Ann: Central Signs Drilling Contract with Ensign, page-106

Post 1

Ok...my first comment is that I do not expect anyone to sell or buy just because I said so but have already produced some significant info and links for shareholders to start checking things out. If some consider what i said has significant merit, did their own research and want to sell, then I also suggested to reinvest what is left of their investment into something that could be more profitable and perhaps even make them a significant profit e.g. Buru but do your own research. However DJ Carmichaels recommended ctp shareholders to swap their shares for Buru shares previously (when ctp share price was higher) and explained why they should do it, in a link I provided earlier. An alternative to consider is sell before drilling and perhaps buy back ctp later.

I have no interest to purchase any further shares now until i see the upcoming drill program fail, driving down the share price even further. Remember the share price is already down about 90% from about when John Heugh was removed.

With 2 failed wells to find commercial hydrocarbons the Board will likely have very few shareholder friends on the back of no new gas reserves and further share price decline. I am not at all convinced that ctp will drill those Mereenie wells with the $25M from last capital raising as they are wrong IMO about their drilling costs and drilling strategy and appear only to have enough capital to fund 2 wells from last cap raise.

If i am proved right and we have 2 non commercial wells and no further joint venture drilling of Mereenie advanced with a drilling contractor, i would consider then to go to shareholders to see if they want significant change with a new aggressive board comprised only of succesful proven geoscientists familiar with the Amadeus Basin with remuneration consisting of "performance payments" to make it worth their while to seek success with modest salaries and who will provide significantly greater shareholder communication. It appears the lack of shareholder communication by CTP for the last 5 years has also added to the anger and confussion of a number of shareholders.

What has been missing in ctp for years was drilling and now finally that we have it we appear to have the wrong drilling strategy (soon to be proved one way or the other by drilling) with only a 2 well drill program to commence instead of the 4 wells promised. I think many shareholders who were around during the drilling of Surprise 1 remember the Company raised money to drill Surprise 2 and did not do it. Where did those monies go?

We also lack significant broker support and this also has to be fixed.

Selling Bonds with an attractive coupon interest rate to end share dilution and allow our shareholders to participate in, is just one innovative way to raise capital for drilling, plant and other infrastructure particularly now as a result of worldwide stock market declines, to get both Mt Kitty and Ooramina fields into production. Mt Kitty in particular could provide very high returns per well and isan excellent candidate for a bond raising.

One of first priorities of the new Board is to force (if necessary) a Mt Kitty 6 well appraisal/development drilling program (subject to terms of JV agreement that shareholders are not privy too) and if Santos is not interested to participate as a JV partner then CTP to sole risk the drilling. Usually back-in by a Joint Venture partner is 10X their cost of drilling had they participated. Therefore if Santos backs in after a discovery it will cost them 10X their share (70%) of the well e.g. $12M X 70% = $8.4M X 10= $84M cash to CTP from Santos. If Santos participates in remaining 5 wells then our share is $12M X 30%= $3.6M X 5= $18M. The monies returned to CTP from any back in by Santos on a well more than pays for CTP share of rest of drill program and likely much of CTP's share of processing plant costs etc. If Santos does not want to participate in any of the wells then we have a 100% working interest in all the wells of the field with drilling costs of first 6 lateral wells .ca $12M each X 6 = $72M.