1. 3.4k
    Posts

    With a Fat and wallet and sniffing for seven cent entry be very careful management I might just snap up a quick 10 million worth of shares and put the cat amongst the pigeons to commence change of management, don’t bet against me doing it.

    To the long-term, long-suffering shareholders are change may be coming in the air

    2 likes
  2. 2.7k
    Posts

    Hi Gov, long time no hear from you, only a few of us left on here and hc still waiting for proper management of this company for share holders' benefit and not just for those running the show.
    Anyway, good to see you back again.
    Do you know what has happened to buddy as he hasn't posted for a while now, hope he's OK.

    2 likes
  3. 2.7k
    Posts

    good one prato from hc;

    "Each to his own. IMO 20c is pitiful.
    As far as I am concerned we have been unfortunate to have the wrong management since the so called smart board of directors ousted John Hugh.
    RC was full of bluff and bluster and LD still has to prove himself.
    Magic Mick was hailed as a game changer by someO’m still waiting; not a peep out of him since he started earning his big dollars funded by us.
    Am I too skeptical? Not at all.
    Humongous tracts of land to explore and yet zilch to date.
    No more excuses please folks. It is what it is. Rose coloured glasses in the bi for pete’s sake,"

    Looks like most share holders from the SoA days, that were making CTO BOD and management accountable, have done what you suggest Gov, and moved on as very quiet now and allowing current cohorts an easy time, as SP decreases.

    1 like
  4. 2.7k
    Posts

    https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02376839-0RSMBBT1910SE7HTGCJ1TEIOSC/pdf?access_token=0007CqE1OTpxLVz6IMIePHNLvCfQ

    Whytf isn't Central Petroleum employing this company , Dirt Exploration, to analyse the company's Amadeus ground for Helium and Hydrogen, independent from santos, to see if Santos' Dukas is in the right spot and also to find out if there is a better drilling location for the company's own well, instead of having to wait for Santos to re-enter Dukas, which they may never do, all the while our SP going to low levels as the company is not doing anything to excite potential share holders ?
    "Our " company has been entrenched with those since 2012, that have just been looking after themselves and their Gorillas.
    It is about time this was changed, but what can we do, sweet f all really, and "our" CTPSA has been of no benefit to us either.
    If I wasn't down so much monetarily, I would have been out of this bs company.

    1 like
  5. 2.7k
    Posts

    from hc, regarding Leon's annual $700,000 from CTP;

    "agree with you. $700k is excessive value leakage for a $70m market cap company (1% pa). That level of remuneration would see him extract more value out of the company than a significant would invest. Interests are not aligned. As an investment management professional I charge 1% pa in managment fees on the value of assets managed in our funds but this is paying for a team of deal executives and support staff (accounting, legal admin) so largely cost recovery not to one individual. Sure if we outperform, we participate in performance fees above a baseline hurdle but not for just turning up. "

    1 like
  6. 75.3k
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    soooo i wonder who is setting Leon's performance hurdles

    i remember a WOW CEO shown the door for not captaining a 5% annual growth ( something they have rarely achieved since )

  7. 2.7k
    Posts

    Looks like there are no performance hurdles, except for making sure enough income for all except share holders.
    But there should be.
    CTPSA has been quiet about everything and not helping ensure company does what it should be doing for share holders.

    1 like
  8. 2.7k
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    not much ctp conversation on here, but another good one from hc regarding Leon Devaney's $700,000 salary, about double what Cottee was getting and that was way too much for what he did to us.
    Bloody criminal, if you ask me.

    "In 2020 total director remuneration was $2.6m and they have a shed load of options , which unsurprisingly have not vested....Believe it or not LD had a pay cut, from $800k+ in 2019. No wonder they don't have enough cash to drill more wells !
    For prospects to improve, they need some feedback.
    I'm going to vote against the remuneration report at the AGM "

    I will be voting against any more benefits too, unless they get the share price to what it owes me, .... about 35c, ... wtf.

    1 like
  9. 2.7k
    Posts

    sent an email to CTP tonight asking about technology available to pin point areas of interest in anything like Helium, gas , oil, gold, etc.
    Global Oil and gas has just employed, " Dirt Exploration, Dr Neil
    Pendock, to undertake a multispectral remote spectroscopy study to
    identify regions where elevated Helium concentrations are indicated over
    the EP 127 licence area. "

    So, if affordable and of benefit to Central, why not use this to identify the best spot for subsalt helium/gas independent from Santos' Dukas well ?
    But also mainly to get the market interested in this company, where they will see potential for share holders to benefit as well as Leon and his mates.

    fn do something Leon !

