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CTP, CENTRAL PETROLEUM
nipper
post Posted: Dec 7 2018, 08:07 AM
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QUOTE
The Northern Territory gas junior that could, Central Petroleum, is now ready to start pumping gas to the east coast.

Central is the product of Richard Cottee's attempt to revisit the legendary gas success story that was Queensland Gas. There Cottee took a broken penny dreadful to a point when BG Group was prepared to pay $5.6 billion for the pioneer of Queensland coal seam gas production. Cottee landed at Central in 2012 with ambitions to recover gas production from its largely dormant Mereenie gas field as the first step to offering central Australian gas as one answer to the supply calamity on the east coast.

Thursday revealed that Central is on track to fulfil the first chapter of Cottee's mission statement. The refit of the Mereenie field is complete and the place is ready to produce at the rate required to meet the supply deal Cottee's team struck with gas-short Incitec Pivot back in June. With just the field boosting compressor left to fully test, Central says it will be sending gas eastwards to Incitec by December 29, which is just two days before penalties might start flowing to Incitec under the terms of the contract.

So, Central has made it to the finish line. But, as we have noted a few times here, Cottee has not.

Central's new chairman, Martin Kriewaldt, ceased Cottee's employment in July. Kriewaldt has since said he assessed Cottee as a "balcony man" whereas Central required a "corridor man". The search for that man of corridors remains live with Cottee's long-time colleague, Leon Devaney, retaining his ownership of the acting CEO title.

Mind you, Devaney is already a director of the business despite his apparently temporary status. That oddity was made necessary by a stunning shareholder revolt in November that saw two of Central's four independent directors surrender their positions rather than allow the quantum of their rejection become public.

Sometimes the best yarns come from the smallest places. So we will continue to watch this one with interest....
https://www.afr.com/business/mining/coal/bh...20181206-h18ts4



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: lgrif  
 
stocks
post Posted: Nov 15 2018, 07:29 PM
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In Reply To: blacksheep's post @ Nov 15 2018, 10:19 AM

Its a case of, ""Houston we have one hell of a problem.""

 
blacksheep
post Posted: Nov 15 2018, 10:19 AM
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More Boardroom dramas at CTP

Resignation of Directors
QUOTE
Central Petroleum Limited (“Company” or “Central”) today announced that Dr Peter Moore
and Dr Sarah Ryan have resigned as directors of the Company.


AFR article - Boardroom implosion blindsides Central Petroleum board - explains.

QUOTE
Both resigned because it became apparent from the flow of proxies that their renomination as directors would fail.

The no vote was led by Alex Waislitz's Thorney Investments and a private investor named Troy Harry, who built a 5.8 per cent stake in the business through the failed takeover bid for Central Petroleum by the driller's senior owner and creditor, Macquarie Bank.


read more - https://www.afr.com/business/energy/gas/boa...20181114-h17wc4



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
stocks
post Posted: Oct 9 2018, 08:50 AM
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In Reply To: nipper's post @ Mar 15 2018, 06:51 AM

He's GONE.

 
nipper
post Posted: Mar 15 2018, 06:51 AM
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In Reply To: blacksheep's post @ Feb 26 2018, 12:42 PM

he's at it again
QUOTE
Central Petroleum managing director Richard Cottee has unveiled ambitions to more than triple gas production within nine months from fields near Alice Springs as the gas player leads a charge of juniors targeting an expected long-lasting shortfall on the east coast. Mr Cottee said output of sales gas at the Mereenie venture, owned equally with Macquarie Bank, should increase to 58 terajoules a day from about 17 TJ/day at present, in time for the start-up of Jemena's $800 million Northern Gas Pipeline that will connect the Northern Territory with the east coast gas grid for the first time.

The details of a new 30 TJ/day sales contract Central has under negotiation to underpin the expansion have yet to be revealed. But fertilisers maker Incitec Pivot early this month announced a deal with Central for gas supplies for its Gibson Island plant near Brisbane in advance of longer-term deliveries from new acreage awarded by the Queensland government specifically to supply local customers.

Industrial users of gas such as Incitec are a core target market for emerging producers on the east coast. "The gas shortage is only going to be worse in three years' time," Mr Cottee told a conference in Brisbane, describing Central as "a bet on the domestic gas market: there are few alternatives available, while the infrastructure is there".
Read more: http://www.afr.com/business/energy/gas/cen...q#ixzz59l5rlQQP



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Feb 26 2018, 12:42 PM
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Article might be of interest to any holders out there.

Northern Territory's largest onshore gas producer to increase exploration
http://www.abc.net.au/news/rural/2018-02-2...stralia/9483022



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Aug 10 2017, 10:45 AM
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In Reply To: blacksheep's post @ Jul 19 2017, 03:52 PM

Oh dear - another CR

QUOTE
Central Petroleum has asked shareholders to put their money where their mouth is.

After the company's shareholders blocked a takeover bid at 20¢ a share last month, CTP is in front of existing and potential new investors on Thursday morning seeking a $27.2 million equity top-up at 10¢ a share.


Read more: http://www.afr.com/street-talk/central-pet...v#ixzz4pJCjRk3v
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
uniden
post Posted: Jul 19 2017, 05:29 PM
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In Reply To: blacksheep's post @ Jul 19 2017, 03:52 PM

###will there be anyone left interested in throwing money at this one?### NOT!!!!!!!! if they had half a brain.

 
blacksheep
post Posted: Jul 19 2017, 03:52 PM
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In Reply To: blacksheep's post @ Jun 29 2017, 04:27 PM

Latest in the on going saga, according to AFR, is ......

QUOTE
Central Petroleum has fended off a spirited attempt to spill the board, securing the ongoing leadership of chief executive Richard Cottee, who is now considering a rights issue to raise funds for drilling


http://www.afr.com/business/energy/gas/cen...20170718-gxdx7b

Begs the question - will there be anyone left interested in throwing money at this one?
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
uniden
post Posted: Jul 1 2017, 10:17 AM
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In Reply To: blacksheep's post @ Jun 29 2017, 08:31 PM

$100MIL, LOL,. how much do they owe??.

 
 


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