The latest ann'mnt can be taken as a win for CTP considering the situation they gotten into with the technical side of operations i.e., fishing & drilling etc.
160m net is a lot, question is where from does this extend to, a good crossplot of wireline logs vs the mudlog (showing the gas peaks) would paint a great picture.
I am not sure what the next step would b especially with coal whether they's still want to test this or case & develop this later as a CSG/CBM well, remember 2128m is a tad deeper for this but considering that they have 4 times what they asked for, i think the winds changing for CTP.
Next couple of ann'mnts should give a clear indication on their plans whether they'll test/sidetrack or over to next location where this payzone is much shallower.
Cheers
CTP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
