Ann: 11.05.16 TSX Planned Listing , page-15

Yes, they have a number of options. Firstly, I expect coal will definitely be independent. Then you can divide up the basins and you can mix conventional and unconventional. Personally I'd be happy just to split into two areas. My preference is to punt on PFC having some success so that farmout terms for southern Georgina can be improved. So focus farmout of Amadeus first.

You could easily farmout non Georgina unconventional such that it included a cash component and significant free carry and potentially leave some of the conventional plays at 100%. I'd still prefer to farm out the conventional though, with Surprise results a pretty handy carrot.

CTP is in an enviable position now. I just hope they take full advantage of it