CTP central petroleum limited

And how about this one.

  1. 24,386 Posts.
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    Yes, how about this one. Where is the oil going to end with the current prices.???


    ""The 15c sale
    Monday, 14 March 2016

    Haydn Black

    ARE things so bad in the oil patch that half a dozen leases in one of the world’s best petroleum jurisdictions can be sold for the equivalent of just over 15 cents? Yes, they are – at least for one struggling North Sea oiler.


    M Vest Energy, a Norwegian company associated with the management of Atlantic Petroleum, has agreed to by all the Norwegian assets of Atlantic Petroleum Norge for a mere NOK1.


    For that less-than-princely sum that includes all of Atlantic’s Norwegian assets and licenses, around NOK19 million ($A2.9 million) in cash, and of course, all of its liabilities.


    M Vest will take control of seven North Sea exploration licenses: PL528 & PL528B (9%); PL704 Napoleon South (30%); PL705 Napoleon North (30%); PL659 Langlitinden (10%); PL763 Karius (30%); PL796 Beluga (20%); and PL802 Ganske (10%).


    Atlantic scouted around for a buyer last year without much luck, and with the final transfer will get out of the oil business altogether with a loss of impairment of around $3.7 million.


    CEO Ben Arabo, who partially owns M Vest, said the failure of bids for Atlantic as a company or for its assets meant it needed to look at other alternatives, and the transfer of the Norwegian assets is just part of a process to resolve the potentially terminal issues facing the group in the current oil & gas industry market conditions.


    He said the 15c sale was in the best interests of shareholders, although Norwegian government approval is still needed.


    Freed from its Norwegian assets, Atlantic still faces turmoil in the UK North Sea, where it remains in default of its cash calls for the Ettrick, Blackbird and Chestnut fields


    The Ettrick and Blackbird fields are subject to forfeiture by the operator, CNOOC’s Nexen Energy, and it has lost the right to income from the Chestnut field.


    The company is talking to CNOOC about the forfeiture of the two fields, and continues to review its options during the time period available to remedy the default on Chestnut.


    Earlier this year Atlantic hoped a white knight might emerge from London, possibly via the sale of its 25% interest in the Orlando field, but the company said there was a risk the company may not be able to restructure and may fall into administration.


    Orlando is expected to begin production at 10,000bopd later this year with operating costs at just $US15/bbl.


    The field will be tied back to the Ninian Central platform, which would also be the tieback point for the proposed Kells and Perth fields, to further develop some 16MMbbl.


    Atlantic was established in 1998, initially exporting around the Faroe Islands and Shetland Islands, moving into Ireland. It acquired Volantis Exploration in 2011 and moved into Norway in 2012.


    Its production in January was 742boepd (net).


    Atlantic is based in Torshavn, Faroe Islands. It is listed on the NASDAQ OMX in Copenhagen and on Oslo Stock Exchange, Norway.""

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