Australia's largest stock trading and investment forum Australia's #1 stock forum

CTP

3.85%

5.0¢ central petroleum limited

Cottee retiring, page-88

First 88 Last

Share
Profile

Follow
chickenliddle

429 Posts.

4

11/08/18

17:33

Post #: 34877022
Share

Originally posted by buddy134 ↑

And he is off……………..

And here I thought that, when the ship is sinking, the latest person to leave the ship, was the Captain…….Go Figure!!!

---------------------------------------------------------------------------

GAS GIANT QUITS

A towering figure in the Queensland natural gas industry has abruptly quit his latest gig and it’s not entirely clear why.

Richard Cottee bailed out of Central Petroleum this week after six years of serving as MD of the loss-making outfit.

Adding to the intrigue was the fact that only two months ago Cottee had agreed to stay on for another two years at the helm of the Brisbane-based firm as it shook up the management team.

His departure comes at a critical time for Central as it aims to ramp up gas production ahead of the launch later this year of an $800 million pipeline connecting the Northern Territory to the eastern states.

Dramas have also flared on his watch, including last year’s failed attempt at a board spill by rebel shareholders and a blocked $87 million takeover attempt by Macquarie Group.

Cottee has been an active player in the resources games for nearly 40 years and made a fortune in 2008 when he sold Queensland Gas Company to the BG Group for $5.7 billion.

But Central has been a harder slog as it pivots from exploration to production.

Forced to raise $25.5 million in the December half, the company suffered $3.9 million in red ink over the period. That came after losses of more than $20 million in each of the 2016 and 2017 financial years.

Cottee, who we hear jets off to England next week, did not return a call seeking comment yesterday.

Stepping in to the void as acting CEO is Leon Devaney, who has served as chief financial officer since 2012.

Devaney is a long-time associate of Cottee and toiled with him at QGC back when it was a struggling minnow with a market cap of just $30 million.

ABSOLUTE GENIUS

Martin Kriewaldt, who stepped up as chairman of Central in May, hailed Cottee yesterday as “an absolute genius of the industry after once being derided as a crackpot’’.

But he stressed that Cottee was always going to be leaving at some stage and the board simply decided now was the right time since the company’s strategy and drilling efforts are “humming along’’.

--------------------------------------------------------------------------------

And the new Chairman calls him an absolute genius too......................Go Figure.

That is obviously one person's own opinion and I respect that. But.............How many others would actually agree with that.??

I rest my case...................... That is what Lawyers usually say in Court.

Expand

the sentence is quite interesting.

But he stressed that Cottee was always going to be leaving at some stage and the board simply decided now was the right time since the company’s strategy and drilling efforts are “humming along’’.

CTP Price at posting: 14.0¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

RSG

Resolute shares bounce back as second payment made to Mali government to secure workers' release

ADD

Parkes Au-Cu project to 'transform' Adavale Resources with key targets

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Week 48 Wrap: ASX flirts with 8,500pts; APRA declines mortgage loan easing; Trump's Bessent tied to Dem donor

Ice-cold winner: Cryopreserver Vitrafy escapes November's IPO struggles to end debut week higher

Dale Gillham's weekly wrap: Bold moves in NZ, caution in Australia

HotCopper Highlights: Your most watched stocks for Week 48, 2024

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

There are more pages in this discussion • 5 more messages in this thread...

First 88 Last

Add CTP (ASX) to my watchlist

(20min delay)
Last 5.0¢		Change -0.002(3.85%)		Mkt cap ! $37.74M

Open	High	Low	Value	Volume
5.2¢	5.3¢	5.0¢	$73.94K	1.456M

Buyers (Bids)

No.	Vol.	Price($)
1	1481	5.0¢

Sellers (Offers)

Price($)	Vol.	No.
5.5¢	421806	1

View Market Depth

No.	Vol.	Price($)
1	55500	0.135
9	1167237	0.130
8	593133	0.125
19	902443	0.120
1	86000	0.115

Price($)	Vol.	No.
0.140	787079	9
0.145	1062465	10
0.150	344400	6
0.160	125481	8
0.165	497623	5

Last trade - 16.10pm 29/11/2024 (20 minute delay)

CTP (ASX) Chart

Cottee retiring, page-88

Top Stories

Resolute shares bounce back as second payment made to Mali government to secure workers' release

Parkes Au-Cu project to 'transform' Adavale Resources with key targets

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Week 48 Wrap: ASX flirts with 8,500pts; APRA declines mortgage loan easing; Trump's Bessent tied to Dem donor

Ice-cold winner: Cryopreserver Vitrafy escapes November's IPO struggles to end debut week higher

Dale Gillham's weekly wrap: Bold moves in NZ, caution in Australia

HotCopper Highlights: Your most watched stocks for Week 48, 2024

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

Buyers (Bids)

Sellers (Offers)