CTP CHANGE OF OWNERSHIP, page-33

Dividends are entirely possible.

FY23 H1 profit results implied operating costs of $5.63/GJe, sales margin of $2.64/GJe for a well head price of $8.31/GJe.

Netback prices are averaging around $16/GJ for 2025, which implies the current EOI offers the potential to significantly lift well head prices for CTP.

For example:
1. East coast supply, assuming ~$5/GJ in pipeline costs, offers well head prices around $10/GJ. For 10TJ/d that would bring in around $50m EBITDAX pa.
2. PWC supply, where pipeline costs drop to under $1/GJ, offers a well head prices up to $16/GJ (netback parity seems feasible given PWC would have to pay pipeline costs to source east coast gas). That would add $100m in annual EBITDAX.

These are two extremes, and hopefully we land in the middle, but either case that would provide sufficient revenue to pay for both dividends (eg 2cps for $15m pa) and exploration.