oil production and sales being programmed, page-13

News expected soon on the companies Surprise EPT, seismic program and drilling program.

There also seems to be a lot of angst about immediate JV's as if ths will bring in some kind of nirvana. So you need to be careful what you wish for.
Actually when I first came across CTP in 2008 they had quite a lot of JV partners. Not long after this time by a perverse cause of events and takeovers CTP inherited their biggest JV partner. British Gas (BG). What a complete pain in the bum that turned out to be. And all youse guys are desperate for a JV.
It caused drilling delays, it was probably the main reason the focus was changed to coal and ultimately resulted in CTP employing legal council on the payroll, not necessarily a bad thing. But a lot of time and money down the gurgler.

Surprise is due to begin its Extended Production Test in April and with it will be the beginning of CTP's cash flow. Presumably CTP management (Dalton) have a good idea if the Surprise oil pool looks the goods. If in their judgement they believe they have a high chance of a very profitable oil pool why would they want to give a portion away. Interestingly Buru recently had a nice oil discovery of over 1,000 BOD which they now only own 50%, maybe a $1B of oil will no longer be there's.

Last year was the first time that exploration activity picked up in Central Australia since Santos gave up the area years ago with Hess and various Canadians taking an interest. CTP's oil flow at Surprise was the first (best)in 50 years, yhay's a long time between successes. Petrofronteer are due to frack the horizontal on Baraka's lease in the South Georgina basin in April, we all know that a good result and an oil flow will change everything in Central Australia.

In 2010 the year of CTP's enormous fail they found hundreds of billion tonnes of coal, drilled three wells , Oorimina, Johnstone West and Surprise that all had hydrocarbons. These guys know something to pick these spots out of the millions of acres they had to choose from. And they learnt a bit as well as illustrated by drilling a horizontal at Surprise and flowing oil after a long drought.

In my view the most important things for CTP in the near term apart from more drilling sucess, is a sucessful extended production test and oil flow for BKP. If these are good then the sky's the limit for CTP.

Saltbus