Buddy,You referred to the first $60M of the CTP/Total JV...

Buddy,
You referred to the first $60M of the CTP/Total JV expenditure and claimed that Total could spend $12M per year over 4 years. (i.e. their 80% of phase 1 expenditure)

==> That is incorrect. (Listen to Cottees interview ... he expects to spend Total's initial phase 1 funding of $48M in the first 18 months of the JV whereafter CTP needs to stump up its share being $12M))

Then you said: "... And, what you also seem to miss, is the fact that, "Total is required to fund 80% of exploration and appraisal costs OVER FOUR YEARS". That expenditure is over a 4 years period, not immediately, and that is what I have said as well. ..."

==> I have not missed that at all ... Here's an extract of my follow-on post where I spell out my understanding of the financial commitmments by both parties over the initial 4 year term of the JV ...


(see post number 8752939):

"... Here's the way I read the CTP/Total JV announcement in relation to funding commitments.

1. The 3 phase exploration program runs over 4 years

2. The JV (Total 80% + CTP 20%) share the costs of this exploration program on an 80:20 basis:

Phase 1: Total pays first $48M then CTP has to kick in $12M

Phase 2 and 3: Total pays $104 and CTP pays $26M (unlike Phase 1, no information on the order of the JV partners meeting these expenditure commitments is provided)

So CTP is covered, expenditure-wise, for the first $48M of the expenses it incurs in proving up those leases (that includes salaries and on-costs as well as 2D, 3D seismic, drilling costs etc etc i.e. ANYTHING we spend in relation to exploration on those leases - including pro-rated Cottee, Hallgren, Ambrose salaries etc) ...."

==> Finally, Buddy, you need to recognise the significance of the CTP Operatorship for the first 4 years ....

That means that CTP dictates the pace of exploration and the timing of any seismics and drills ...