fund up to 20% of the first three conventional wells in each of the 29 permits, as well as 20% of the first A$3 million of seismic costs incurred for each permit.
Red Sky will also pay to Central Petroleum A$5 million as a series of reserve premiums, for each increment of one trillion cubic feet of gas (TCFG) or oil equivalent (167 mmboe) that may be identified in proved, probable and possible reserves (3P) in each permit.

From a SP perspective, the next big trigger will be a drilling program. If this is well received by the punters, then CTP could easily go for a pre-spud run. Just depends what the program says...


Holding CTP at 9c ave

i think once they start drilling - even if there are a few dusters on the way - that more and more punters are going to start to take notice to this one.

given the absolutely HUGE amount of land they hold and the HUGE amount of tennements and prospects available i think its a punters dream.... to have Falcon in the same area too is just another bonus.... if things like a BG hook up etc take place we could be in for a HUGE ride

 

[bordercityfirm]

You are right BESBS Player the SP is only going one way and that is up, not bad ROG getting a 10% holding in all CTP tenements I think Red Sky will be carried with the CTP band wagon as well now. Just wait to we start drilling and then we'll see some movement.

 

[BESBS Player]

Yes, Bordercityfirm,

Once a drilling program is announced, (assuming it is drillings in the short-term future), the market should like the news. If the initial targets were linked to oil targets, this could run very quickly. Still, have to wait and see.

Would love more news soon.

 

[adobee]

Yes, Bordercityfirm,

Once a drilling program is announced, (assuming it is drillings in the short-term future), the market should like the news. If the initial targets were linked to oil targets, this could run very quickly. Still, have to wait and see.

Would love more news soon.

The Company plans, subject to various contingencies, a robust exploration programme to commence Q4 2009 including :

Phase One 2009
5 fully cored CSG wells Pedirka Basin (34–70 TCFG prospective resources CSG, >10,000 TCFG UCG) flow testing CBM93001
GoreTM survey Johnstone (c.900 MMbbls UOIIP)
Ooraminna–2 gas, directional appraisal well 2 TCFG UGIIP– already flowed gas to surface 1,350 line km seismic (Amadeus and Pedirka)
Subtotal $25–30 million, CTP $16–19 million

I would expect we will start seeing some news in this regard very shortly as we are now in Q4 ..

 

[adobee]

"The Company refers to its previous announcements to the ASX of 1 October 2009 and 2 October 2009, in relation to the farm-in to certain of the Company's energy focused permits in central Australia by Red Sky Energy (NT) Pty Ltd ("Red Sky"), a wholly owned subsidiary of Red Sky Energy Limited (ASX: ROG).
It is a requirement of the farm-in arrangements with Red Sky that Petroleum Exploration Australia Limited ("PXA") executes certain deeds of assumption. The Company maintains its view that, under the terms of the existing farmout and joint operating agreement(s) between the Company and PXA, PXA is compelled to execute the deeds of assumption. The Company formally requested PXA to execute the deeds of assumption by no later than Wednesday 14 October 2009.
As at the time of this announcement, the Company has not received counterparts of the relevant deeds of assumption duly executed by PXA.
As the implementation of the Red Sky farm-in agreements requires the execution of the deeds of assumption by PXA, a potential consequence of PXA not executing the deeds is that Red Sky may not become a Participant and the Joint Venture may continue at an impasse. This could result in the commencement of the joint venture's Phase 1 exploration programme (which, as disclosed on 1 October 2009, comprises five coal seam gas wells, the 2 TCFG UGIIP (high estimate) Ooraminna prospect in EP82 and 1,350 kilometres of seismic across the Amadeus and Pedirka Basins) or other proposals being further delayed, or prevented and place the good standing of the permits in jeopardy.
Already, because of delay in approval of the Phase 1 drilling programme, the drilling rig previously considered for Ooraminna 2 is no longer available, and there is a serious risk that no other drilling rig will become available during the remainder of 2009 for this well.
A meeting of the Board has been convened for Thursday 15 October, at which the Board will consider the appropriate action for the Company to take.
Sincerely,
John Heugh
Managing Director
Central Petroleum Limited


Wow not to positive this morning.. I am looking at it as a buying opportunity.. but they better get this sht sorted !

 

[Out Too Soon]

I think you're right Adobee, negative news, but I'm suspicious that those "in the know" may be jumping on now ready for a positive ann. that turns it all around. Call me cynical, but the wording, even the bold lettering/font smells of market manipulation, not that such things ever go on.
I'm having a cynical punt, if a positive ann. comes out soon reversing the mood ( & sp) surely they should be investigated. In the mean time I'll cash in & my cynicism will pay off. Otherwise long term still looks very good despite seemingly hopeless or corrupt management.

