IPL reported first half profits yesterday. Ghastly gas costs flattened returns from its Gibson Island Qld plant.
Today's AFR (paywalled): "Government heat on gas giants not enough: Incitec"
The juice:
Incitec’s main strategy to secure gas for Gibson Island beyond 2019 is through a memorandum of understanding with Central Petroleum, which was recently awarded the Queensland acreage that is quarantined for domestic gas customers.
Incitec is expected to contribute almost $20 million towards appraising the acreage, under a partnership that Ms Johns said could give the company access to gas below market prices.
‘‘We are working with Central to do a joint venture that potentially could give it to us on more of a cost basis,’’ she said. ‘‘The geology is amongst the least risky geology, you never say never, but this is fairly certain that there is gas here.’’
_____________
Ash here.
The grant was to CTP alone. From the last CTP Quarterly report:
"On 1 March 2018 the Honourable Dr Anthony Lynham MP announced that Central’s wholly-owned subsidiary, Central Petroleum Eastern Pty Ltd, was the preferred bidder for Queensland acreage PLR201718-1-1 (ATPA 2031)."
CTP has a very motivated partner with ready cash wanting the shortest route to commercialisation that is humanly possible. Government is anxious to sustain Gibson Island, a key manufacturing asset destined to close on gas costs, and granted this attractive acreage on good terms. Both want intense exploration to begin immediately.
This is RC at his finest - using other people's money. Long-term holders will know of the established CTP-IPL relationship. (no, RC doesn't leap buildings with a single bound - he needs a short run-up first)
Please consider the consequences for the CTP share price.
Ash
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