Your comment
"and could result in PXA being required to make a cumulative expenditure of about $170 million if all permits were granted and it chose to retain a 20% stake in each permit"
clearly shows the weak link in the CTP position.
Who is going to fund the balance under the agreement. Given that CTP has limited funds what do you think will happen when PXA seeks to honour its contractual obligations, it could in reality force CTP to seek outside debt and or raise funds by a share issue.
So the real question to be answered is "Where is CTP going to get its funds from to honour its side of the contract "?
petroleum news about ctp, page-3
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