 

[adobee]

picked up more at 14.5c
I think that the announcement post todays meeting should be positive either way.. there should be resolution and set track forward here in...

 

[BESBS Player]

G'day A.

I saw it from a BESBS perspective and sold out.

The ROG side of things didn't worry me as that was very 'in the future'. The part that worried me from a Buy Early Sell before Spud perspective was the delay in drill program and little progress in getting a rig.

Longer term, CTP will be a winner as it will finally drill large potential targets. Yet as BESBS Player, I'm not happy to leave the $$$$ on the table with no drilling close by. Time to get set in a couple of other plays that have lower SP entry points.

No doubt I'll be back at some time.

Bought CTP at 9c ave. Sold at 15c ave. Profit 65%

 

[Donga]

Over the small while I've been following CTP and ROG, have become more impressed with the respective managements and wouldn't be surprised if we see positive announcements sooner than later. I think BG are being outmanoeuvred and wouldn't be surprised if CTP have another ace up their sleaves. Holding both CTP, ROG and their respective options. And BESBS, hope you're getting back into MMR before next week

 

[adobee]

RED SKY FARM-IN: CTP BOARD RESOLUTION TO COMMENCE PROCEEDINGS The Company refers to its announcement to the ASX of 14 October 2009. As foreshadowed in that announcement, a meeting of the Board of the Company was held on Thursday 15 October. At the meeting, the Board resolved to issue a notice of dispute under relevant joint venture documents in connection with the failure by Petroleum Exploration Australia Limited ("PXA") to execute the deeds of assumption in relation to the farm-in by Red Sky Energy (NT) Pty Ltd ("Red Sky"). The Company plans to issue this notice of dispute shortly. PXA has indicated that it is still considering the issues, including the Company's demand that PXA execute the deeds of assignment, and hopes to be in a position to provide a response by close of business Wednesday, 21 October 2009. It is the Company's view that it has exercised a contractual right to assign a 10% interest in the permits concerned to Red Sky pursuant to the terms of the Farm Out Agreement as amended (FOA) between the Company, its subsidiaries and PXA. While maintaining its views expressed in the last announcement, the Company recognises that the possible outcomes of the dispute process are (i) the farm-in by Red Sky proceeds as planned (subject to approval from the relevant government petroleum divisions); (ii) the farm-in by Red Sky is blocked; or (iii) PXA has a right of pre-emption and acquires the relevant interest on the same terms as Red Sky (again, subject to approval from the relevant government petroleum divisions). Irrespective of the ultimate outcome, delays may continue to impact the Company's work programmes. However, it remains the Company's hope that the Joint Venture will proceed in due course with the work programme as discussed in the previous release so as to satisfy the official Northern Territory Department of Regional Development, Primary Industries, Fisheries and Resources (DRDPIFR) minimum exploration programme requirements necessary to maintain the permits in good standing.

 

[bordercityfirm]

BESBS Player, good profit, nearly as much as me!

If the money is burning a hole in your pocket you should have a look at TEX at least they will spud a well this year Stike oil made a success next door under L. Roe who Tex now have onboard (um funny how he then buys acerage with Tex).

HIGHWAY 71 OPERATIONS UPDATE
Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to announce that it has been advised by the operator of the Highway 71 prospect that the date for the commencement of drilling operations at this well is expected to be on or about 26 October.
The drilling rig is scheduled to be mobilised to the Highway 71 well site next week following the completion of drilling operations at its current location. Site preparations at the proposed well location are continuing.
Target is earning a 25% working interest in the Highway 71 prospect, situated in Wharton County Texas, approximately 100 kilometres west-southwest of Houston. The prospect has the potential to recover up to 67.5 Billion cubic feet (Bcf) of gas and 1.1 million barrels of condensate/light oil from its primary and secondary targets.
Drilling is expected to take six weeks to drill to the programmed Total Depth of 4,115 metres (13,500 feet). The well is to be drilled on a “turn-key” contract.

TEX share of oil and gas in place:
65,137,500 gas
20,625,000 light oil

And they only have 156,409,638 shares (as of the 28th of Oct).

Come on do the sums????

US$85,762,500

 

[adobee]

Result wasnt to bad today.. I thought there would be a lot of short termers jumping ship as they were scared of the direction the stock would take but on the whole we havent dropped to far.. Aside from cost of litigation we have seen that CTP is keen to get drilling and will take action to get the ball rolling.. I would expect that on Thursday we will see PXA & BG come to the party..

 

[deeenieweeenie]

Happy enough with the announcement.

