Wanted to buy or lease, ... drill rig.

  1. 2.5k
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    Wanted to buy or lease, ... suitable drill rig to drill to ~4500 metres, 15,000 BOP in Amadeus Basin, targetting gas and helium.
    Ideally must be available in next 6 months.
    Offers please respond here or contact Santos or Central Petroleum directly.

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    Looks like Santos tying up another potential competitor, and why able to drill this well in JV ( Bengal is hopeful the well will be spud in the third quarter of 2021), and Central having to wait til 2022, that's if they ever finish the Dukas well;

    Santos farms into another big gas play in QLD
    CANADA’s Bengal Energy has farmed-out a 60% interest in a south west Queensland exploration asset to Australia’s second-largest gas producer Santos.

    Paul Hunt
    Senior Journalist: Oil & Gas, Policy.

    Paul Hunt
    Bengal Energy told the Toronto Stock Exchange overnight the farm-in agreement would see Santos pay the full costs of drilling one high impact well at the ATP 934 exploration permit to earn a 60% interest in part of the tenement.

    The ATP 934 gas exploration project covers approximately 1729 square kilometres in the Cooper Eromanga Basin.

    Santos will earn its 60% stake in 420 sq.km of the permit under the agreement and become operator of the project. The remainder will remain held by Bengal.

    While a specific drilling date was not revealed, Bengal is hopeful the well will be spud in the third quarter of 2021.

    "This agreement marks the start of another extremely exciting chapter for Bengal," company chief executive Chayan Chakrabarty said.

    The well will target the south of the permit, and Chakrabarty is optimistic results would de-risk future exploration across the permit outside of the section now operated by Santos.

    Gas produced would be delivered from existing infrastructure to domestic east coast gas market. So far, Bengal has mapped four prospects in the ATP 934 permit.

    A further four historic wells will be tested and re-completed as part of its development plan.

    Aside from ATP 934, Bengal also has a 100% interest in five production licenses surrounding the permit. The five licenses cover approximately 267 sq.km.

    Bengal and Santos are long-time joint venture partners. The two companies hold interests, 30.36%, and 54.64% respectively, in the Cuisinier project in PL303 in the Cooper Basin.

    Ultra-light oil is produced from the Cuisinier field and then piped to Port Bonython export facilities some 250km northwest of Adelaide.

    While Bengal is headquartered in Calgary, the company's main asset focus remains on Australian onshore exploration and production. It owns one minor interest in onshore China.

    This most recent farm-in is the second major announcement from Santos in a matter of days.

    Santos and its smaller joint venture partner Armour Energy on Monday said they would accelerate a separate exploration and development project in northern QLD and the Northern Territory.

    On Monday, Armour Energy told its shareholders that Santos, which is farming into the permits for a 70% stake, would pay the company a one-off cash payment of A$6 million, and carry the junior for nearly $65 million of exploration costs.

    All six of the permits are located in the South Nicholson Basin, four of which are located in northern Queensland, and two in the eastern region of the Northern Territory. Combined, the permits hold a gross 10.7 million acres.

    Armour's independent experts have assessed 22.1 trillion cubic feet of best prospect gas resources in the middle of the Proterozoic aged Lawn Hill and Riversleigh Shale formations within one permit alone.

    Santos was down slightly in morning trade at $5.36 per share.

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    "Ann: Quarterly Activities Report & Appendix 5B"

    No mention of Surprise here and no reason for the market to get excited, ....... maybe til late 2022.

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    from aabbaadd, hc;

    CTP's description of Dukas plan being " free carry " is inaccurate.

    Further completion of Dukas will either cost CTP AU$3 + million cash or 30 % of current 100 % ownership of EP82.

    In both scenarios there is either direct cash cost or indirect ownership cost as future asset value reduction.

    CTP is in effect BARTERING.

    Paying cash $3 million CTP recovers 15 % ownership of DUkas taking total ownership to 45 % - CTP is then responsible for 45 % drill and associated costs which are $4.5 + million.

    This increases CTP planned spending 2020-2022 by $1.5 + million to $135 million.

    Bartering 30 % EP 82 to Santos exchanges short-term cash flow retention for potential long-term asset value reduction.

