a bakken in our backyard, page-40

CTP opened its books to anyone interested. It cut the best deal it thought it could get with two majors.

If we did not accept Santos or Total's offer then what options would we have had to explore an area around the size on Texas with only a couple million in the bank. Another cap raising over 2-4c would raise bugger all, so how would we do all the things we need to do to keep all our permits/leases alive. Even drilling surprise and finding oil would still have taken 1-2 years to bring on line and would still probably have seen the share price hovering around 10c at best due to our lack of capital and high number of shares. Being an option holder, that time frame was certainly not attractive to me, nor would it have been any sophisticated investors holding options.

Talk of $25,000 per acre is unlikely to be for unproven land, which is what we have. If/when we find oil, gas, etc then the value will go up, but at the moment it is unexplored dirt in the middle of nowhere. The value CTP received was better than others have been receiving. If these JV's prove positive then other areas that we have may be far more rewarding once we have proved that Central Australia is productive.

The deals are what they are, time to move on and look forward to our new JV partners helping us make money a lot quicker.