Annual report will be signed around end September, physical...

Annual report will be signed around end September, physical copies will be received by owners / shareholders around 2nd / 3rd week October, AGM held November. Company production and exploration prospects suite re-appraisal currently in progress is about to conclude.

Now is critical time for future company structure, financing, development plans decisions to be made. Timing of and making of decisions determine whole organisation value, development, share price trajectory dynamics for next five years. These are decisions for owners / shareholders to make.

Success at Dukas and or Range likely give temporary uplift in share price with, perhaps, new baseline range in share price established. Timing of and making of decisions necessary now for existing production and exploration prospects remain same regardless of outcomes at Dukas and or Range.

Investor perceptions of company are obscured by complexity / competing possibilities, blocking value of income producing business being reflected in share price. Additional significant potential value of Dukas success, Range success, Mount Kitty and Magee gas discoveries, Ethabuka gas discovery, Wiso Basin potential ( south east of Beetaloo ), are not reflected in share price either. This partly explains Broker disinterest analysing / publishing CTP.

Urgent owner / shareholder decisions to be made include :

### are owners / shareholders interests best served retaining current company structure, mix of production assets, exploration prospects, frontier prospects completely as are ?

the outcome of doing that are abandonment of prospect of dividends, all income applied to exploration / production development, continuing confusion in investors perceptions, potential investor avoidance of company, continuing Broker disinterest.

### retaining company as is and selling down interest by farm-ins.

outcome is similar to total ownership outcome above with smaller future ongoing financial obligations for frontier exploration / field development.

### separating frontier exploration prospects from existing production and nearby gas replacement prospects into new entity. IPO these interests raising new capital from new investors ; and with pro-rata distribution of IPO share to existing shareholders.

consequences of doing this are CTP has capacity to pay 3 cps annual dividend - in two half yearly 1.5 cps amounts - , maintain production plant, explore nearby replacement gas / oil, with share price reflecting more accurately value of ongoing production business.

### value of current ongoing production business with 10 year field life is 82.165 cps ( see my posts 27.6, 2.7, 5.7.2019 for details ). Share price remains around 14 cps. Mystery about Macquarie's SOA bid of 20 cps + contingent note is now removed. At 14 cps CTP share price is outrageously under-priced and vulnerable to owners / shareholders hidden value being " stolen " by takeover.

Owner / shareholder decisions about CTP future might be made on company current published information. Since publication SOA document CTP has done more analysis, drilling, treatment plant upgrade, and appointed new staff and Board members. New GM Exploration and Board appointees may bring re-invigorated / re-interpretations to prospects / new development plans which will update / progress information in SOA document.

SOA pps 50-67, 119-127, 135-138, 228-248, 253-257 were useful references and publication of new information from latest company data and re-appraisal make owner / shareholder decision making more contemporaneously informed. Timely publication of new revised SOA style information retains level and breadth of information established in SOA document and actively inform owner / shareholder thinking and behaviour. Plain English basic quality black and white on-line publication would be helpful and appropriate.

CTP may like to incorporate outline of its preferred strategy for company development with supporting data / analysis in above publication. Timely publication enabling owner / shareholder reading, interpretation, integration, consideration, decision making by owners / shareholders leaving necessary time to lodge motions for voting at AGM if necessary is essential.