sea of red, ctp not bad considering

Why all the sad faces, Monday represents the start of the first working Week of December which means the start of Phase One including spudding its first well and the commencement of the seismic line clearing.

The JV partners have in principle approved the programme with thumbs up, but equally important they are all about to engaged in ongoing discussion through the arbitration process. Apart from trying to secure a common understanding for a way forward the arbitration will request for individual funds to be released. I believe that once the respective funds have be tabled and that funding agreements have be made conclusive, we may see the firming of a way forward.

What is frustrating or more precisely complicating the greater issues, may be PXA’s poor perception of ROG intrusion into the JV, especially in the manner in which the JV partnership was executed. ROG although a CTP foe could be seen by BG as a royal thorn in the side. What jacks me off is the fact the BG would have stalled CTP with greater purity had ROG not become part of the alliance.

The seismic drill program may find what we are all expecting, HU / Gas / Oil or some other form of valued commodity under the big red, once news of any success hits the street BG will be jumping in bed. By this time their primary focuses to date (project in Queesland) will be coming to and end. When I mean news hitting the streets fast, try an d keep any secrets from a drilling crew.

From memory, the arbitration ann made mention that both CTP and PXA looks forward to resolving the issue as soon as possible, it make no sense to extend the disagreement and take the matter to a law of court. 32 million needs to be discussed, who is going to pay, when and what gains, this should be the fosuc of the arbitration next week.

Yep, today was a disappointment, but on analysis of other stock of similar calibre, CTP held fairly well and surprised me. The BOTS are in play this cannot be ignored, should it be investigated, who cares, if it is SP manipulation and for the best, then let’s ride the wave and wait and see what happens next week.

I for one am looking forward to next week, bring on the drilling boys and girls of course.