CTP, CENTRAL PETROLEUM

[lgrif]

In Reply To: stocks's post @ Mar 10 2019, 07:51 PM

He was pushed.

[stocks]

In Reply To: blacksheep's post @ Feb 5 2019, 01:19 PM

Has got a bad smell about it.

[blacksheep]

In Reply To: blacksheep's post @ Nov 15 2018, 10:19 AM

Must be the shortest resignation notice of all time for an ASX listed company? No sugar coating - due to personal reasons etc - or a thank you for past efforts

Central Petroleum Limited (ASX:CTP) (“Company”) announces that Richard Cottee has resigned as a director of the Company.

https://www.asx.com.au/asxpdf/20190205/pdf/...d3mfnx4mlwn.pdf

[nipper]

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

[stocks]

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]

More Boardroom dramas at CTP

Resignation of Directors

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.

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

[stocks]

In Reply To: nipper's post @ Mar 15 2018, 06:51 AM

He's GONE.

[nipper]

In Reply To: blacksheep's post @ Feb 26 2018, 12:42 PM

he's at it again

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

[blacksheep]

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

[blacksheep]

In Reply To: blacksheep's post @ Jul 19 2017, 03:52 PM

Oh dear - another CR

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