Ann: Encouraging Gas Flow Recorded at Mt Kitty Ex, page-78

re: Ann: Encouraging Gas Flow Recorded at Mt ...
http://www.centralpetroleum.com.au/files/downloads/dj_carmichael_research_report_ctp_160414.pdf


D J Carmi
chael Pty Limited
ABN 26 003 058 857 AFSL 232571
Telephone: 08 9263 5200 Facsimile: 08 9263 5283 Email: [email protected] Webpage: http://www.djcarmichael.com.au
OIL AND GAS
RESEARCH
Central Petroleum Ltd (CTP
)
Mount Kitty Gas Discovery CTP has announced a gas discovery at the Mount Kitty exploration well in the Southern
Amadeus Basin (Central Australia) which we believe could add material upside.

The MountKitty discovery and flow rates delivered have exceeded our pre-drill expectations as we had attributed little value for this prospect (as was the case with the rest of the market, in our
view) in our valuation. Therefore we maintain our Speculative Buy recommendation and have up
graded our price target to $1.97
/sh (previously
$1.86/sh
).

Little value for this project MMMMMmmm 40 cents is what DJ OR Carmichael put on it earlier.