tpl (in a nutshell)...

The following is a description of the pros and cons of TPL as I know them at this time. If you have any others to add to the list or if some are incorrect then let me know and I'll reissue the list below.

Pros
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x. TPL has 209 occurrences of outcropping coal ie At Surface. REY have 36, Cullen have none that Im aware of. These are part of the LightJacket Coal Formation

x. Initial drill targets Id'ed on 3 approved tenements. will be drilled at the end of the wet season. TPL is targeting near surface, quality bituminous thermal coal such as that found by Rey (Source: TPL ASX Ann 21 Dec 2010)

x. TPL has applied for 61 tenements at least 12 months ago (3 approved so far, 36 recommended for grant) Further approvals must be imminent. (Source: TPL ASX Ann 27 May 2010)

x. One of largest land position in Canning basin 14,000km2 if applications approved. Rey has only 8000km2, Cullen 4500km2 (Source: TPL ASX Investor Presentation 2 Nov 2009)

x. Active coal region likely only 20km of 600km strike investigated so far (Source: TPL ASX Investor Presentation 2 Nov 2009)

x. Mark Gunther CEO is Ex Atlas mining exploration manager and was responsible for the managing the discovery and resource delineation of over 180 million tonnes of direct shipping iron ore and 2 billion tonnes of magnetite resource;

x. Land adjacent to REY resources which have defined 500mt thermal coal (approx.) with a exploration target of 11-13bt coal within 300mt of surface. (Source: TPL ASX Investor Presentation 2 Nov 2009)


x. Rey resources has recently been re-rated with SP rising more than 300% in the last 4 months ... as it increases in value "Nearology" will become more of a feature of TPL's SP IMO

x. Possible underground coal gasification potential as well as open cut mining potential for coal (thermal)

x. Close to India/China in terms of shipping time

x. Derby Port being considered for upgrade by WA Govt

x. Independant expert reports insitu coal volumes between 188-50 Bill Tonnes of coal in the lightJacket Formation. (Source: OBL ASX Investor Presentation 7 Dec 2010)

x Possible target for takeover by existing players in the area.

x. likely low risk drilling if drilling in vicinity of surface Outcrops.

x. Corporate activity, REY has be subject to takeover attempt, AFA Group backed by Chinese, BRU Sign $140m deal with Japanese. How long before TPL becomes a target?

x. Low MCap at time of writing 8m @ 1.6c

x. Cash $1.9m approx (Source: ASX Qtrly 28th Oct)


Cons
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x Lack of Infrastructure i.e., rail / road in the eastern section of the Canning Basin. There are secondary roads and pastoral roads through most of TPL staked land. Except for the tenements to the extreme south east where roads are not shown.

x. Native title negotiations ongoing

x. Will need a JV partner

x. Will need to raise cash after drill program, however, if they hit coal the share price will rerated and spike significantly so for early investors dilution will be minimal.





General Comments: If the Coal is occuring at surface then it should be pretty easy to define a drill target and very low risk. Compared to its peers in the region I think it is very undervalued right now. Further grants of tenements will boost the SP dramatically IMHO.



Please DYOR to confirm the above.