How will these high gas prices benefit CTP, page-4

The East Coast Gas Market largely operates on fixed price agreements. The only way companies like CTP can take advantage of higher prices are by increasing production and striking new agreements with buyers. So Range, Amadeus farm out and Orange developments are the key pillars for CTP to increase its production over the next few years.

The other point on prices is the lack of investment in new supply. COVID caused delays to projects globally, and now the increased pressure relating to ESG expectations are likely to further limit the investment into Gas projects . We're seeing this currently with price rises across the globe.

East Coast gas prices are also likely to move to export parity as import terminals are developed on the east coast. Whilst this may take a number of years, exploration uplift from additional projects like Dukas and Zenon offer substantial uplift in supplies at higher prices. CTP will have cheap conventional supplies that can compete against imports, particularly if the AMGP proceeds.

This is my long term view on gas prices and how CTP can develop into a mid-sized cap producer over the long run.