CTP's extensive unexplored prospects in Mereenie have been known many years. Horizon and NZOG are aware of them and it is inevitable they will develop plans to address them. That would require change of policy by CTP and with complete change over in Board and CEO positions having taken place policy redevelopment is logical rational development. Horizon comments " a large number of tight gas and shale intervals are present in the Mereenie field" with " significant resources" and regard Mereenie potential " as a long-life cashflow producing asset ". Horizon and NZOG / CUE have " long history together " and act together to enhance and maximise value of their investments. The transaction is " ...strong endorsement of the significant remaining value to be unlocked at Mereenie." NZOG CEO says " what a great way to start the year buying more of something we really like. "
There is much more life and value in Mereenie. Exploding value increase at CTP will happen much more immediately when DUKAS drill success begins pathway to Mount Kitty, Mahler, Magee drilling and field developments.
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