    1 like
  10. 75.3k
    Posts

    Acquisition of Australian Production Assets
    • Cue to acquire interests in 3 producing onshore Australia assets from Central Petroleum
    • 4.4mmboe of 2P reserves to be acquired, increasing Cue’s 2P reserves by greater than
    350%
    • Acquisition cost of A$8.7m upfront, adjusted for revenues and costs from 1 July 2020, and
    carried costs capped at $12m, paid from current and future cash
    • Existing production and contracts provides a fourth revenue stream for Cue
    Cue Energy Resources Ltd (Cue) has executed a sale and purchase agreement (the
    transaction) to acquire interests in the Mereenie, Dingo and Palm Valley onshore gas and oil
    fields in the Northern Territory, Australia from Central Petroleum Limited (ASX:CPT) (Central).
    Cue will acquire a 7.5% interest in the Mereenie gas and oil field (OL4 and OL5 production
    licences), a 15% interest in the Palm Valley gas field (OL3 production licence), and a 15%
    interest in the Dingo gas field (L7 Production Licence), all located in the Amadeus Basin,
    onshore Northern Territory.
    T +61 3 8610 4000 F +61 3 9614 2142 E mail@cuenrg.com.au www.cuenrg.com.au
    Level 3, 10 Queen Street, Melbourne Victoria 3000, Australia
    Through the transaction Cue will acquire 4.4mmboe of 2P reserves, with further upside
    potential. A reserves and resources statement is included with this announcement.
    Cue will pay Central $8.7m cash on completion and fund $12m of Central’s exploration,
    appraisal, and development costs in the fields. The carried development is expected to include
    4 well recompletions and up to 10 wells.
    The transaction will be funded from Cue’s existing cash and future cashflows. The effective
    date is 1 July 2020 and a working capital adjustment will be applied on completion, which
    includes Cue’s share of revenues and costs from 1 July 2020.
    Central will remain as operator of the fields and will manage gas and oil sales on behalf of
    Cue.
    Cue’s major shareholder, New Zealand Oil & Gas, is also a party to the transaction and will
    acquire interests in all three Central assets.
    Conditions to completion of the transaction include Foreign Investment Review Board
    approval, approval of New Zealand Oil & Gas shareholders to enter into the transaction, and
    other customary conditions for a transaction of this nature.
    Cue CEO Matthew Boyall says that the acquisition is in line with Cue’s strategy of investment
    in onshore assets and will add value to Cue through immediate production and future
    development.
    “This is a great opportunity for Cue to add producing assets onshore Australia to our
    portfolio. Acquisition of the interests in the Mereenie, Palm Valley and Dingo fields will
    provide a fourth revenue stream for Cue, with existing sales under long term contracts into
    the strong Eastern Australia gas markets.”
    “All three fields are operated by a good operator in Central Petroleum and have existing
    production and near-term development plans which provide multiple pathways to growth.
    “Cue will acquire 4.4mmboe of 2P reserves, which will increase the company’s 2P reserves
    by more than 350%. The value of this investment to Cue is further enhanced by the
    opportunity to utilise accrued tax losses against profits from production.”
    As is customary in oil and gas joint ventures, each interest holder will provide and receive
    cross security from each other interest holder in the Mereenie, Dingo and Palm Valley projects.
    In order for Cue to provide such security to New Zealand Oil & Gas, Cue will require
    shareholder approval pursuant to ASX Listing Rule 10.1 and will proceed to convene a
    shareholders meeting to obtain such approval. Completion of the transaction is not conditional
    upon obtaining such shareholder approval.
    Authorised by the Matthew Boyall, CEO
    Any queries regarding this announcement should be directed to the Company on
    +61 3 8610 4000 or email mail@cuenrg.com.au.

    courtesy of Bell Direct
    ====================================================================================

    DYOR

    i do not hold this share

    where are the CTP cheer squad now ??

