Central Petroleum - CTP

[Grand Uber]

Central Petroleum Limited is an Australian company engaged in the exploration for gas and petroleum resources. This activity is carried out from its principal business office in Perth, Western Australia, and in one geographical segment, being Australia, principally in the Northern Territory. The Company has 17 exploration permits and applications in the Northern Territory, one exploration permit application in South Australia and one special prospecting authority in Western Australia covering a total of 250,000 square kilometers. On February 21, 2006, the Company acquired Ordiv Petroleum Pty Ltd and Frontier Old & Gas Pty Ltd. On February 22, 2006, it acquired Helium Australia Pty Ltd. In December 2007, the Company established two wholly owned subsidiaries, Central Green Pty Ltd, which will focus on investigation of carbon sink plantings and forestry, and Central Geothermal Pty Ltd, which will target geothermal potential in central Australia.

Open: 0.24 Mkt Cap: 51.07M
High: 0.25 52Wk High: 0.30
Low: 0.23 52Wk Low: 0.12

The potential of this one is huge, they have huge acreage and a focus on Helium, Oil, coal and CSM (top estimate of 70tcf gas). They have well over 200 prospects and leads and they are starting off targeting the biggest ones which are two oil two gas wells and three cbm gas wells.

They have a rig mobilised ready for drilling at the moment

This is a massive, very thorough report covering the prospective outcomes of drilling
http://www.asx.com.au/asxpdf/20080606/pdf/319j6xnng7t3cn.pdf

There is a recent interview with the Managing Director (and one of the top shareholders) at
http://www.marketheadquarters.net/

It has also been nailed a stock pick by David Hazelhurst

These guys have a fairly solid plan and a good management team, the fact that they have multiple targets gives them a lower risk profile than some of the other small exploration companies.

Recent capital raising has made for a good entry point into this one

[countryboy]

on board with this one.I was amazed at the numbers they were looking at across the exploration area. Todays announcement sets out a bit of a timetable of when we can expect some results. Recent share placement has had a cap on the stock price as some 25 million shares were off loaded.

[Grand Uber]

i got in a little while ago, im semi expecting the oil drilling to come up dry so i havent bought as many as i would like too, if it does the share price will crash and it will be time to load up large for the csm exploration

[Grand Uber]

http://www.brr.com.au/event/47197

another good interview on boardroom radio, and some good action in the share price recently.

definitly one to add to your watchlist

[Shrewd Crude]

grand uber-i got in a little while ago, im semi expecting the oil drilling to come up dry so i havent bought as many as i would like too, if it does the share price will crash and it will be time to load up large for the csm exploration


Bingo...
You hit the nail on the head...
CTP will be dumped if Blamore fails...
at this stage ive got 10-15% of my portfolio on it...
I will look to increase this to around 40-50% if blamore fails...
:cool:
.^sc

[Grand Uber]

Announcement out

• Most of Hunt Rig 2, stores and equipment have arrived at the drill site of Blamore 1 but remedial works have proved to be necessary over part of the Blamore track and only single truckloads are now coming through to Blamore ; the anticipated spud date is now July 1st 2008 although the camp is in place and various rig and ancillary equipment and components are being assembled and tested.
• A total of three CBM wells are planned in the Pedirka Basin and will be the first in a series planned to flow test possible CBM recoverable resources of 34-70 TCFG in the Permian and Triassic coals known to be distributed through the Pedirka Basin by previous drilling and regional seismic.
• Blamore 1 and Simpson 1 oil wells are addressing up to 260 MMbbls of undiscovered oil initially in place (UOIIP)
• Central is in Joint Venture with Rawson Resources Limited (RAW) and Petroleum Exploration Australia Limited (PXA) on Simpson 1 and with PXA on the CBM wells and Blamore 1.
• Central plans also in 2008 to drill the Mt Kitty 1 (prospective recoverable resources up to 1.7 TCFG with condensate and Helium credits) and Ooraminna 2 (prospective recoverable resources of up to 0.7 TCFG) wells in Joint Venture with He Nuclear Limited (HEN) and Petroleum Exploration Australia Limited (PXA) respectively.


Wonder if this will show a drop in price tomorrow due to this tiny delay

You gotta be in to win though

[COLIN]

Bingo...
You hit the nail on the head...
CTP will be dumped if Blamore fails...
at this stage ive got 10-15% of my portfolio on it...
I will look to increase this to around 40-50% if blamore fails...
:cool:
.^sc
I have taken the plunge and bought just a few of the options (CTPOA), as a side interest.
I notice from the contract note I received from the broker that they are described as : "Deferred". This puzzles me a little, and I don't think I have come across it before. I have trawled through the Company's announcements and annual reports but I can't find anything to enlighten me. What is deferred? Hopefully it isn't payment for the options as they were issued to raise funds. Although perhaps it is "Part Deferred" i.e. a further payment due, in addition to the final exercise price - if so, it would be nice to have been alerted to this, in the ASX description of the security, e.g. "Instalment Options". Or does the "Deferred" mean that the exercise date may be extended?
I'm hoping that someone can throw some light on this? Grand Uber, Shrewdie - help!

