While I continue to remain bullish on the company, the type and quantity of information provided to shareholders is becoming more and more frustrating, and it’s difficult to believe this is not being reflected in the current low share price.
If the subtle differences between this and the last presentation (dated 12 June 2018) were not designed to be misleading and confusing, bouncing between TJ/day and PJ/yr, suspect they could not have done a better smoke & mirrors job if they tried.
The use now of terms such as “The aim was to…” suggests things haven’t gone to plan so far, and obviously this refers to the fractures at WM26 being closed due to “mineralization”. Let’s hope this can be sorted to allow the gas to flow, and the target reserves at this location to be certified.
But more frustrating is the plant capacity story is starting to change.
Page 3 of the 21March2018 Presentation (Rock me Amadeus) notes the Mereenie upgrade was aiming for work completion by end of year of a capacity increase to 63 TJ/d (CTP share 31.5TJ/day). The story now is that by end of year (Phase 1) the Mereenie upgrade will only deliver 22 TJ/day (8.03PJ/yr). What happened to the 9.5TJ/day (3.5PJ/year ) of Mereenie capacity??
This is not small change, and assuming we only get $6/GJ that’s still $20m/year. Note this is “plant capacity” only, and shouldn’t be dependent on drilling results.
CTP Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
