CTP 1.08% 9.2¢ central petroleum limited

response from jh to my mhl email

  1. 7,816 Posts.
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    Ladies and gents please find enclosed a response ( in it entirity) from JH to my email regarding MHL

    CB

    Bob, see below :

    The Company is always on the lookout for the acquisition of interests in PUDs or producing fields to supplement the processes we aim to achieve in becoming a producer via discovery.

    Myself and the board have charge of this using my staff and or consultants where required.

    The prime criteria is that preference is given to onshore oil accumulations in countries with low sovereign risk and access to markets.

    The threshold of reserves is site specific but in general our share of 2P should be at least 3-5 MMbbls.

    We saw the MHL opportunity as a chance to position ourselves to take a stake in such an opportunity but ongoing research indicated to us that achieving our criteria became less likely hence the sell off.

    Our main thrust is to get into an early cash flow situation from oil discovery and production but it must be said that we have some constraints here to do with our current joint venture partners.

    Regards

    John Heugh

    Managing Director

    Central Petroleum Limited

    www.centralpetroleum.com.au

 
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