re: Ann: Application for Production Licence a...
It's "vintage" CTP to deliver announcements after the bell (lol).
The big question is, do you think the announcement is "telling us something" about the success of the EPT?
In the June Quarterly CTP said: "The Company believes undertaking an extensive EPT together the seismic aquisition will assist minimising risks relating to developing the field for long-term, sustained production."
"Based on successful testing and favourable reserve results during the EPT, Central plans to design a Development Program for Surprise and apply for the relevant government approvals."
The EPT commenced in mid June 2012 (from memory) and Surprise oil has been transported from early July 2012. As well, the seismic over Surprise has been acquired and 50% of the data has been assessed.
The fact that CTP have now applied for a production licence suggests to me that the EPT testing has been successful and that reserve results are "favourable" (CTP's term).
The "proof will be in the pudding" with today's CTP market activity(lol).
Regards,
Goggo
CTP Price at posting:
52.5¢ Sentiment: LT Buy Disclosure: Held
