sp under a lot of pressure today in a rising ASX to maintain 33 cents, that being the lowest for a year. Clearly the market is expressing concern at the lack of progress the company is making and probably the high overheads (but not going there again). The delay in drilling after the Surprise strike of light, sweet crude, rather than drilling into unproven reserves, is the standout for me. It has been more than 2 years now and we still have no firm date for drilling Surprise East due to 'the nominated rig being held up'. Even worse, it sounds like there may be further delays around the issue of 'appropriate value for money'. And more than 2 years on CTP is still 'evaluating the results from Surprise West to see if any changes to the design of the program can be made to reduce costs.' Hang the costs, just drill the damn thing. Just how long CTP can stuff around with their drilling program never ceases to amaze me and if the dismal sp is a guide then I think that investors generally share that view.
CTP Price at posting:
33.0¢ Sentiment: None Disclosure: Unspecified
