CTP 3.92% 5.3¢ central petroleum limited

What concerns me is that Dingo and Palm Valley are getting way...

  1. 40 Posts.
    What concerns me is that Dingo and Palm Valley are getting way more attention than they should be. These projects don't interest the market, that much is abundantly clear. This is because CTP bought mediocre gas fields in a basin full of gas and CTP exploration ground, not to mention a recently discovered oilfield. It makes your assets look bad when you buy and develop someone elses assets first.

    Similarly, the total JV is definitely a good long-term project. But that's the problem. It's getting far too much short-term attention. There's 0 chance of quick monetization from this project. The geological information will take a long time to collect and process, which is good. But should be in the "other" category of any presentation. The few exploration wells is they are set to drill are not the kind of wells that give you money short-term. Those wells are in the Amadeus Basin. The most important of which is Surprise-1.

    This is where I am a little concerned. RC has been pushing Surprise further and further down the presentation list for months. Right now it seems he has 0 confidence or interest in it due to low flow rates. This is bad, because Surprise (an oilfield) is Central's only hope for short term cash gain. Cash is what the company needs more than anything. Not to sit back idle and spend what little shareholder money they have on fat pay checks, but to put as much of that money into the ground as possible. CTP also needs to understand how to develop a field like surprise if they are going to have any hope at developing other prospects-turned-discoveries in the PL6 permit. Also, you simply don't walk away from an oil field.

    What is also concerning is the apparent delays on Santos JV stage 2. This agreement should be signed by now. Many months have passed since the Mt Kitty gas discovery and rig incident. There should have been plenty of communication with Santos in the following months. If no discoveries had been made I'd probably not be that concerned about delays. But Mt Kitty is a confirmed gas discovery with the potential to underwrite the companies future. I think the shareholders deserve a complete and transparent explanation about why there are negotiation delays when such an important asset lies in the balance.
 
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