two easy,I agree with Rafish's sentiments about the negative...

two easy,
I agree with Rafish's sentiments about the negative postings but I will give you some of my observations for yourself and others who may be interested.

I attended the AGM and stayed for a presentation from head exploration manager Mike Bucknell afterwards. His presentation was very interesting and his understanding of our tenements and exploration plays was very impressive seeing he has only been in the job about 6 months. Only about a dozen people stayed which I thought was very surprising given the opportunity.

-it was made very clear that the Total/CTP joint venture $35m expenditure that was brought forward into stage 1 was due to "very encouraging seismic". Very positive for Total to do this.

-the increase to the number of directors from 6 to 9 helps the company ward off any cheap takeovers. Cottee explained that at QGC, Santos tried to get away with a cheap takeover of QGC at $1.26. Cottee issued new shares to AGL and gave them board seats that thwarted Santos. QGC was eventually taken over for $5.80.
450% better for shareholders. He also said that they weren't going to increase the number of directors to nine without good reason but they needed the option available to them.

- Cottee was asked if any of the major institutions that participated in the share placement had sold any shares. He said not one share had been sold. He also said he had not gotten permission from the companies to reveal who they were but they were big banking insurance type organisations and that he would love to release their names so he could "skite" about them.

-negotiations with the traditional owners was all about them wanting a better life for their children which Cottee said he had great respect for being a father of six children himself.

- the production licence is not just for the surprise west drill site but it is for the surrounding 400,000 acres so they will only have to go through this process once. Sounds like good management to me.

-CTP surprise oil will receive a 10% premium to Tapis price. Due to the quality I believe.

- CTP strategy for rest of acreage is to find leads and prospects and farm out through joint ventures through a checker board approach (which Cottee has previously explained) which I believe it a very prudent way of approaching our massive acreage.

My view is the company has a very prudent and focussed strategy. They want to make sure that everything is in place and not risk our companies future by rushing into drilling for the sake of finding oil, more quickly. Although I can sympathise with some shareholders (i have been a shareholder from 3 months after the IPO) who want results now, if the oil and gas are in the ground now it will still be there 1st quarter 2014.

One thing I am sure of is that the company will not be pressured by the loud minority "drill baby drill brigade' which were all conspicuous by there absence at the AGM. Not surprising though.

As I have said before if we can find commercial quantities of oil and gas I will make a lot of money. If not I will lose my money. This I was prepared for when I first bought into CTP years ago. One thing I will say is I believe that our company is in the best position it has ever been in and I look forward to 2014.


mg021