Central Petroleum

Central Petroleum has had huge ambitions. Leasing swathes of land in remote areas of central Australia, the business has been hunting for giant oil or gas deposits for years. Under former management, that task followed a predictable fashion: raise plenty of cash, spend it drilling, announce no significant results with great fanfare, and repeat. For a time, it was among our most stridently avoided stocks. Now the case for pessimism isn’t as clear. The assets remain the same, but new management could make all the difference. Richard Cottee, an industry figure famous for making millions from coal seam gas...

Central Petroleum has had huge ambitions. Leasing swathes of land in remote areas of central Australia, the business has been hunting for giant oil or gas deposits for years. Under former management, that task followed a predictable fashion: raise plenty of cash, spend it drilling, announce no significant results with great fanfare, and repeat. For a time, it was among our most stridently avoided stocks.

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