Red Sky Energy will commit via farm-in to becoming a minimum 10% stakeholder in 27 of Central Petroleum’s energy focused permits around the Red Centre.
This will require Red Sky Energy to fund up to 20% of the first three conventional wells in each of the 29 permits, as well as 20% of the first A$3 million of seismic costs incurred for each permit.
Red Sky will also pay to Central Petroleum A$5 million as a series of reserve premiums, for each increment of one trillion cubic feet of gas (TCFG) or oil equivalent (167 mmboe) that may be identified in proved, probable and possible reserves (3P) in each permit.

From a SP perspective, the next big trigger will be a drilling program. If this is well received by the punters, then CTP could easily go for a pre-spud run. Just depends what the program says...


Holding CTP at 9c ave

Quoting John Heugh "On 22 October 2009, the Company submitted a minimum Exploration and Appraisal Programme and Budget ("Minimum EAPB") to the PXA Broadacre JOA participants which provides for work and expenditure towards compliance with the Minimum Work Obligations of the Broadacre permits.
Under the JOA, the Minimum EAPB is now regarded as being unanimously approved by the Operating Committee. Accordingly the Company, as Operator, is required to implement the programme, and proposes to commence doing so immediately by signing contracts with Wallis Drilling Pty Ltd for a 5 well fully cored coal seam gas programme and with Terrex Seismic for a 1,380 line km. seismic acquisition programme.
Some of the seismic programme, involving some 400 line km is outside of the PXA Broadacre Joint Venture and has been approved by Trident Energy Limited and He Nuclear Limited as well as the Operator."

This great news!!!!!! We have a driling program!!!! Expect SP fly on Monday

 

[Alporfavor]

Yes I'm happy with the news as well. But I don't think that the SP will spike massively on Monday (hope I'm wrong though ).

I'll be happy if it can hold 16c.

 

[Alporfavor]

For some reason i can't edit my last post so I'll continue here...

I'm happy with the announcement as at least there shall be some progress made this quarter and that the "minimum exploration programme requirements necessary to maintain the permits in good standing" will be completed (though I'm not sure how much of a threat that really was).

Also good to see that this isn't spiraling into a lengthy and costly legal battle.

Bad news is of course that PXA are still stalling with regard to the ROG JV. It seems that they want to have their cake and eat it too (minimize their spending whilst their keeping opportunities open for a later date).

The recently announced schedule is quite tame in comparison to what has been planned earlier:

The Company plans, subject to various contingencies, a robust exploration programme to commence Q4 2009 including :

Phase One 2009
5 fully cored CSG wells Pedirka Basin (34–70 TCFG prospective resources CSG, >10,000 TCFG UCG) flow testing CBM93001
GoreTM survey Johnstone (c.900 MMbbls UOIIP)
Ooraminna–2 gas, directional appraisal well 2 TCFG UGIIP– already flowed gas to surface 1,350 line km seismic (Amadeus and Pedirka)
Subtotal $25–30 million, CTP $16–19 million

I would expect we will start seeing some news in this regard very shortly as we are now in Q4 ..

and proposes to commence doing so immediately by signing contracts with Wallis Drilling Pty Ltd for a 5 well fully cored coal seam gas programme and with Terrex Seismic for a 1,380 line km. seismic acquisition programme.

Whilst the 5 CSG wells are nice i don't think that it will excite the market (or myself) anywhere near as much as the rest of our targets, and the seismic program isn't the same as drilling (proving) it.

I may be completely wrong here - I don't profess to be an expert.

 

[Joe Blow]

Expect SP fly on Monday

Being positive is one thing but assertions like this really are a little unnecessary, especially since nobody knows how the market is going to react on Monday. Instead of "Expect SP fly on Monday" how about "Things are looking good for CTP in the near term"?

For some reason i can't edit my last post so I'll continue here...

You have 20 minutes to edit your post after submitting it so please be sure to use this window of opportunity to ensure that your post is exactly how you want it to be.

 

[Trader Paul]

Hi folks,

CTP ..... looking further ahead, should be booming in early-January 2010,
as a significant and positive time cycle is due to slot into place, on:

05-08012010 ... significant and positive cycle here

09022010 ... positive cycle ... finance-related ?

15-16022010 ... positive spotlight on CTP ...

2602-01032010 ... positive news expected here !~!

..... 2nd half of March 2010 should also be positive for CTP, as well.

More later.

have a great day

paul



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[adobee]

Articles on CTP

http://activepaper.smedia.com.au/De...01&PageLabel=15&EntityId=Ar01501&ViewMode=GIF


http://activepaper.smedia.com.au/De...seHref=OGB/2009/08/01&PageSize=4&PageLabel=14