  11. 75.3k
    Posts

    CENTRAL SALE UNDERWRITES SIGNIFICANT INVESTMENT IN THE AMADEUS
    BASIN
    Central Petroleum Limited (ASX:CTP) (“Central” or the “Company”) is pleased to announce
    it has entered into a binding agreement with New Zealand Oil and Gas Limited (NZX:NZO;
    ASX:NZO) (“NZOG”) and Cue Energy Resources Limited (ASX:CUE) (“Cue”) of which NZOG
    is a 50.04% shareholder, and certain of their respective wholly owned subsidiaries, (together,
    the “NZOG Entities”) to sell 50% of Central’s current working interest in its Amadeus Basin
    Producing Assets for total consideration valued at circa $85 million1
    (the “Transaction”).
    The assets being sold under the Transaction consist of 50% of Central’s interests in its
    producing assets in the Northern Territory, namely, Mereenie Oil and Gas Field (OL 4/5)2
    (“Mereenie”); Palm Valley Gas Field (OL3) (“Palm Valley”); and Dingo Gas Field (L7)3
    (“Dingo”) (the producing assets together, the “Sale Assets” or “Amadeus Basin Producing
    Assets”).
    Highlights
    • The Transaction comprises a sale of a 50% interest in Central’s share of the Sale Assets,
    with an effective date of 1 July 2020 in return for consideration comprising of:
    o an upfront cash payment of $29 million;
    o $40 million payment by way of “carried” funding for Central’s share of near-term
    development, appraisal and exploration activities, including a committed two-well
    exploration programme at Palm Valley and Dingo to commence this year;
    o $23 million (Central’s book value at the effective date)4
    through an assumption by
    the NZOG Entities of obligations to supply up to 4.9 PJ of gas (50% interest acquired
    at the effective date) which has previously been paid for but not delivered under
    pre-sale or ‘take-or-pay’ arrangements; and
    o a completion adjustment for net cash flows generated between the effective date
    and the completion date.
    • The Transaction is expected to complete in Q3 2021 with consideration value to be circa
    $85m to Central at the expected completion date1
    .
    • The Transaction is expected to result in an after-tax accounting profit net to Central of circa
    $35-$40 million on the sale
    1
    .
    1 Estimated value at the assumed completion date of 1 August 2021 and subject to final determination of the completion
    adjustment and movements in liabilities associated with the Sale Assets between the effective date and the expected
    completion date. See Appendix 1 for further details.
    2
    Including Onshore Pipeline Licence PL2.
    3
    Including Onshore Pipeline Licence PL30.
    4 Based on Central’s book value for these liabilities at the effective date, including pre-sale subsequently executed in
    December 2020.
    ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED Page 2
    • The Transaction “carry” of $40 million net to Central covers payment of certain of Central’s
    JV expenditure obligations for near-term development and growth activities across the
    Sale Assets with a total gross JV cost of $100 million, including two committed exploration
    wells (Palm Valley Deep and Dingo Deep, with options to complete these wells as
    producers from the existing production intervals) as well as two development wells
    currently progressing at Mereenie.
    • Central will repay $30 million of the Macquarie Bank loan facility in the completion quarter.
    Transaction Meets Strategic Objectives
    Central will achieve the key objectives established for the transaction, including:
    o Value accretive pricing with a strong signal for the underlying value and quality of
    Central’s Amadeus Basin Producing Assets;
    o Accelerates growth through a $40 million “carry” of near term exploration, appraisal
    and development, equating to approximately $100 million in gross JV investments;
    o Balance sheet improvement through debt repayments and transfer of other deferred
    gas supply liabilities, totalling circa $50 million, resulting in a significant reduction in
    Central’s gearing and net debt;
    o Diversifies geological, exploration and development risk through a new joint venture;
    o Introduces aligned and capable joint venture partners with strong financial and
    technical capability to create future value from Mereenie, Palm Valley and Dingo;
    o Maintains Central’s role as Operator for the Mereenie, Palm Valley and Dingo fields;
    and
    o Central retains its existing interests in significant growth opportunities not included in
    the Transaction, including: the Range Coal Seam Gas Project (50%), EP82 Dingo
    Satellite Area (“DSA”) including the Orange-3 target (100%), EP115 including the
    Zevon multi-Tcf sub-salt target (100%), and EP112 including the Dukas multi-Tcf subsalt target (30%).
    Transaction details
    Under the binding sale and purchase agreement and other facilitating agreements, which are
    subject to certain conditions precedent being satisfied, the NZOG Entities will together acquire
    50% of Central’s current working interest in the Sale Assets (“Sale Assets Interest”). Central
    will remain Operator of the Sale Assets.
    The Sale Assets Interest acquired by the NZOG Entities will be held 70% by subsidiaries of
    NZOG and 30% by subsidiaries of Cue of which NZOG is a 50.04% shareholder. The
    Transaction is subject to customary completion adjustments and conditions precedent,
    including Central financier, gas sales customer and joint venture consents, regulatory and
    Foreign Investment Review Board approvals and NZOG obtaining ordinary shareholder
    resolution approval, noting its 69.9% shareholder O.G. Oil and Gas (Singapore) Pte. Ltd, has
    already confirmed it will vote in favour of the Transaction. Where the conditions precedent are
    not satisfied or waived by 15 August 2021 (or 30 days after this date if so elected), then
    relevant parties may terminate the sale and purchase agreement before completion.
    ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED Page 3
    The Transaction’s effective date is 1 July 2020, with total consideration at that date consisting
    of:
    • $29 million as an upfront payment;
    • $40 million as deferred cash payments allocated to fund Central’s share of an agreed
    work programme for development and appraisal activities and a committed two-well
    Exploration Programme planned to commence this year, and certain other near-term
    development and appraisal activities;
    • $23 million (Central’s book value at the effective date)5
