"surprise is about 200 cliks to the west of Mereenie and yes there probably is a continuous oil kitchen (organic rich rocks heated up in tre past enough to produce oil)but the reason why Mereenie has been pumped and sucked and flowed now ofor 30 years is because most of the production has come only from very frew seleced thin reservoir sands that will flow easily. The bulk of the oil and gas in Mereenie is still there awaiting horizontal drilling and multi staged fractruring.
word is that sto will be doing that soon, also that CTP wanted to get involved at mereenie as well in some deal.
Go to the NT government site and see early accounts of over 200 million barells at mereenie and no more thatn 25 taken out to date. Now that horizontal drilling has been demonstrated to work and work well by CTP, it is even more likely that sto will use unconventinoal teckhniques on Mereenie. It is usually teh smaller more entrepreneurial companies led by ceos' with imagination that lay the groundwork for major developments. ctp's previous ceo led the way here, first significant oil flow from a horizontal well ONSHORE in Australia, so lets reward him by whiteanting him and then sacking him. there is more to this story that has not seen the light of day but surely it will and very soon I would think.
A general release to the market late in may this year quoted from the previous md : "The Chairman refused to consider a comprehensive competitive farmout “process”, informing the Board on 12.02.02 that he had already been in discussion with a party interested in the Surprise area and that we could farm it out “overnight”. I recommended that we should not rush in and do the first deal that came along on the crown jewels. Contrary to normal corporate protocols, the Chairman refused to name the party despite repeated questioning by me and, immediately prior to my purported termination as MD, also vetoed a carefully prepared potential hostile takeover defence I had planned."
there is no chance at all that oil extraction at mereeny has affected any oil in the ground at Surprise, no chance at all. ask any reservoir engineer and you will see. "
JHwoa
CTP Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