[Grand Uber]

I dont think its anything to worry about, i think its to do with the money getting to the company. You can excercise the option at any time but the payment is deferred until the expiry date.

ie, you convert now, bill comes later? :)

[COLIN]

I dont think its anything to worry about, i think its to do with the money getting to the company. You can excercise the option at any time but the payment is deferred until the expiry date.

ie, you convert now, bill comes later
Thanks, G U. Thats an interesting one, and has got me thinking. Once the options get well "in the money" (heads at 78c!) there could be additional arbitrage opportunities, i.e. exercise them (pay nothing), sell the resultant shares (presumably with the "option deferred payment" still attached, otherwise final payment could not be tracked, and therefore the market price for these would be 78c-25c = 53c) and use the resultant funds to buy more options at less than 53c!
Of course one would expect that the relative price of the options would adjust to this figure but, as we know, the market is not always quite that sophisticated.
But perhaps I am getting too clever and convoluted for my own good!
Anyway, this also is not worth wasting time on. Too many other plays to occupy our time!

[malcolm]

placing a order tomorrow mondayfor both (cpt and cue) spent all weekend on the net researching aussy babies ----central---cue (cue been around for 27 yrs-was in it 81 to 86 easy money days) but still baby in terms of SP GROWTH (hopefully);) PS EQUITY general market very risky at moment trending softly;)

[Grand Uber]

Looks like the drilling is progressing well, its a bit of a risky time to be buying in. If theres no oil shows we may see it back round 18 cents, and we all know (well i do) that there is more chance of that happening than it going up. But thats the risk we take, this one will definitly get something worthwhile at some stage, its just a matter of picking the best entry point.

I wouldnt pick now as the best entry point simply on the odds of success, unless you know something i dont about drilling at Blamore

Feel free to convince me otherwise

[Shrewd Crude]

Im holding all the way on CTP...
The smart thing to do would be to sell now...
Blamore is Very risky...
...
I cant be bothered selling... lets just say I dont want to pay brokerage to sell and then re-enter...;)
:cool:
.^sc

[Grand Uber]

Yeah, im happy taking the punt on this one

I almost feel that in this market, even if they struck the motherload of oil the sp would still head south

At least the volume on the buy side is pretty positive, lots of small parcels

[Grand Uber]

Another progress report out

090708 Blamore 1 Pedirka Basin Drilling Progress Report
Blamore 1 is the first well in a planned 7 well programme in 2008 targeting prospective recoverable resources at “high” estimate of 260 Mmbbls oil and 2.4 TCFG gas and up to 105 BCFG Helium in conventional reservoirs as well as representing the first phase of exploration for 34-70 TCFG in prospective recoverable Coal Bed Methane resources. Please refer to earlier announcements for details of the 2008 exploration programme
Blamore 1 Report from 0600 hrs 8 July to 0600 hrs 9 July 2008
Drilling : Running 9 5/8” casing.
Geology : Encountered interpreted top of Cadnaowie Formation at c.951m RKB which is 110m high to prognosed depth of 1061m RKB.
Total Depth : Planned total depth is 2,500m.
Targets : Prognosed primary reservoir targets are the top Algebuckina Sandstone, Poolowanna Formation and the Tirrawarra Sandstone. Other horizons may have potential. Blamore is a wildcat well based on seismic interpretation. The following table is a preliminary field wellsite interpretation and subject to ongoing revision as more data becomes available, particularly final electric logging. It is not to be regarded as a final report.

Drilling going to plan, no real suprise there

[Grand Uber]

Well i pulled out of this one at my buy price, watched it go up, then watched it come back down.

Right now its looking like the share price will still fall a bit if blamore is announced a dud, but i think alot of people are taking their positions for the next drill. I say if it is announced a dud because there is still alot of people who think that there is something to be found although they have passed their primary targets with no success.

Has the CSM bubble come and gone? will we see another rise to fame in the companies that shone in the past 6 months?

If the mania hits the market again this one will definitly be worth owning

[yogi-in-oz]

:)

Hi Grand Uber,

CTP ... time cycle analysis indicates several negative CTP cycles,
in August 2008:

04082008 ..... significant and negative cycle

08-11082008 ..... significant and negative news expected here

15082008 ..... minor and difficult cycle

19-20082008 ..... negative spotlight on CTP = low ...???

27-28082008 ..... 2 minor and difficult cycles due

18-22092008 ..... significant and positive cycle ... finance-related???

