Ann: OPERATIONAL UPDATE, page-2

Given the firm take or pay revenue announced, i've tried to estimates the 2019/20 Financials.

Despite a fall in Sales Revenue (due to conservative estimates) and a fall in Gross Profit (conservative cost estimates) the company continues to improve its Cashflows, Cash Balances and Debt servicing in 2020.

Comparing some of these numbers against the share price of 7.3c illustrates the strong position of the company. Cash flows bring in ~AUD20m pa, equating to 4.3c per share, is sufficient to service the entire 70m debt within 2-3 years. This is a key benefit in the majority of the sales being under long term fixed price contracts.

Given this CTP can build its cash balances in the current environment. This is a predominantly better position than most small cap domestic energy companies are in at the moment, and set the company up to finance future exploration and production once domestic market prices improve.

			Actual	Forecast	Forecast
1			2019	2020	2019/20
2	Summary of Results		H2	H1	FY	Per Share
3	Net Sales Volumes
4	Natural Gas	PJ	6.93	6.42	13.36
5	Oil & Condensate	Bbls	49,701	24,851	74,552
6	Sales Revenue	AUD '000	$32,168	$28,921	$61,089	$0.084
7	Gross Profit	AUD '000	$18,784	$11,993	$30,777	$0.043
8	Net Cashflows	AUD '000	$8,321	$11,463	$19,783	$0.027
9	Debt Servicing
10	Cash Balance	AUD '000	$14,864	$23,827		$0.033
11	Debt	AUD '000	-$72,809	-$70,309
12	Net Debt	AUD '000	-$57,945	-$46,482		-$0.064
13	Net Debt/Cashflow	Years	3.48	2.03