I pretty much agree with your entire post. Especially the sentiment regarding CTP needing to farmout as much as they can as quickly as they can. I think if CTP can, for example follow Drillsearchs business plan they could easily become a mid tier oiler (Drillsearch which operates in the Cooper Basin has gone from $50 million MC cap oiler with tiny production, to $700 mill MC with 3.3mmbo being produced this year, all because they farmed out the majority of their acreage to companies who are proven explorers and developers).
The main difference between the two I see is that CTP has a far far larger amount of acreage, but does have the disadvantage of less infrastructure in place. Many viewed DLS as a wannabe oiler. They have since shut up.
Anyway, I also agree that PL6 has more than enough structures for CTP in the foreseeable future, although from experience with Cooper Basin stocks, CTP should do 3D on any targets they plan to actually drill. They would not have to do all 1800 sq km, just focus on the actual structures, or at best, do 3D on 1 or 2 of what is currently viewed from the 2D as most likely to contain hydrocarbons. More 3D can always be done later.
Stockrocker, I agree the image I used is fairly old, but since its publication, they have not shown estimates of what the structure might hold. Also, regarding Surprise, I am unsure whether the number shown includes the deeps, which could hold upto 100mmbo OOIP from memory. Good point about the gas though, although this comes back to Pauls point that CTP can only do so much alone, particularly in the short term.
Slightly off topic, I have asked this before, but does anyone know why so many of CTPs tenements have not been granted yet? Particularly in the Wiso basin.
CTP Price at posting:
38.0¢ Sentiment: Hold Disclosure: Held
