BKP is a great investment right now IMO. They have a decent grab of land in the S/Georgina and have acquired a JV and drilling soon. IMO BKP has given up way too much % to get their JV.(Dilution) CTP can sit back right now and watch everyone around them prove up in the Georgina. Once this happens CTP would have to give way less % from their current 100% hold of the Southern Georgina to attract a Major with Horizontal Multistage Hydraulic Fraccing experience.
To knock CTP is unwarranted at the moment for going through the amount of cash they have. It hasn't been squandered. The Southern Georgina represents only 9% of CTP's 270,000km2 total land holdings. They have been exploring all this land and you have to spend on exploration so as not to loose your exploration rights. Jh(Director) has done well to keep the whole thing intact. You can thank JH for instigating the Unconventional Shale potential in the Southern Georgina when he released an Unconventional report back in 98 and everybody was laughing. Some woke up like BKP and started acquiring land there. Good for them. Reminds me of the Qatar story. 25 years ago they found gas when looking for oil and everyone laughed because all their neighbours were swimming in oil. Now they are the largest LNG exporters and export 800,000 barrels/oil equivalent gas Globally a year.($50 or so Billion profit a year)
The way I see it, JH let the others do the hard work and give up huge % of their tenements in the Georgina and neighbouring basins to attract Majors with Miltistage Fraccing technology as this technology is not available for hire in Australia. It is now thanks to BKP/PFC,Falcon/Hess,Beach, etc, etc.
"From memory CTP's last raising was a total balls up."
The last raising was to coincide with the completion and results from S1. If S1 was a success(we still don't know) the small CR cash was to be used to bring the well into production. Our Drilling company managed to get core results from a section before the primary Zone. The core results were very promising but were delivered after the fiasco. But Century (due to Negligence IMO) had a huge accident and the rig fell apart. Lucky no one was killed. The SP tanked, so obviously no CR due to no results. CTP is now in Litigation with Century for negligence and hopefully an amicable outcome will result in Century returning to S1 and finish the job.
'It is no mark of intelligence to be able to prove whatever one pleases. But to be able to discern what is true as true and what is false as false _ this is the mark and character of intelligence.' (Emmanuel Swedenborg, TCR 334)
BKP Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
