Ann: Latest Company Presentation, page-8

First of all, thank you to the Company for the insightful webinar - a few technical glitches included that echo! Lol

Overall and on balance, very impressed with the direction CTP are moving. They are super confident on Range but if there was one thing I was slightly disappointed with, it's the timeline to first gas scheduled for second half of 2022 which is a bit long IMO. Other than that, lots of positivity and lots to look forward to. Given the way LD talks about capital efficiency and their approach to projects, you'd think they were a much larger company and can only bode well over the long term. We have value drivers on all fronts.....

Comments and recap

Leon's language towards shareholders is fantastic. He clearly has a good corporate finance brain on him. I haven't seen a small-mid cap CEO use language that focuses on investors like he did during the webinar. Some examples:
- Investors would be encouraged to see net debt reductions
- Optimisation of ex-field pricing to ensure highest return via working with multiple customers, pipelines
- Refinancing to be optimised (i.e. with lower cost) by completing post GSA
- Project Range financing has to be efficient; multiple options including selling down, presales etc - also compares Range to Ironbark valuation metrics and Project Atlas of SXY. Ironbark traded at $231m for 129 PJ vs our share of 135 PJ in Range. SXY analyst reports value their block similar. This shows that management know the traded value and could sell down 10 - 20% to fully fund our share of development. Great value add. To me, an efficient pre-sale to IPL would work well.

GSA
Strong demand at Mt Isa through multiple customers
Per above, looking to optimise ex-field pricing
Shooting for September / October (yes, either this or next month).
Personally, I would love to see something for 3 + years that locks in $25m - $30m of net cashflow per year with ex-field c$6 at CPI linked.

Refinancing
3 major domestic banks with indicative term sheets
Still optimising in a number of ways including better terms on GSA signing
Refinancing flexibility for Project Range - sounds like we could be getting a revolver
Completion target in Jan-20
I would like to see a decent term on this - 4 - 5 years. This would be two-fold, debt would be far from investors' minds and would allow us to advance projects with commitment.

Near term focus
Dukas, clearly but i didn't catch a timeline on a rig
FID project range - I thought this was odd given they need to production pilot first
2C to 2P Mereenie Stairway. Encouraged by this that they believe they can still convert after the disappointment of W-26.
Palm Valley
Near term exploration targets with low risk and high value targets
I'm pleased on the last point - I have noted that we need to be hissing as much gas down the NGP as we possible....but we need the reserves.


Project range
Management couldn't really be more positive on this IMO
Low cost, unfracked well suitability
Sweet spot - deep enough for gas but shallow enough for permeability
Target of FID in early 2021 and first production second half 2022. This would be much longer bring to market than SXY will be doing with Atlas, so hopefully we can speed this timeline up and win additional permits on the back of good performance.
No estimates on capex but we should refer to Atlas for comparatives (I'll have a more detailed look shortly unless anyone else can enlighten?)
25 TJ/d plateau to CTP in last 2022....which is impressive.
Financing being considered all angles - equity, debt, presales, selldown. Leon was very focused on financing needing to be "efficient" which is super positive for a company the size of CTP.
I think we need another 1 - 2 like Project Range to gain synergies in the CSG area but maybe I'm dreaming.

Dukas
Duncan gave good background on Dukas.
Structure is very similar to those found in the Middle East, such as Iraq.
Confirmed mudgas showed hydrocarbon and inert gases...which is obviously positive
A number of follow up Dukas targets which are geologically independent and do not depend on success at Dukas.
The best bit is this "It's a transformational play and there is nothing that exists like it in Australia".
Go the Dukas. Get a rig

Exploration
A number of near term, 100% owned plays being pushed through and ranked. These plays are in proven systems and not wildcats. No additional analysis is needed (?).
Big oil target analogous to Surprise - I would like a farmdown on this if we are drilling for something like Surprise again. It was a surprising disappointment!

Other comments
No dividends and would only pay when don't have application to invest internally...which sounds like a long way away.
Road shows over the next few weeks, so will be a busy time
Breakaway research report - management diverge on the amount of risk priced into Project Range...
Production is currently stable and what we can sustain.