    through an assumption by the
    NZOG Entities of obligations to supply up to 4.9 PJ of gas (50% interest acquired at the
    effective date) which has previously been paid for but not delivered under pre-sale or
    ‘take-or-pay’ arrangements; and
    • a completion adjustment for net cash flows generated between the effective date and
    the completion date.
    It is expected that the Transaction will complete in Q3 2021 and the consideration value would
    be circa $85m to Central at the expected completion date6
    , after adjusting for net cash flows
    generated, expected carried funding utilised and movement in liabilities associated with the
    Sale Assets between effective date and the expected completion date.
    In the quarter that the Transaction completes, Central will repay $30 million of the principal
    outstanding under the Macquarie loan facility, reducing the facility balance to $36.8 million
    (should completion occur in Q3 2021).
    The Exploration Programme to be funded under the Transaction consists of two committed
    prospects (Palm Valley Deep and Dingo Deep) which target 192 PJ of (unrisked) mean
    prospective gas resources (96 PJ net to Central after the Transaction). These are two highly
    prospective prospects which Central has been progressing throughout the sell-down process,
    targeting proven hydrocarbon-bearing formations which can be efficiently tied-in to existing
    and future infrastructure. Both exploration well designs will access production from the existing
    producing formation in the event that the deeper exploration target is not successful. Drilling
    has been pre-approved by Central and the NZOG Entities and is expected to commence in
    Q4 2021.
    The Transaction also comprises of the following elements:
    • NZOG Entities will have a right to consider purchasing an interest in the DSA which
    includes Orange-3 should Central ever seek to sell down a portion of its current 100%
    interest in order to allow NZOG Entities an opportunity to achieve an equalised working
    interest with Central across operating assets within the Amadeus Basin.
    • Central will manage marketing and administration of the NZOG Entities’ gas produced
    from the Sale Assets under joint gas marketing arrangements.
    • Establishment of joint venture collective voting arrangements with the intention that
    Central, NZOG and Cue entities will remain aligned in relation to future voting at the joint
    venture operating committee level on issues regarding the Mereenie joint venture.
    5 Based on Central’s book value for these liabilities at the effective date, including pre-sale subsequently executed in
    December 2020
    6 Estimated value at the assumed completion date of 1 August 2021 and subject to final determination of the completion
    adjustment and movements in liabilities associated with the Sale Assets between the effective date and the expected
    completion date. See Appendix 1 for further details.
    ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED Page 4
    • Stamp duty for the Transaction will be shared equally between Central and the NZOG
    Entities.
    After completion of the Transaction, Central’s share of Proved and Probable (2P) reserves in
    the Amadeus Basin Producing Assets will be 75.6 PJ of gas and 0.485 mmbbl of oil at the 1
    July 2020 effective date, with the Exploration Programme targeting 96 PJ of prospective gas
    resources (Central’s share after the Transaction).
    Mereenie Joint Venture commercial arrangement
    The Transaction will result in Central retaining the existing gas overlift balance at Mereenie
    and extending Central’s existing three-year gas sale agreement with Macquarie Mereenie Pty
    Ltd (“MM”) (Central’s current joint venture partner at Mereenie), which expires on 31
    December 2022, through a 2.4 PJ gas purchase agreement to be effective on 1 January 2023.
    Central’s gas overlift balance at Mereenie will be gradually reduced to nil by mid-2026 at a
    rate consistent with the current arrangement of 2 TJ/d.
    CEO and Board Commentary
    Central’s Board and Management believe the Transaction to be a major step in executing the
    Company’s strategic objectives. The Transaction will underwrite further exploration and
    development in the Amadeus Basin and releases a portion of the inherent value in our
    operating assets, acquired only 6 years ago.
    Leon Devaney, Central’s Managing Director and CEO said: “Having been so closely involved
    in the acquisition of our operating assets, I am now excited to see the value, created over what
    have been difficult market conditions, partially released. Not only are we paying down debt
    and reducing our liabilities, but our remaining interests will have significant near-term growth
    upside without funding from Central, with circa $100 million of JV investment in development,
    appraisal and exploration in our Amadeus Basin assets.”
    Mr Devaney added: “I am also very excited to be working with NZOG and Cue to extract full
    value from our Amadeus Basin operating assets. NZOG, through their major shareholder the
    Ofer Global Group, has strong financial capacity and a similar approach to Central to maximise
    shareholder value and create growth from a strong operating foundation.”
    “Emerging from the 2020 downturn, we set an aggressive growth strategy for the business,
    and with today’s announcement we continue to deliver on that strategy. With our Range Pilot
    Program underway and FID targeted for 2022, significant development activities across our
    operating assets, and two significant exploration wells now funded for commencement in
    2021, this is an exciting time for Central’s shareholders”.
    Andrew Jefferies, CEO of NZOG said “We have watched with admiration Central’s growth in
    the Amadeus over the past few years, and see real alignment in terms of scale, culture, values
    and technical expertise, so I am pleased to combine our efforts to further develop these
    remarkable fields and provide additional gas into the burgeoning Australian market. Like us,
    Australia sees clean burning natural gas as the key to transitioning to the low carbon future.”
    Matthew Boyall, CEO of Cue commented on the transaction, “Cue is excited to be entering
    into this transaction with Central, who have proven themselves to be strong operator of these
    fields, and looks forward to working together on the planned growth activities.”

