2021. 1st of 2 scheduled transformatonal years.
" Key Activity Tasks " 2021 outlined by CEO recently.
Q1 Dukas well design decision for drill 1H 2022 ( " motivated to accelerate drill wherever possible " )
Q1 Farm-out existing producing fields concludes ( preferred farm-in partner now in agreed time limited due diligence ).
Q1 Range Pilot planning / preparation..
Q2 Range Pilot drill begins.
Q2 Zevon seismic begins ( timing uncertain ) ?
Q2 Mereenie re-completions begin ( how many ? )
Q2 P.V.Deep / Dingo Deep / Orange ( " volumetrically significant " ) drills begin.
Q3 P.V.Deep / Dingo Deep / Orange drills complete.
Q3 Mereenie production 2 wells drill.
Q3 Range Pilot production test starts.
Q3 Interpret Zevon seismic ( timing uncertain ) ?
Q4 Amadeus to Moomba pipeline FID
Q4 Range FID
Its been 14 years since listing. Original company concept possibilities now being realised. If CEO and Board can't make it happen nobody can !
should be " transformational "
Incitec and CTP are both very keen to bring Range into production and financial reality. Range is CTP immediate priority.
Chair changing in March. Ex APA CEO Mick McCormack becomes new Chait in March. Is Wrix remaining on Board ?
Hope McCormick does something for share holders and then might get voted in as MD.
Key activities tasks listed above are where his attention will be directed. Hes there because of his pipeline connections which relate directly to the Southern Moomba pipeline proposal and planned FID end 2020. The pipeline proposal is more than just an idea - its more like a Dukas necessity. He will intermediate with Federal Government, be the company publicity / public face and, possibly, bang eco-warrior heads together.
Those above are programmed key events for 2 consecutive transformational years. CTP have spoken about being alert for other new opportunities. Two events happening anytime now are AJQs farm-out / sale of its Macarthur Basin tenement EEG missed out on 2010 by 2 days ; and Origin Energy thinking about farming-down its Beetaloo prospects. Beetaloo prospect is northwest and Macarthur Basin tenement is north east of CTPs Wiso Basin areas. Geographically that could work. It would also contribute to future viability of proposed SNP pipeline to be FID end 2021. More cash would be needed.
CTP Chair Wrix Gasteen announced at AGM he was resigning as Chair with timing of him stepping out of role to be decided by Board. Wrix has now resigned as Director effective tomorrow 28.11.2020. There are now two Board vacancies. What knowledge and skills does Board now need - who will the new guys be ?
2 December 2020
INTRODUCTION – MICK McCORMACK
I’m writing to you to introduce myself as your new Chair, a role I commenced on 28
I said publicly when I joined your Board in September that what attracted me to Central was
the very exciting growth prospects in front of it, and this remains my view.
As such, I am honoured that my fellow directors have given me the opportunity to lead
Central as we execute our growth strategy.
Many are aware that there has been a lot of change around the board room table at
Central. As your 4th Chair in 2.5 years I can see it is time for stability and progress. My
previous business experience gives me confidence that I can deliver both these things,
starting today. Speaking on behalf of your Board and Management, I can reassure you that
we are putting those matters behind us and looking to tomorrow’s immediate issues.
So, regarding the way forward, and the future of Central, I’ll offer four observations:
Firstly, yes, there are a myriad of challenges between now and realising our growth
aspirations, but these challenges will be dealt with, one way or another, with the ultimate
goal of adding value to your company. Again, I refer to my previous business experience,
where difficult problems were solved systemically and with concerted effort – there are no
instant fixes, but we promise diligence.
Secondly, I have now seen enough of our Managing Director, Leon Devaney and his Senior
Management team to say that they are very good operators and I’ll go so far as to say that
Central is punching well above its weight in having executives of this calibre. I look forward
to working with Leon and his team.
Thirdly, on behalf of my fellow directors, I can also assure you that we are free of the issues
of the past, united and committed to the task ahead, with our only agenda being to add value
And finally, as Chair, underpinning all of the above is good corporate governance, which is
ultimately my responsibility, and so our corporate governance will be at the standard
expected by you, our owners.