    Santos Dukas operator has first and complete knowledge of Dukas data. Santos' long continuing Dukas involvement makes it implausible it would surrender 15 % Dukas now - it would only do that if some catastrophic new information were known - is new information to come to hand before new drilling ?

    CTP's phantasy farm-out financed development plans, use of obscuring language, cashflow juggling kaleidoscope are red flags warning collapsing house of cards."

    Santos has too much say in how Central operates, IMO.
    And our " expert team" seem to just go along with whatever Santos want, .... as if they, Santos, are running our company.

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    good accurate posts from hc;

    "Nothing particularly new or exciting in this report, but certainly an indication of a steady hand at the wheel, which is not bad in these times.

    Good production and sales revenue, and ongoing debt repayment under low interest rates is pleasing. Good potential opportunities in the bag.

    The only criticism is boy have things moved slow! Dukas, Range pilot, Mereenie drilling, news GSA's and the exploration farm-out are all crawling along at snail speed. Appreciate COVID has had an impact, but there just feels like there is no hustle or urgency.

    Long term holders are tired and not getting any younger, patiently waiting while the share price hovers at near historic lows. Either sleepy Wrix needs to wake up, or hop out of the way soon and let someone else crack the whip."

    "Indeed, things are moving (if at all) very slow. not necessarily a pandemic issue, but more of a management and board issue. let's be honest about this, the current ceo is a rather unimaginative individual that has not achieved very much other than riding along on other people's previous work. I see no evidence whatsoever of a personal contribution leading the company to better times, no real plans, no creative (or non-creative for that matter) ideas, plans, vision... ah, there is no vision anymore, no aspirations, quite depressing actually. But let's not put all the blame on him, he is not being guided by an equally unimaginative board of directors, no leadership apparently, no guidance. G, this so disturbing, come on guys, you have so much potential, your acreage is so promising, your staff is so capable of achieving so much more, please do something (and I don't mean downgrading reserves in one year and upgrading them the next, a bit if a futile exercise in the greater scheme of things wasn't it)."

    No offers about a suitable rig for Central yet.

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    https://hotcopper.com.au/threads/ann-quarterly-update-presentation.5543441/#post-46369028

     EP115 is an exploration permit held by
    Central (100%) located in the northwestern section of the Amadeus Basin
    adjacent to the Mereenie oil and gas field
     The western section of the permit is
    located in the oil prone Johnstone Trough
     The permit surrounds L6 in which
    Surprise oil field and the Mamlambo
    prospect are located
     Zevon is a very large closure (~1600km2)
    which is currently defined on existing low
    quality seismic and gravity
     Same play as Dukas
     Multi-TCF potential
     Planning for 500km 2D seismic survey
    underway

     Potential to combine drilling with Dukas in
    2022

    Very good part of presentation, except Central is still in Santos control, having to wait until 2022 until Dukas well supposedly finished, when they have access to drilling rig.
    So, Zevon and Dukas may never happen, but so what, the company assured of employment and incomes til 2022, while long term share holders investment in Central remains at a loss.
    Leon Devaney should have prioritised drilling, if not Dukas, .... Zevon.
    That may have got Santos off their arse and drilled, baby , drilled Dukas, ..... just shows me how much control Santos has over Leon Devaney and company.

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    ...... And no mention of Surprise Oil Field.

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    ""(. And no mention of Surprise Oil Field.)""

    Rawali, like I said many if not countless times before, "Surprise was a very big sad Surprise".

    What gets to me, if not without surprise, was that they raised or drilled the shareholders pockets a little more by raising capital for drilling of Surprise area but nobody really knows where that money was actually been spent on.

    Like they say......"SURPRISE SURPRISE""

    IMO and from memory we weren't even being told that they needed a pump to get the oil up instead telling us that there were some huge pressure pushing the oil up to surface. Am I wrong.?? I can stand correcting if I am.

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    You would think the company would at least document in their presentation what the situation with Surprise is, even if it is a failure.
    Can't help thinking that Dukas was not to be completed so everyone knows whats down there, in thinking back to MB's failed SoA with non disclosed info at the time about sub salt potential.
    Seems to be still in the quietly, softly, softly privatisation mode :)

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