If BG are considering consolidating on the east they may. Forget PXA, you never know Grangeh. Your speculating that they plan on keeping PXA. Remember BG got it as part of an acquisiton of QGC, which they wanted for QLD CSG.
I know as much as the next one, but ROG have put out an announcement, which clearly disregards their legal obligations within the joint venture. Thus it is quite clear that not all parties in the JV are on the same page. CTP looks like they have finished the book and ROG and PXA are still on the contents page.
This is the issue, its not speculation its fact. If you read the announcement on 29/12/2009 you will understand exactly what i'm saying. Either I have misinterpreted the terms of ROGs farm-in contract, CTP have not fully disclosed the contract with ROG or ROG is just wrong. I believe the latter of the three is correct. If your read the 29/12/2009 announcement it states the word "erroneous" in refrence to ROG. It appears to me that ROG have signed up for more than they bargained for.
Now it comes down to CTP. Do they bring down the hammer and say you signed and agreed to these terms you stay and pay? Do they kick them out the JV for not wanting to fulfil financial obligations? Do they allow them to only take up interest in the permits overlying the coals?
These are the key issues now as this directly affects the funding of CTPs explorationg program, given ROG are obligated to fund 20% of at least three prospective drilling targets (and may opt out of one of them) and continue funding the CSG wells.
Then what are the ramifications for BG/PXA?
I don't care what you think about people and their speculation Grangeh. If we only worked on facts, we would not listen to others opinons, given the facts are presented via ASX. Hence we would not use HC to discuss these issues. I bring my questions here, because i want to hear others opinions and challenge their thoughts. I'll continue doing what i'm doing and SPECULATE!
CTP Price at posting:
10.0¢ Sentiment: LT Buy Disclosure: Held