29-30092008 ..... significant and positive cycle

More later.

have a great day

paul

:)

=====

[Grand Uber]

not looking good from your perspective either, cheers yogi

[Shrewd Crude]

Yogi,
You got this one spot on...

and good move for you Grand Uber...

Oh well... Blamore was a disaster and it was at that point I had talked about buying up large on this stock... I have since decided not to....
I only have 10-15% of my portfolio spread between CTP, and CTPOA so all good... I took my chances on Blamore... I got in when the CSG market was still booming (as I thought I could throw Blamore in for free), and I made a losing position...It was abit unusual as the SP started falling heavy before CTP even hit the target zone...
Ive lost a few K on it... Oh well...
Ive got to have one losing position this year...
Im going to hold over the next few weeks and see what happens...
nice little run from 11c to 15c...
:cool:
.^sc

[Grand Uber]

I hope for your sake you held out on selling Shrewd!

CTPOA back up around 30% at the moment
CTP sitting around 16%

Just take a look at the hype on hotcopper to give an idea of what sort of crowds playing with this one. plenty of chances over the past 6 months to trade this stock

[Shrewd Crude]

Hey Grand Uber,
I have not sold anything recently... I did sell a quarter of my options on the way down... but Ive held onto all my CTP and three quarters of my CTPOA... I was buying CTP at 24c... and CTPOA 16cents...
and sold ctpoa at 12.5c...
CTP was a stock that I took on before Blamore for a big gamble big target... and it did not come through... It was after Blamore when it was time to buy it, and I said that on the CTP thread on the NZX, but I decided against it...
For a big gamble id now prefer to get some TEXO's... shhh...
CTP's drilling program has only just got underway and I would very much so like to hold all the way but might sell a few for some TEXO's...
Simpson is coming up this month....

Blamore oil 71 MMbbls UOIIP target...
simpson is.....

- Simpson oil 190 MMbbls UOIIP ready to drill

- CBM 1-3 first stage exploration for 34-70 TCFG prospective recoverable resources - ready to drill

- Mt Kitty gas- Helium-condensate 3.0 TCFG, 185 BCFG Helium UGIIP ready to drill

- Ooraminna gas-1.9 TCFG UGIIP ready to drill

- Total undiscovered resources addressed in the firm drilling programme: 261 MMbbls UOIIP, 4.9 TCFG, 105 BCFG Helium UGIIP plus condensate credits plus first stage exploration of 34-70 TCFG CBM prospective recoverable resources exploration

Contingent wells :

- Johnstone oil 320 MMbbls UOIIP additional predrilling seismic fully mapped by June, acquisition completed

- Waterhouse gas 2.7 TCFG UGIIP ready to drill

- Magee gas-Helium-condensate 60 BCFG, 4 BCFG UGIIP additional predrilling seismic fully mapped by July

Firm programme budget

- c.$31 M, funded by PXA/He Nuclear to c.$13 M, CTP c.$18 M

- Start of programme late 2007 CTP $14 million in bank, planning on $7 million additional capital to cover 2008 programme plus corporate costs

- PXA and He Nuclear to fund their promoted share of expenditure on the firm programme from inception late 2007

(UOIIP-Undiscovered Oil Initially In Place "high" estimate, UGIIP-Undiscovered Gas Initially In Place "high" estimate SPE)

Im holding... Only need one of these to come through and my small position will be worth a decent deposit on a house...
:cool:
.^sc

[sharpeye]

Ctp into csg
STOP PRESS !
Stop Press
TRILLION TONNE POTENTIAL FOR COAL TECHNOLOGY
OPTIONS IN SA-NT BORDER AREA (Exploration Target Potential) ASX Announcement 17th Feb 2009
A new report today has identified an area of the Simpson Desert straddling the South Australian-Northern Territory border as sufficiently promising to be a serious contender in Australia’s rapidly emerging underground coal gasification, coal bed methane and gas-to-liquids industries.
The report found potential for well in excess of one trillion tonnes of coal in the Purni Formation of the Pedirka Basin with estimates suggesting the coal seam potential is very well identified between 200 and 1,000 metres depth.

[Financially dependant]

Ctp into csg
STOP PRESS !
Stop Press
TRILLION TONNE POTENTIAL FOR COAL TECHNOLOGY
OPTIONS IN SA-NT BORDER AREA (Exploration Target Potential) ASX Announcement 17th Feb 2009
A new report today has identified an area of the Simpson Desert straddling the South Australian-Northern Territory border as sufficiently promising to be a serious contender in Australia’s rapidly emerging underground coal gasification, coal bed methane and gas-to-liquids industries.
The report found potential for well in excess of one trillion tonnes of coal in the Purni Formation of the Pedirka Basin with estimates suggesting the coal seam potential is very well identified between 200 and 1,000 metres depth.