In closing, it’s always a pleasure to meet shareholders in person, and I look forward to doing
that, as I get further into the job and the opportunities here at Central.
Climate Council Report ( " charity / not for profit organisation ") led by Tim Flannery say gas has no future and must not be used. He is currently arguing against an extension of Dendrobium coal mine west of Wollongong until 2048. Says it would be catastrophic for all Australians. CTP may have to work harder than it imagined to realise its plans if Climate Council / Tim Flannery et. al. prevail in public forums.
Chair, CEO, Board are committed to above detailed events. Board is most impressive its ever been. If Federal Government deliver its outlined commitments to oil, gas, infrastructure, Basins build everything that could be in CTPs favour will be in place. 2021 is the proving of CTPs possibilities. Anticipation is already obvious in share price responsiveness to announcements. Trading CTP in 2021 is a series of opportunities. 2022 things really hot up with Dukas drill followed by Zevon drill.
A pity Cottee couldn't have done for CTP what is happening with EXR, one of his latest companies he's involved with.
Not producing anything but SP today at 19.5c compared to producing company CTP only 13c.
Cottee was in right place at right time at QGC. Since then he's been involved with other companies without distinction. He's history. Let him go.
not weld the doors shut to keep him out ???
CTP have 13 announcements to make 2021 with significance for development programme being actioned. Another announcement CTP will make is about identifying, locating, contracting suitable drill rig for Dukas 1st half 2022. CTP are enthusiastic about Zevon prospect wanting to drill after Dukas using same rig. In current quarter CTP scheduled to announce decision on whether Dukas drill will re-enter existing borehole or if it will be a new drill on more crestal location. Once that is known CTP should be engaging seismic for Zevon to enable seismic completion and interpretation allowing drilling immediately after Dukas.
RANGE GAS PROJECT UPDATE: DRILLING RIG CONTRACTED
Central Petroleum Limited (ASX:CTP) (“Central” or “Company”) has contracted with Silver
City Drilling (NSW) Pty Ltd to have Rig 34 drill three appraisal pilot wells at Central’s Range
Gas Project in Queensland’s Surat Basin. The first well is expected to spud in early April 2021.
The Range Gas Project is being progressed under a 50:50 joint venture (“Range JV”) between
wholly-owned subsidiaries of Central and Incitec Pivot Limited (ASX:IPL).
These wells represent the next appraisal stage after the 2019 four-well exploration programme
successfully identified a high-quality 2C contingent gas resource of 270 PJ (100% JV) in the
proven Walloons CSG play. The three pilot wells are designed to produce water to surface
and gas to a local flare in order to provide key subsurface and production data. If successful,
this pilot well program will be the catalyst for the Range JV to finalise a “bankable” full-field
development plan in support of a Final Investment Decision (“FID”).
All three pilot wells will be drilled through the three recognised Walloon coals sections (Upper
Juandah, Lower Juandah and Taroom coals), with all three coals expected to contribute to
production. The wells will be drilled closely spaced (at 200m spacing) to accelerate the
provision of key subsurface and production data. Once online, the wells are expected to
produce for around three to six months to provide the required data.
In parallel with the pilot activities, the Range JV is progressing key State and Federal
approvals in order to accelerate the planned FID and full field development.
The Range Gas Project is situated within the greater, world-class Walloons fairway, close to
existing producing CSG fields. Accordingly, the Range Gas Project has access to nearby
infrastructure and transmission pipelines. Importantly, development of the Range Gas Project
will provide a vital new source of competitively priced gas for the east coast gas market.
Present estimates are that the Range Gas Project could produce in the vicinity of 45 TJ/d
Commenting on the Range Gas Project, Central’s Managing Director Leon Devaney said,
“The Range Gas Project is on path to be one of Central’s most significant growth projects and
a real boost for the Company. If successful, Central’s 50% share of the project will result in a
step-change in our reserves base and production rates. After the challenges of 2020, I am
pleased to hit the ground running in 2021 and begin a year in which we are seeking to drill a
number of new wells across our portfolio, beginning with Range.”
courtesy of Bell Direct
i do NOT hold this share
i might be being picky , but isn't the there a cyclone season about now