Apparently the first well in the Southern Georgina Basin is set...

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hunchback33

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16/07/14

12:24

Post #: 13667129
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Originally posted by diggingyourselfintoahole ↑

Spec, I agree there is potential but I have had that 'round the corner' feeling for a long time now, (I thought that 5 years ago and have waxed and waned oh so many times!), sure RC has made some deals that JH probably wouldn't have made and possibly saved the company from cap raisings/financial oblivion, but from a drill-in-ground perspective CTP really hasn't gotten anywhere fast. Yes I believe CTP is undervalued, but until the rocks speak I don't think the market will believe it, obviously the share price tells the story.

I was more making the point that I would not at all be surprised if CTP did not spud anything for another two months, citing unexpected delays, as this has happened over and over and over again. They are meant to be co-ordinating a reasonable-sized drilling campaign in relatively isolated and difficult terrain, which really is going from a standing start to a sprint for a company the size of CTP. I hope the new employees they have hired are up to the task, but until I see some actual spud reports, I have some reservations. There was a rumour once upon a time that they were going to drill Surprise West too...

I doubt Santos will try to take over CTP based on a single well with results of dubious quality, maybe if they drill a few more and get good results, or a re-entry/retest confirms the goods. When that will happen... well it would be nice to know.

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Apparently the first well in the Southern Georgina Basin is set to be spud by the CTP/Total JV in late July as AFR reports. “Speculative Buy” per Hartleys Research with a target price of $0.65.

Total will spend 80 % of the Stage 1, which as you know, has a price tag of $90 million. CTP will have to come up with about $18 million towards the end of that stage, which includes 3 wells.

Read more at:
http://www.copyright link/p/markets/market_wrap/central_petroleum_ctp_eN7zZA5EFcNDNNPqNKO54J

CTP Price at posting: 37.0¢ Sentiment: Buy Disclosure: Held
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Apparently the first well in the Southern Georgina Basin is set...

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Apparently the first well in the Southern Georgina Basin is set...

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