re: Ann: Quarterly Activities Report and Appe... Completed this...

re: Ann: Quarterly Activities Report and Appe... Completed this Quarter

The Production License Application is well advanced. The Preliminary Field Development Plan which forms the basis of the application is 80% complete.

To be done by Third Quarter

Procedures to secure a Production License and relevant related agreenments are currently being pursued at a quick deliberate pace.

By my reading of this, we are right now in the second quarter, and the Third quarter is July-Sep, by the terms of reference. Given that the application is only 80% complete at the moment, and yet to be submitted to the government for approval, to expect approval in three to six months from now is going pretty well.

However, this seems at a first glance to contradict the announcement from August

6 Aug 2012 Application for Production Licence

Central Petroleum Ltd advises that it has submitted an application letter to the Northern Territory Department of Resources (NTDOR) for a Production Licence (PL) around the Surprise 1REH ST1 discovery well.

One can be forgiven for thinking that the August annoucement meant that the application for a production was completed and being assessed by the NT Government. Many of us thought that was the case, given how it was discussed. But it is now clear that the August notice refers asking the government to be able to begin the process of a production licence.

The real question to me is, what is going to happen over the next 10 months that will take the SP from the 12c it is tonight, to the ~20-22c that it will need to be to justify converting the options.