lets keep in mind that we were using a rig that many have said did not suite the purpose.Even with the problems the drill took roughly 2 weeks.
here is a snapshot of what was released to the market 1/2 dozen other announcements including BRR, good oil presentation etc... plus the drill reports below
RE: CBM 93001 26/8/08 CTP provided a drill program drilling 27/8 - 6/9 11 days
29/8/08 advised spudded on 28th at 10pm 1/9/08 280 meters 2/9/08 705 meters 3/9/08 background gas c.6 units(560ppm)max includ c 1-4 4/9/08 prepare for drill stem test ( an unfortunate day) 5/9/08 problems with the rig 10/9/08 drill apparently fixed and first coals found "elevated gas readings up to 8 units" 12/09/08 "very good preliminary indications or permeability" core showed "good cleating and some fractured elevated gas readings"
15/9/08 981 meters. significant coal intersection. max gas recorded 132 units
16/9/08 1008 meters "very strong blow" during dst of coal
18/9/08 1218 meters 172units gas c1 - 5. mud weight increased to control water flow. coal appeared increase in richness (vitrinite/liptinite)
19/9/08 well completed and suspended.
disclosure: I hold CTP and CTPO only. I have a sizeable investment in each (for me)
CTP Price at posting:
15.7¢ Sentiment: LT Buy Disclosure: Held
