No it hasn't been written off. It's just shut in because of the low oil prices and faster than expected decline.
If the decline is due to poor reservoir quality then it should hopefully have recharged while it's been shut in. They only produced about 90,000 bbls, a fraction of the 1P figure, let alone the 2P figure, so there's definitely hope for further production.
The well has been disappointing and won't make back its cost, but the well is a sunk cost now so the only thing that matters is the economic going forward. They will open it up again when economic conditions justify it. Assuming the reason for rapid drop in oil production is poor reservoir and not water cut. If it's water cut then Surprise is pretty close to done. As far as I know CTP has never commented on what the water cut at Surprise is.
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CTP
central petroleum limited
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Last
5.5¢ |
Change
0.003(5.77%) |
Mkt cap ! $40.98M |
Open | High | Low | Value | Volume |
5.4¢ | 5.5¢ | 5.4¢ | $4.086K | 75.54K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 622641 | 5.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.5¢ | 128430 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 622641 | 0.053 |
3 | 556468 | 0.052 |
3 | 840000 | 0.051 |
3 | 500000 | 0.050 |
1 | 100000 | 0.044 |
Price($) | Vol. | No. |
---|---|---|
0.055 | 128430 | 1 |
0.056 | 15000 | 1 |
0.058 | 6030 | 1 |
0.059 | 196447 | 1 |
0.060 | 150000 | 2 |
Last trade - 15.44pm 18/07/2025 (20 minute delay) ? |
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