New analyst coverage - breakaway research report, page-18

Thanks OGI. Like and agree with your assessment

30m 20c option are exercisable 1/9/19, four days hence. MQG will let them lapse.

They will likely pick up the 14c options maturing 31/12/19. No action required until then. The $3.15m will be handy to extinguish debt, drill a hole or buy Mereenie.

They would like to be out of Mereenie as it needs more risk capital for drilling and bankers hate uncertainty. CTP couldn't afford to buy them out. It may be able to by the new year, given the solid cashflows it is generating, but MQG will take a haircut as IMHO Mereenie is today worth less than when last transacted due to drilling failure.

Holders would like MQG out of Mereenie, even just to simplify the structure.

A few more months of rubbing out liabilities and CTP can consider refinancing. Fresh, more profitable GSAs will help too.

We have to hurry up and wait.

Ash.