    courtesy of Bell Direct
    ====================================================================================

    DYOR

    i do not hold this share

  12. 2.7k
    Posts

    Didn't hear back from Leon.

    Looks like a few are getting out of CTP, as SP now down to 11.5c

    Can't win a trick with this company.

    Every time a reasonable announcement, SP does the same,.... down, down, down.

    1 like
  13. 75.3k
    Posts

    given their RECENT well development record i am surprised even LD is optimistic

    apart from the sale proceeds i wonder where the income is coming from to repay their debt and expenses

    no take or pay deals now if you don't have any production

  14. 2.7k
    Posts

    They will be increasing gas production with the JV partners, I think, so might get back to same income or more once they improve, drill more wells.

    Been thinking lately, ... history might show Cottee partly responsible for us Australians not getting cheap gas, as we should be.

    It is all there in abundance and we can't access our own resources because of Gorilla companies exporting it all.

    Just another thought Sal, but won't happen while our a.ses are pointing to the ground, ..... if we had free energy for industry and domestic, not sure how the Govt could arrange it without affecting some for export, ... but we could be the manufacturers to the world.
    Just have to have the right mind set and wisdom from our dear leaders.

    1 like
  15. 2.7k
    Posts

    New Zealand Oil & Gas;

    "The agreement is subject to shareholder approval, amongst other conditions, and a special meeting
    of shareholders to vote on the transaction is scheduled for 24 June 2021.1
    “As we move towards our shareholder vote, I am pleased to begin sharing news on the activity
    at the Amadeus tenements” says Andrew Jefferies CEO New Zealand Oil & Gas "

    4 June 2021
    MEREENIE DEVELOPMENT WELL WM27 COMMENCES
    The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”)
    has advised that WM27, the first Development well in the Mereenie Development Programme,
    was spudded on 3rd of June 2021 at 2145 hrs. The update release is attached. Further updates
    will be provided as the programme progresses.
    New Zealand Oil & Gas announced on 25 May 2021 that it has agreed to acquire interests in
    three gas producing projects located in Australia’s Northern Territory from Central. The
    agreement is subject to shareholder approval, amongst other conditions, and a special meeting
    of shareholders to vote on the transaction is scheduled for 24 June 2021.1
    “As we move towards our shareholder vote, I am pleased to begin sharing news on the activity
    at the Amadeus tenements” says Andrew Jefferies CEO New Zealand Oil & Gas. “These are great
    assets in a location with an excellent market, and the operator is getting after the development
    opportunities with sensible alacrity.”

    Do we get a vote like NZOG, ..... just asking ?

    1 like
  16. 75.3k
    Posts

    HAHAHAhaha ....

    good luck on that

  17. 2.7k
    Posts

    "- Santos must decide by 30 June if they want to pursue Dukas and if so, provide their plan by 31 July 2021."

    Good, keep the bastards honest.

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