CTP central petroleum limited

1.85%

5.5¢

Ann: Updated Reserves and Resources, page-5

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MIKE008

2,643 Posts.

372

08/03/22

09:59

Post #: 60050945
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Originally posted by psi81: ↑

Good news yes, but not really significant volumes.

I was expecting the Mereenie downgrade due to the underperformance of the development program evident in the AEMO numbers, in fact I was expecting worse, so I guess that's a good result in itself. I also expected the upgrade at PV because PV-13 is just the gift that keeps on giving. Every time I plot its production performance the decline curve is flattening out more which must represent the tight gas support kicking in.

The Dingo upgrade was a pleasant surprise, it's hard to get much info on Dingo because it's the only CTP field that's not connected to the AEMO network so production isn't reported through AEMO daily reports. But in hindsight perhaps this should have been expected because the field has been chugging along solidly for some years now and every quarterly, it doesn't seem to have declined much if at all.

Something that's confusing me is that the ann released by NZOG seems to indicate a much bigger 2P downgrade at Mereenie, -12%. They say they used CTP's numbers and scaled them to NZOG's interest (including its share in CUE) but that doesn't make sense to me.

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You can't trust NZO, its ownership structure and board are all biased towards the interests of OGOG.

CTP Price at posting: 12.5¢ Sentiment: None Disclosure: Not Held
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