Ann: Presentation - Sale and Investment in the Amadeus Basin, page-15

I agree with your sentiments, but at the end of the day the market values reserves and earnings.

CTP doesn't have enough of either, but we have managed to transition from a stranded oil play to a new frontier gas play within 6 years. Whilst this has been a long difficult journey for shareholders, it's been a substantial feat by management - particularly when it was done with only one capital raising over this period.

CTP is now in the best position the company has ever been in. It remains the major holder of the vast Amadeus acerage, with $100million in exploration funding - more than the current market cap.

Our JV partners have deep pockets, technical expertise and substantial risk appetites. The partnership will bring a great deal of momentum for the development of the Amadeus.

Given the timeline set by management, the lift in reserves and earnings will only be another 12 months.