Ann: 11.02.01 Coal Strat Update , page-25

CB,

again wide of the mark....again

The difference between

A. $17,000,000, acreage as big as Victoria and NO results now

...compared to

B. $17,000,000, acreage as big as Victoria and NO results "back 2 or 10" years ago..

is hope.

"Back 2 or ten" years ago anything was possible. Now a lot has been spent and nothing to show but coulda, woulda and shoulda.

There is a huge difference between A and B. All that has been shown is what people suspected - its tough rock, nothing new, prospective but flukey. So all that has really been achieved is the conversion of hope into confirming what was already known.

If anything else has been learnt is that JH and the team can't get a JV. Why?

1. Lets assume CTP's acreage was awesome..so no JV takers must mean the JV partners don't like CTP.

2. The other alternative is that CTP team is as good as any, so the acreage must be seen as difficult, extremely speculative, minimal returns or a combination of all, compared to other opportunities in the world.

3. The acreage is as bad or good and mildly interesting or as wildly interesting as any other on the planet depending on the circumstances of a potential JV partner. No JV must mean the terms and conditions of entering a JV are unpalatable.

4. Something else..?

Its not as if this acreage was thrown together last week. How many phone calls, approaches, cold calls, international presentations and deal facilitators know about CTP now. You'd have to assume many...(if not why not?). And still no JV ..so what is the hold up?

Surely, some of the gazillion barrel targets could be hived off to someone, even if CTP only retain a small retainer...just to keep things moving.

Its beginning to appear like a megalomaniacal sole focus on acreage at all costs.

So what gives? Occam's Razor... the simplest answer is usually right. In this case, where the buck stops.