PSI, you and I have begun to agree on things.
The last 5 wells cost something like $18 million. Do we really want to see CTP spend another $10-15 million on another 4 wells?
Personally, I do not.
Right now CTP are sitting on around $36 million cash. If we factor in Johnstone, Magee thats $20 million down. If we include the well in EP 97 thats another $10 million down. That leaves CTP with $6 million in the bank. Either there will be another cap raising or they will use the bond facility.
With a discovery the cap raising will probably be the best option. Without one I fear for the dilution from a cap raising or the bond facility.
Operating a land package this size with the shoe string budget CTP has is very difficult without success. I would say CTP are well due for some success and have put my money where my mouth is for Johnstone. UCG has not been proven and there is no UCG to GTL development being backed by any majors as yet. It is years away and if there is developments the lead time to develop such a project given CTPs location would be massive.
We need oil exploration and hopefully production. And thats that...
central petroleum spuds johnson west 1 well, page-7
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