CTP 0.00% 5.4¢ central petroleum limited

I suspect the reason that their drilling only one Mereenie well...

ANNOUNCEMENT SPONSORED BY PLUS500
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM
CFD Service. Your Capital is at risk
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
  1. 5,334 Posts.
    lightbulb Created with Sketch. 581
    I suspect the reason that their drilling only one Mereenie well isn't forecast to affect the reserves upgrade is because the Mereenie drilling is not about finding more gas (which is already known to be there in the Stairway) but proving that horizontal wells can commercially produce the 2C resource where the existing verticals couldn't.

    It's a technology trial. The reservoir characteristics are fairly well understood so if the trial is successful the certifier can apply the results to the field model and upgrade the 2C to 2P where appropriate.

    Obviously two wells are better than one for this as they provide more confidence, but one well is sufficient if it's successful.
 
watchlist Created with Sketch. Add CTP (ASX) to my watchlist
(20min delay)
Last
5.4¢
Change
0.000(0.00%)
Mkt cap ! $37.74M
Open High Low Value Volume
5.5¢ 5.5¢ 5.4¢ $39.37K 724.3K

Buyers (Bids)

No. Vol. Price($)
4 350638 5.3¢
 

Sellers (Offers)

Price($) Vol. No.
5.4¢ 214525 2
View Market Depth
Last trade - 11.47am 25/11/2024 (20 minute delay) ?
CTP (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.