CTP 3.64% 5.3¢ central petroleum limited

Ann: Investor Briefings, page-5

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  1. 391 Posts.
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    Update from the CPSA late yesterday - interested in other attendees views, particularly about Dukas and the guidance on the exploration programme / farm outs:


    We are pleased to advise the recent CPSA/CTP Shareholder Investor Briefings in Perth, Melbourne and Sydney were successful.

    Attendances were down on previous years which was attributed to the two Webinars on 14 May and 31 August plus, the presentations being released on ASX and the CTP websites. The attendees were permitted to ask questions throughout the presentation (attached) with each of the briefings session going for up to two hours. Leon Devaney answered all questions and attendees left with a good understanding of the company and where it's headed. Acting Chairman Wrix Gasteen was also in attendance and new director Stuart Baker attended the Melbourne briefing.

    Some of the items of note which we gleaned from the presentations were;

    1. The company appears to be the most financially stable it has ever been.

    2. The debt to equity ratio is reducing due to the increased share price and aggressive debt repayment program. Refinancing will occur in early 2020 with (likely) one of the four big banks.

    3. Macquarie's grip on the company has reduced significantly and will continue to do so. The feeling is they pose no threat of another takeover attempt.

    4. If Dukas-1 well is successful it will be a massive game changer for CTP (and Santos) also opening up the opportunities with the rest of CTP's Amadeus tenements

    5. The timing of drilling the remaining 300m of Dukas-1 well depends on Santos and 15,000PSI drill rig availability. CTP is meeting with Santos next month to discuss log results, the JV and the final drilling stage. Because of specialised nature of the rig required drilling could be 12 months or more away.

    6. CTP appears substantially undervalued by the market given its reserves.

    7. Project Range 2C is virtually 2P and considered the current jewel in the crown. CTP's 50% share of Range is worth ~$150m based on other transactions. There are many options to monetise this value. IPL and CTP are fast tracking to FID.

    7. Mt Kitty was a disaster and Surprise is uneconomical until the Oil price increases substantially, even then it is low production with high transportation costs.

    8. Leon has sufficient technical knowledge of the CTP acreage and production projects. He is taking a commercial approach to the strategic planning of the company. He co-initiated, negotiated and implemented CTP's transition from Oil to Gas post Cottee's appointment. Leon has vast knowledge and experience in the CSG industry going back to 2001. His relationship with IPL was vital in closing the Range JV.

    9. The management team at CTP is first class and is performing well.

    10. The company is looking for a suitable chairman, someone with a successful track record and following in the market place.

    11. The board is keen to promote the company to institutional and high net worth investors. Stuart Baker is well connected and together with Leon Devaney are keen to sell the story.

    Last edited by numeraire: 21/09/19
 
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