hi davclyne, you are definitely overdue. I was actually waiting for you to appear. Do you work at an institution or have an institutions working on your behalf given the recent trading irregularities that everyone is free to see in the market depth?
In response to your comments, here's some clarification:
"Unfortunately last years initial drill campaign which was hugely awaited by the market collapsed into a very expensive total failure due to the managers choosing absolutely cheap inappropriate and inferior equipment"
Well in all honesty - it wasn't a failure at all.Note the discovery advice ann on the 19/12. Although disappointing on the oil front, the net coal intersections were extremely positive for the company. So positive such that it brought in significant new players to the table - that being QGC.
Further to this, the drilling assisted towards a better understanding of the basin and we definitely know oil is there (ie 15m residual column at Blamore)hence its just a matter of identifying the right spot to drill. It must not be forgotten - given it was a wildcat well, the chances of success were generally 1:40, or 2.5%.
Will agree that the equipment was not up to scratch - but most rigs in australia are around 25 years old and at the time the drilling rig & services contract was signed, rigs were extremely hard to come by so the company did well in securing it.
"the decision to go cheap and fail after ten years of aquiring all these tenements should be haunting CTP management"
What a ridiculous comment - if anything i'd assume they feel even more confident about the area.
"I would imagine the financiers who financed this stage have already sold out in disgust."
Well DBZ were selling through the whole period whether the stock was trending up or down - thats what they intended on doing. Given QGC/BG are now a backer after purchasing PXA for $18m(a substantial increase to unlisted worth), and several other parties are at the negotiating table, i'd assume that all those involved are not really "disgusted" with current situation at all as they will be providing substantial funds to future exploration and appraisal.
"It is very obvious that management have now lost market credibility after last years debacle and will find it very difficult to raise any funds now. I am very disappointed with this obviously amatuerish management who have destroyed most of their shareholders."
LOL - they havent lost crebility at all. If anything their credibility has been further strengthened, partners are now coming to them and not the other way around.
If you are disappointed, as someone else stated - just sell and move on. But in all honesty, lets be real here selling is not your intention at all is it?...
CTP Price at posting:
7.9¢ Sentiment: LT Buy Disclosure: Held
