Why Dukas Is Not Being Drilled
Meanwhile our "partner" Santos doing all sorts of deals elsewhere, and helping keep our company CTP on the side lines by not completing Dukas.
Pretty straight forward and easy to put the kibosh on an upstart potential rival, by not allowing the market to know the truth, (drill bit) of what's under the salt at Dukas.
Leon Devaney and his mates should be ashamed of themselves in not getting Dukas completed and going along with Santos' bullying.
Good posts from hc, slowly a few others are seeing the truth about CTP, with no future enhancement for share holders investments;
"Where is the boring income stream promised to us years ago?
The CTP management need to 'clearly' outline a plan to either, sell assets and pay out shareholders (not keep it to themselves) or come up with a way to pay dividends on an ongoing basis.
Even Dukas is starting to look like a massive unachievable dream, due to the worlds rapid move away from fossil fuels.
What is the value/growth story here?
I've lost the plot with this company, seems to be only looking after themselves with way over inflated salaries, overheads and ongoing exploration costs that don't come to anything.
It is evident that more and more long term era have come to the realisation that CTP is just a cash cow for the directors to milk as long as they can. Yes, good point aAnother bout Dukas. By the time they get round to it(if ever), it will be all over rover for any significant gains in fossil fuels.
I should have sold in 2012 too when it was a dollar in todays price. My mistake believing in all the bs about army kitchens etc etc.
Another very merry Xmas for the board. Shareholders? Oh, thanks for investing and approving all at the last AGM. Suckers lol."
Richard Cottee was correct when he said company will be a 3 generational one, yes, but only for those running it, and incorrect with his "boring annuities" statement.
So, what is the point of our company Central Petroleum just feathering their own nests with no upside potential for share holders ?
These people were given our money and assetts, not having to do an IPO, like John Heugh would have initially, and are treating us, just as Richard Cottee with his Gorillas did from 2012, as if we are a pain in the .rse and a nuisance to their modus operandi.
They changed the logo for CTP, changed the website, not for the better, and have not done anything to excite SH's or the market.
A pity ASIC could not look into this company running itself for itself.
"Is there no shame in constantly missing targets? it was only last month at the AGM that the drilling at PV Deep was advised it would start this month (Dec), after multiple previously slipped promises.
Now the latest forecast is Feb-2022.
Don't worry guys, there really is no rush. We have all the time in the world it seems.
Appears their motto continues as "over promise and under perform". Literally the opposite of what good companies do."
Remember when Richard Cottee took over and that they used to say about him;
...... "under promise and over perform"
What a blatant lie that was.
AMADEUS BASIN UPDATE
Exploration Rig contract signed
Planning continues for the previously announced Q1 2022 Palm Valley and Dingo
exploration well programme.
The Ensign Rig 963 has been contracted to drill Palm Valley-12/12A and Dingo-5 wells in
the Amadeus Basin. The rig is expected to begin mobilising to the Palm Valley wellsite in
late January 2022, with an anticipated spud in mid February 2022. The Dingo-5 well will be
drilled back-to-back with Palm Valley 12/12A.
Mereenie and Palm Valley update
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”)
has advised that a coil tubing unit is being mobilised to site in January to further improve
production from a number of wells including some of the previous development campaign
The planned programme is aimed at improving downhole well conditions with post
intervention sales capacity anticipated to be approx. 37 TJ/d (Gross), up from the current
approx. 35 TJ/d (Gross) level for Mereenie.
Central has also advised that the existing Palm Valley-13 well continues to outperform
expectations, with a slower decline than anticipated.
We continue to monitor ongoing well performance across the fields and will update reserves
and production data as and when material new data is available.
Authorised by the Matthew Boyall, CEO
courtesy of Bell Direct
i do NOT hold this share
it will be interesting to watch insider buys/sells for the next month or so
I think it is time that Central Petroleum started giving a dividend to share holders so that at least we will be getting something back while we wait until they hit the monster Dukas , :):), .... but in light of the world going for low emissions and green hydrogen, etc, Central Petroleum is going nowhere for share holders and will be too late even if Dukas is successful.
