Why Dukas Is Not Being Drilled

  1. 3.2k
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    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.

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  2. 3.2k
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    What a joke, ... for us.

    10.5c now, when we have oil ? and gas and revenue, ... but in 2008, with no hydrocarbons was 80c to $1 per share.

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  3. 3.2k
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    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.

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  4. 3.2k
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    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.

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  5. 3.2k
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    from hc;
    "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.

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  6. 79.4k
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    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
    wells.
    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
    ========================================================================================

    DYOR

    i do NOT hold this share

    it will be interesting to watch insider buys/sells for the next month or so

  7. 3.2k
    Posts

    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.

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  8. 3.2k
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    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".

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  9. 79.4k
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    am not sure there will be much of a market for that gas/oil in eighty years time ( i class a generation as 30 years , and 10 years have been wasted already )

    if they take too long the lease will expire ( especially if not a proven resource )

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  10. 208
    Posts

    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

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  11. 3.2k
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    from hc;
    "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.

    1 like
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