CTP 0.00% 5.3¢ central petroleum limited

hiya guys, Thought I'd make my own enquiries which naturally had...

  1. 261 Posts.
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    hiya guys,

    Thought I'd make my own enquiries which naturally had to be of a general nature.

    So I called Weatherford Laboratories who advised me that the turn around time to evaluate a core of say 10 metres for oil and gas porosities and permeabilities could take 2-3 weeks depending on how much cleaning up they would have to do unless it was only a visual analysis required.

    There are no issues with backlogs holding up the commencement of testing, its not like a conveyor belt with a lot of cores turning up for testing.

    CTP announcement 9th december 2010 gave their own visual analysis and advised that:

    "The core will now undergo special core analysis to determine oil saturation and other reservoir characteristics."

    CTP announced the core results on 3.02.11

    This paragraph is intriguing:

    " The original level of oil
    saturation in the core can not be accurately determined due to filtrate invasion and losses
    throughout core retrieval, transport and storage but onsite and laboratory observation indicates
    that a high level of oil saturation is likely"

    I'm assuming Xmas/new year had an impact on obtaining the results

    The only reason I am banging on about this is that I had assumed this testing would have been given the highest priority as all stakeholders were flying blind after the JW1 coring debacle.

    Furthermore, given the delays to both drilling programmes, not to mention the understatement of the year....

    "This news was welcomed at CTP, which had suspended drilling in mid December 2010, following a problem with the drilling rig just after cutting the core in the lower Stairway
    Sandstone. "

    I would have been looking at incentives to get the results expedited (if that's possible in the world of core testing) but hey that's just the reaction of a small business owner with his own butt over the line
 
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