So , Leon, .... start sharing the "boring annuities" with us long term sufferers, and encourage some market activity by a bit of Innovation.
Santos inability to complete Dukas, discussion, from prato;
.... "forget any ‘ quantity’. All we really got is “ too much pressure “ and a “ bigger rig is needed”.
Pie in the sky to put it bluntly otherwise they would have pulled out all the stops to investigate further.
The board know a whole lot more than we do, but must keep us hoping long term so they can enjoy their handsome remunerations."
I remember comments from the time of the failed SoA, when it was said, CTP will never hit 18c again, MB's offer at the time, (similar words), so looks like totally in Santos/CTP/MB's interest to not rock any boats, maintain the status quo between CTP and the "Gorillas", do as little exploration as possible while benefitting from ample remunerations from gas production, .... and lastly , try and forget about the share holders of Central Petroleum.
Talk about Cottee's "3 generational investment".
The dwindling market for gas in 80s year time may be somewhat covered by biogas and green hydrogen.
Companies like Delorian are trying to get up biogas from waste facilities all around Australia (for what waste isnt burnt for power in the future).
Most new houses and many old are phasing out residential gas connections as its too expensive compared to electricity (i mean why use gas to heat water when the sun does it free) and induction cooking is just as quick as gas these days.
Industry is the biggest user of gas yes but even that is being phased out, even for gas peakers (50% hydrogen mix - Twiggys squadron energy).
That said - gas is currently expensive and overpriced so bring on more projects and bring that cost down
"Simply put, management haven’t delivered for shareholders, to rub salt into the wound they are also way overpaid and there are too many overheads…
What is the future for this company, no capital growth and no dividends… it’s starting to really cheese me off!
No wonder shareholders are leaving. "
This company is still aiming for privatisation and would be very grateful if there were no share holders.
Yes, the company has wasted too much time and has probably lost any chance of interesting the market.
14 years ago, I invested in this company and now down about $80,000.
Santos doesn't need our Dukas development, so, Leon, drill it ourselves.
Central Petroleum Ltd (Central) (ASX: CTP) provides the following drilling update.
NORTHERN TERRITORY EXPLORATION DRILLING
As previously advised, Central has contracted Ensign Rig 963 for the Palm Valley and Dingo
exploration drilling program in the Amadeus Basin.
The rig was expected to mobilise to Palm Valley from its current drilling program (Buru Energy)
in the Canning Basin in late January.
Ensign has now advised Central that as a result of recent unforeseen issues with Buru's
current drilling operations, there will be a delay in the order of a month to the rig's mobilisation
date. Ensign 963 is now expected to mobilise to the Palm Valley Exploration well site in late
February 2022, followed by spudding of the well in March 2022.
RANGE PILOT DRILLING
As previously advised, Silver City Drilling Rig 23 has been contracted to drill the Range 9 and
10 step-out wells. After unusually heavy rainfall over December 2021 and early January 2022,
civil works have begun, with drilling now expected to commence in early February 2022.
courtesy of Bell Direct
i do not hold this share
ho hum more excuses from Disappointment Central
i wonder why it dropped to under 10c today , what happened to the cheer squad
The US and EU have threatened Russia with severe, at this point unspecified, financial sanctions, if the troops president Vladimir Putin has massed near the Ukraine border invade.
The escalating crisis has sparked fears that Europe, which is already enduring a months-long gas shortage, could face further supply issues, given it relies on Russia for nearly one-third of its gas.
Biden officials told Bloomberg earlier this week that the US is prepared to ensure alternative natural gas supplies to Europe covering a potential shortfall from Russia.
In a statement sent to Energy News Australian trade minister Dan Tehan said Australia stands ready to "support our friends and allies".
