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CTP

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5.4¢ central petroleum limited

CTP DEVELOPMENT POSSIBILITIES, page-52

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barbal

3,219 Posts.

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17/02/24

13:27

Post #: 72459720
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Originally posted by psi81: ↑

I do agree about the tight stuff in the Stairway at Mereenie, despite several attempts they've never shown that they will be able to produce it economically and I have my doubts that HZN are just going to come in and unlock it. That stuff is 2C for a reason. The horizontal well they drilled a few years ago was a total failure.

But there is still plenty of 2P in the Pacoota and saying its "days are over" is a stretch. You said that about PV too, right before they drilled a well that maxxed out the field for the second time in 3 years. PV13 and PV12 have both been exceptional successes, production as of today is 9 TJ/d compared with 6 TJ/d 5 years ago.

You also keep going on about Surprise like it was a failure, when it produced 90,000 barrels. The drilling of it was a circus, as was Johnstone West and the "OIL FLOW LIKELY" debacle, and it underperformed expectations once put on production, but the well was not a duster. Somewhere between 70-90% of wildcat oil wells are dusters so this one, having produced 90kbbls, is already one of the more successful ones.

A lot of things about CTP are genuinely disastrous but the Amadeus fields are going okay. It's bad management that is the problem, not bad rocks.

Expand

"The field commenced production in March 2014 and produced approximately 87,000 barrels of oil to 30 June 2015. Low oil prices and the remoteness of the field led to the decision to shut-in oil production from August 2015. Production could recommence if oil prices recover significantly in $A terms and the reservoir displays good recharge".

https://centralpetroleum.com.au/surprise-oil-field/

CTP Price at posting: 4.6¢ Sentiment: Hold Disclosure: Held
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