Ann: Exploration potential target 280-350 billion, page-27

re: Ann: Exploration potential target 280-350... MKNOP

Location for CTP is an issue.

LBY are much closer (in location) to potential markets. Over 130 drill holes confirming the coal is very significant and will see some JORC results much sooner and cheaper than for CTP.

The CNX HOA and pilot plant also show that there is already more interest in LBY's coal.

Furthermore, with so many players attempting to consolidate their position in the CSG/UCG sector in Queensland - add the threat of a potential raid (albeit at least not until they get the JORC).

The main thing that CTP has going for it over LBY is the fact they already tapped the market for some cash. You point out they may have more certain tenure due to CTP having some petroleum licences in addition to their mineral licences. CTP however have to deal with that big thorny issue that is native title. Refer to announcement dated June 4 where the Central Land Council (the Native title body) rejected some of their applications.

Queensland has the most developed legal regime for CSG/UCG in Australia so there is a much greater degree of certainty there. A long way to go for LBY however.