"Australian LNG exports are expected to grow this financial year, Australian LNG exporters are ideally placed to meet any demand that may arise globally," he said
However, the federal government has no direct control over Australian LNG exports or where gas goes, with most under contract and the rest being sold on the spot market to whoever will pay the most.
APPEA CEO Andrew McConville was blunt in his response to the minister's suggestion.
"We've got domestic and contracted obligations to meet, which are our priorities," he told Energy News.
"Beyond that, the market shifts to meet demand."
LNG exports from Australia hit a record high of 80.9 million tonnes in 2021, according to EnergyQuest, however all of those cargoes went to Asia.
Both Tehan and resources minister Keith Pitt refused to confirm whether Australian officials were in active discussions with European counterparts about gas supply.
Pitt said Australia "stands ready to assist with any request for further supplies".
"We will of course continue to meet our existing contracts but where there is a shortfall Australia will always look to support our friends," Pitt said.
ndrew convilleAPPEA CEO Andrew McConville
Grattan Institute energy director Tony Wood told the ABC that Australian gas would be able to supplement supplies, a role it already plays.
"I'm sure the conversations are being had (but) it doesn't mean that Australia actually supplies its gas to Europe — Australia is a long way from Europe," he said.
"It could mean that gas that otherwise might go to Asia is diverted to Europe and then Australian gas replaces that gas in Asia."
Analysts have highlighted that Russia may be using the troop build up to underline its desire for Germany to approve the Nord Stream 2 pipeline, which has faced regulatory delays in recent months.
The controversial pipeline pipes gas from Russia to Germany but bypasses Ukraine and Poland, depriving them of revenues from tariffs as it runs under the Baltic Sea.
The US and some European states view the pipeline as a strategic threat as it increases the continent's dependence on Russian gas, with claims already surfacing that the Kremlin has been stifling existing flows in a bid to gain leverage to approve Nord Stream 2, exacerbating the energy crunch.
US state department spokesperson Ned Price said the pipeline would not go ahead if Russia invades Ukraine.
"I want to be very clear: if Russia invades Ukraine one way or another, Nord Stream 2 will not move forward," he told NPR.
"I'm not going to get into the specifics. We will work with Germany to ensure it does not move forward."
UK foreign secretary Elizabeth Truss said in a speech to the Lowy Institute last week that her government was "pushing for alternatives in energy supply, so that nations are less reliant on Russia for gas".
"We will stand up for our economic security," she said.
"It means cutting strategic dependence on authoritarian regimes, starting with Europe's dependence on Russian gas."
Tehan said the current geostrategic environment that Australia faces is "the most complex since the Second World War".
"This environment will continue to present both challenges and opportunities to Australian exporters now and into the future," he said. "
Could be good for Central petroleum and Lakes Blue Energy.
A good summation from bobsagood, hc about our company CTP;
"This company has been a real underperformer for at least the last 10 years mainly due to bad management, there has always been funds to keep the leaders very happy, as for share holders SFA, hopefully things are starting to turn for the better but i wouldn't be risking my left one on this perennial disappointer."
Hopefully the right ducks are lining up now to give us share holders a fair go, but IMO, has been controlled by Cottee's "gorillas", from before the failed SoA.
another good post from chickenliddle;
we long ago entered into partnership with Santos where they were the dominant partner and we danced to their tune. Dukas had high pressure and showed traces of helium, Dukas and other areas like Mt Kitty also showed traces of Helium. So i am not sure that Santos thought it was a duster. They saw enough evidence to spend $20m on the drill, and did not walk away. Santos has had lots of other irons in the fire including a merger over the last couple of years.The most unfortunate thing about the Santos deal is that they moved at their pace not ours, this was a side venture for them but a company making deal for us. Dukas was not the priority for them that it is for CTP. They have sold down there share, and they could only have done that if they got a good price and had shown enough evidence to Peak that this has potential. The only land Peak have is the block next to Dukas where they look as if they intend to look for Helium, why are they looking for helium there, because we have the blocks next to them that have traces of helum. So we are now being carried for a couple more drills, and hopefully with Peak helping us to get Santos to march to our tune. It also makes sense that if we are getting a heavy drill in to finish Dukas that we would probably use that for any other Helium drills as well which would mean all would probably be drilled after one another. Then hopefully we can get Zevon moving. this year is about increasing our gas reserves, next year its about helium.