Thanks Sharpeye, the punters love potential.... up 50% on the news atm :eek:.

[sharpeye]

Renounceable Rights Issue on a 1 to 1 with free 1 for 2 options attached ! see their annoucement 09/04/09. Is this good in the short term? bad in the long term? Anyone with any contructive thoughts on this?

[sharpeye]

Renounceable Rights Issue on a 1 to 1 with free 1 for 2 options attached ! see their annoucement 09/04/09. Is this good in the short term? bad in the long term? Anyone with any contructive thoughts on this?

The proposed timetable for the Rights Issue is as follows:
Event Date
Rights Issue / Offer announcement 9 April 2009
Offer Document lodged with ASX 17 April 2009
Shares quoted on an “ex” basis 21 April 2009
Rights trading commences 21 April 2009
Record Date to identify Shareholders entitled to participate in issue 27 April 2009
Offer Document and Entitlement and Acceptance Forms dispatched to Eligible
Shareholders
1 May 2009
Rights trading ends 15 May 2009
Closing Date for acceptances and payment 5pm (WST) 22 May 2009
Issue of New Shares and New Options 29 May 2009
Commencement of trading of New Shares and New Options 1 June 2009

The hot copper forum is really excited on this one! Anyone following this company here?

[absolut-advance]

Has Hit my Radar today, Will buy CPTO if I can get them cheap enough.

AA

[Ken]

Hi AA
I like CTP, huge acreage, plenty of prospects, previous known gas flows along with BG's interest and Strata's 5%, and now the possibility of a trillion tonnes of coal and a massive csg resource! If planned drilling programme gets underway should bring some good news. Nice lift in s/p. Does 42mill vol t/o y/day suggest something going on?

[absolut-advance]

Hi AA
I like CTP, huge acreage, plenty of prospects, previous known gas flows along with BG's interest and Strata's 5%, and now the possibility of a trillion tonnes of coal and a massive csg resource! If planned drilling programme gets underway should bring some good news. Nice lift in s/p. Does 42mill vol t/o y/day suggest something going on?

Yes big volume breakout yesterday if it pulls back hard enough I might enter but also watching GGP for a possible entry on pullback.

Have to do some research because there is a bit going on with both of those.

AA

[tobo]

AA, I guess it didn't pull back hard enough for you ?

[STRAT]

CTP off to the races today.

What will the day traders jump on next?

[Ken]

An interesting observation is that MEL Metgasco has also taken off 30% at about the same time just after 12.00pm

[pepper99]

Ken,
Due to an article in a newsletter regarding spec buys.
Has huge distribution. Everyone got on the bandwagon trying to make so quick dollars.

[Ken]

Hi Pepper99
Thanks for that info, I don't hold Metgasco but it came up on my radar at the time, so good to know the reason why. I sold CTP during the runup in s/p happy to take the profit, and use the $$ for my next buy.
Cheers
Ken

[pago]

Hi Pepper99
Thanks for that info, I don't hold Metgasco but it came up on my radar at the time, so good to know the reason why. I sold CTP during the runup in s/p happy to take the profit, and use the $$ for my next buy.
Cheers
Ken

hi pepper ,i will not be selling ctpo.too much upside unless you believe there will be a severe market correction and hope to buy in again cheaper.imho ctp has hugh prospects and is now better placed to progress.ctp has cash/funding,joint ventures which bring cash/experience/expertise.we need a drilling programe,the sooner/bigger the better.this may take time ,ctp may be late starters on csg,but theres oil /he prospects and many targets.i see 50c sp.perhaps phaedrus might give us a chart/ta perspective.cheer pago.

[pepper99]

Ken/Pago,
Have been in this company for some 3 years or so,I have both options as well as quite a few of the physical stock.I try and follow their ever move as best I can. It is probably one of the few stocks around that to me, has sure fire upside ,due to the drilling ann as well as a bluechip management. Ex Santos boys in Ambrose (geo ) and Heugh as well as a raft of experience on the board. At times I get a little impatient due to the lack of info coming out ,however I think the next 6 to 12 months things will start to roll. I was told by somebody that this is a bit of a long term play, several holes to be drilled this year which is about the gas equation, with oil (Johnstone ) ,next year.
The other little plus is the consolidation in the industry, and perhaps a takeover could very well be on the cards should the drilling prove to be a success. I have an average about the 14 cent mark so I carn't really complain, I also don't worry to much about the day to day fluctuations.
One thing that has got to me , is if you look at every part of this country there is something, whether it's uranium, copper ,lead or zinc or iron ore etc etc , down the road is Roxby and Moomba etc etc .To me it seems hard to believe that CTP , which is the size of Texas , has nothing.
Sorry about this little rave... but I have faith
Cheers