called jh- new thread

Grangeh, 4-5 CSM wells cost approximately $5-7, the company will drill them because of the ease associated with achieving a CSM drilling rig. Why I have a problem with this is because CTP have ridiculous amounts of cash as we all know and if they are not using it for their conventional oil/gas prospects it would be quite dissapointing. As you would know, from the recent announcement, they are having significant problems in attaining the required drilling rig for the Ooramina prospect. This prospect, located in EP 82, is a 1.9TCF prospect (a company maker). Compared to CSG, which takes 20-25 wells (you can refer to sav-j's past posts) to verify 1TCF (this is what WCL is doing right now with a 50M market cap). Obviously, the time-frame associated with CSG is a lot longer than drilling a conventional well, therefore the value attainted to CTP will take a lot longer.

I feel a strategy focussing on the prospects, such as, Johnstone (900mmboe+), Mt Kitty (3TCF + He) and various other conventional oil/gas, would be more sucessful in attaining value for CTP in the short term. Their focus currently lies on CSG, conflictions with BG aren't helping the situation. I'm not arguing that CSG or UCG are not goign to attain value, but for this company to move ahead in a positive direction, and attain value a lot faster, they should really focus more on these conventional prospects. And I'm sure, given the proven production in the region (palm valley gas field), they woudl be able to achieive farm-in partners with ease...

IMO Long term CTP are the FMG of iron ore, but short term their focus i feel is poorly aligned and it's what is causing them difficulties.

Im happy to see some constructive criticism... sorry for starting a new thread, that thread was killing me.