..... "Helium is atomically small and
extremely mobile thus dictating that
host reservoirs are capped/sealed by
relatively thick evaporite beds (usually
salt) to provide the best opportunities
for helium entrapment (Figure 1).
The Amadeus Basin
Subsalt plays in the southern Amadeus
Basin are of particular interest given
that two thick regional salt horizons
are present across wide areas of this
highly structured geological terrane.
Potential reservoirs below the middle
Cambrian Chandler salt have yet to
test positive for helium but exploration
is extremely sparse.
Conversely, of the two wells to
penetrate the older Proterozoic Gillen
Salt, both recovered very significant
helium contents in small gas flows from
reservoirs directly sub-cropping this
blanket salt seal.
These occurred at Magee-1 from the
Heavitree Quartzite (6.2 per cent
helium was recorded from a small
gas flow emanating from a significant
fracture in the quartzite) and also
from small gas flows from fractured
granite basement in Mt Kitty-1 (up to
12 per cent helium recovered).
These are extremely high concentrations
by world standards and constitute an
exploration success rate of 100 per
cent for pre-salt helium targets in the
southern Amadeus Basin. The future for
additional deposits over this very large
area is very bright.
The potential for CTP is still awaiting exploration, and I participated in all of founding MD, John Heughs' Share Purchase Plans, since 2008.
Since Cottee, Santos and Macquarie Bank took over, without having to do an IPO, or any other means to raise money, apart from their mates deals with the Gorillas, with hardly any share holder participation and the obvious aim to Privatise the company, those that are running the company and earning good money, that they do not deserve, IMO, have continued to cause our family's personal loss of about $80,000, due to the market continuing to have no credibility in this company that shows no interest in doing anything for share holders.
Where have all the voices gone in trying to keep the bastards honest and increase share holder value ?
Hopefully, Peak might help start doing this for us.
https://www.duncanseddon.com › docs › pdf › he...
"Central Petroleum has NT seismic plan rejected
CENTRAL Petroleum's planned 30km Zevon Test Line project in permit EP115 in the Northern Territory has been knocked back by the government.
The decision was published earlier this month .... "
more good posts from hc;
"For example…. ASX up yesterday and doing even better today.
CTP? Back down to 11.5c in the red. But gas is on a high is it not? This is CTP…. Going nowhere as usual no matter what.We need a change at the top. It will not affect our SP. We could not do any worse if we tried.
Central is a retirement village for x high flyers who still want a large salary without the stress and the long work week, I feel we would do better with someone younger and more gung ho looking to make a name for themselves.All in my opinion of course..
Could not agree more……. and yet they get voted in time and time again. Mind boggling stupidity.
Yes and we got a lawyer full of bluster who before CTP struck lucky with Queensland gas purely because he was in the right place at the right time. He walked out the door and to this day the shareholders have been kept in the dark.
Surprise? The blaggard declared it an “army kitchen”!
Unfortunately we are no better off today. Directors come and go. A guy called Mick was hailed as a game changer by many on this site. I had never heard of him so did not comment. Result? Yes, CTP is a haven for retirees happy to collect their overly generous salaries for no performance, but just the same old next year, next year. Pathetic.
You know the saying: Don’t expect a change if you keep on repeating the same, bumbling along just enough to keep above water."
Lately, I have been returning emails to CTP with their announcements, asking when they will do something for share holders, do something to encourage a better share price, and not hold back under 18c for Macquarie Bank, and issue dividends.
All those in control of Central Petroleum have an extraordinary income from us long term share holders investing in what was envisioned by John Heugh.
And these pricks are no better than Richard Cottee, wanting to privatise a company they were given on a platter.