Australian Shares Sparty's Blog
Comments on this blog should never be taken as investment advice
Posts on this website are general "tips" and nothing more than that and should never be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy.
CTP•Central Petroleum strikes more coal and gets RIO as a neighbor
-
CTP has just found more coal to add to its trillion tons (JORC).
But that makes me worried see my comment in italics.
Managing director John Heugh said the intersection is another confirmation for Central that it operates an area with a very large JORC exploration target for coal.
“Interest in the area seems to be heating up with Rio Tinto taking up mineral exploration lease applications in the area close to Central’s granted mineral exploration permits,” he said.
Previous independent reports have estimated the total tonnage of coal above 1000m to be more than 600 billion tonnes in the JORC exploration target category within subsidiary Merlin Minerals mineral leases, and more than 1000Bt above 1000m in the same category in Central’s petroleum leases in the same area.
The advent of RIO coming into the area on the surface looks promising... however RIO has very deep pockets and CTP has a minuscule market cap AUD$60m and a huge amount of coal. As a long term holder I'm worried that RIO might gobble them up.
-
Great review of CTP here at Best Bang for Buck Oil Play
