The issue of whether or not CTP can afford to drill isn't relevant to all its permit areas. As i have reported via TOs drilling will commence in the Mereenie field in the Amadeus Basin in Sept. Santos would be paying for this as per its commitment to spend up to $150m in 13 permit/application areas in the Amadeus and Pedirka Basins. CTP and Santos would have located the drill program based on analysis of the 2D seismic data they have obtained. So for this particular program CTP don't need to come up with funds for the drilling rig.
CTP Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
