pl6 and northwest mereenie, page-3

Thanks for the post/thread Spec101

I would like to contribute to your project of getting people to exchange information.

I had seen most of your material but the environmental/sacred sites sheet was new to me. Did it come off the CTP web site?

The map shows Mt Forbes on the eastern boundary. By my calculations that is approximately in the middle of STO's farmin area of EP115 (which we are calling NW Mereenie).

It might be useful if I recycle a past post where I did a digest of the implications of the slide called Prospects and Leads Greater Surprise Area.

It is shows the area of PL6. It notes another 12 oil plays in the production licence area.

These are:

Johnstone West,
Johnstone West 1,
Johnstone West Up-Dip,
McCoy,
Kirk,
Spock A,
Spock B,
Spock C,
McGregor,
Uhura,
Chekov and
Chapel

The additional anticlinal target deep below Surprise is not shown but we know about that from the 3D seismic.

So there are really 13 prospects inside the area of PL6.

I am satisfied that these prospects are not based on speculation arrived at after reviewing the data of past explorers. The only one that appears on the old maps is Johnstone. These prospects were discovered by CTP in the process of interpreting the 3D seismic. You can see the 3D lines marked on the slide covering all 12 of the "new" prospects.

The slide was first published at the 2013 AGM. The 3D seismic of the PL6 area was shot between March and August of 2012. By the time the slide was published the 3D seismic had been under analysis for more than a year.

Moreover CTP management are close-liped people. They do not publish blue sky predictions or indulge in promotion. I am confident that we can rely on the list of prospects as being the future work roster of whoever operates PL6 not just an explorer's wish list.

PL6 alone is a big job for our company. The 13 prospects plus the 2 Surprises are all covered by CTP's production licence which is a rectangle 60 km by 30 km - 1800 square km. That is a big area. At the best possible estimate of an average speed of 1 well per year (an unlikely possibility) it accounts for keeping the company busy until 2028 (14 exploration wells - including Surprise East - no development wells).

In a sense these prospects alone, all within 30 or less km of Surprise, are CTP's equivalent of STO's Mereenie field. That has been in production and development since the mid-80s.

My point is that when you reflect on the magnitude of CTP's to do list, we are forced to the realisation that it is enormous. Just for its production licence area. Never mind the PL is only approximately a 1/5 part of the Exploration Permit 115 area. There is scope for another 4 similar sized production licence areas in EP115. And CTP has several other titles in the Amadeus, the Georgina, the Pedirka and the Wiso basins!!!

What is my point? It is no wonder that our management appear to be doing nothing. They must be spending all their time looking for cashed up major companies to enter into JVs to get the work done. If they do not succeed in that effort CTP will be in an impossible situation.

We need to chequer-board our vast areas out to farm in partners. We need to do it fast. We are in a race to find partners. We are racing against the possibility of losing our asset to take over bidders and or title forfeitures.

I would far prefer that management expend our meagre resources searching for those partners. The PL6 area should be a snack. Maybe management's is making the error of trying to keep the prospects and just farm-out Surprise?

If we don't link up soon we are in difficulties.