o-2, page-52

Hey Guys!

I haven't posted in a while so I thought I'd break my duck so to speak.

I've read some good and interesting posts in the last day or two, and especially this morning, and this afternoon on the back to the announcement we are all fairly familiar with now.

Firstly, let me say, Ya, Psi and Ratfish's posts are fantastic for those who are new to CTP and those seeking more detailed and poignant information.

I certainly agree with these guys that this result is good from the perspective that at least we've now got physical evidence of gas in our target well, but we have miles to go before we can make assessments on feasibility and commercial viability. Feel free to be happy for the result of gas as it proves JH and his team certainly had method to their belief system in Ooraminna-2, but plesae note that we're miles off the company making discovery we crave.

According to my (admittedly rough) calculations I figure a few different outcomes that will either be worthless or highly profitable.

1) 2BCFG = 2,056,000 MBTU @ $4.04/MBTU = $8,396,249 IGV

Depending on your discount model, and what you believe is a fair cost structure for such a project, this figure could come down significantly.

2) 200BCFG = 205,600,000 MBTU @ $4.04/MBTU = $830,624,000 IGV

Again, IGV is a gross figure, and by no means reflects ANY associated capex or other costs. So the Net value per share will be alot less! It depends on your discount model and how you decide to attribute cost.

3) 2TCFG = 2,056,000,000 MBTU @ $4.04/MBTU = $1,661,248,000 IGV

This is the "Targeted" figure which we all know is highly unlikely. In the COS document that CTP produced recently, they touted the "Risked Mean" at 102BCFG.

so that being the case:

4) 102BCFG = 104,856,000 MBTU @ $4.04/MBTU = $423,618,240 IGV

If I was to hazard a guess, this is certainly a viable resource, so it depends now how much more we find. 100MCFGD is a very small figure overall at 102.8MBTU which translates to about NOTHING in value. But that's the thing. The value of this hitherto worthless discovery is much beyond its obvious value. Intrinsically it means we are on the right reack, and given a correct theoretical model for drilling this site, we could be on a winner! Be patient, and we shall be rewarded... hopefully!

For the record, 1 CFG = 1028BTU so this is how I calculated my values!

I could be 100% wrong, so if I am, please someone tell me!!!

Anyway, just a little more food for thought guys.

RB