CTP central petroleum limited

They won't get any uplift from Dukas or Zevon, even if they are...

  1. 6,452 Posts.
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    They won't get any uplift from Dukas or Zevon, even if they are successful they will take years to appraise and connect to the pipeline network. We're talking at least 5 years away, even if Santos get a move on (which history shows they generally don't).

    How old is that chart out of interest? The Range forecast is way too optimistic for current events, they haven't even started drilling the pilot yet and they are suggesting first production in CY22. Senex were just barely able to get their Atlas block selling gas within 2 years but they didn't need to pilot it first, which will add at least a year to the timeframe. So we're looking at potentially having the pilot results by the end of CY21 to be in a position to take FID, and then another 1-2 years to first gas sales, then it will take another 12 months or so to dewater the field enough to hit nameplate capacity of 45 TJ/d. So CY24-25 to see any significant production from Range IMO.

    The Amadeus JV wedge is probably a bit optimistic too, even if you assume it's a success (which is by no means guaranteed). They have a little bit marked in CY21 which presumably is on the assumption that PV Deep is successful and can fill the ullage at Palm Valley plant, which is about 6 TJ/d. That's realistic as they can tie it in quickly but beyond that, they will require infrastructure upgrades. PV will need a plant upgrade, Dingo will need an upgraded plant and a new pipeline (the current one is only 4" fibreglass and only capable of about 6 TJ/d max) and Orange is a new field with no infrastructure at all. I don't see that happening in time to get much, if any, production in CY22.

    On the plus side, the existing field capacity looks very achievable and low-risk, so the real opportunity here is the space between the top of the orange wedge and the black dotted line. That's basically the answer to the original poster's question - the opportunity for CTP to increase gas production quickly (ie by the end of CY21) to take advantage of higher east coast gas prices.
 
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