Ann: NZO: AMADEUS OPERATIONS UPDATE 11 MAY, page-13

It's not going well. The initial 3 well pilot was supposed to prove it up for development. Instead they basically failed to produce significant gas and they have had to drill 2 step out single well pilots with at least a year delay to FID and more likely longer. They are blaming the ground, specifically that they intersected slightly thinner coal at the pilot location.

I want to be careful at this point to state that what I wrote above is the facts of the matter and what follows below is my personal opinion. My opinion (based on the limited info they've released but my familiarity with the area) is that the pilot was poorly designed and poorly operated. The big CSG operators in Qld now understand how to run pilots in tight areas like Range but CTP's plan appears to me to have been about 10 years out of date.

I hope that the new pilot wells are performing better but CTP have been suspiciously quiet on them. They did find thicker coal but as I said, I don't think that was the main issue.