Whilst its great to have a committed path forward on Dukas, and the other tenements, giving away 10% on EP112 for no funding/carry isn't a great result for shareholders.
From memory the CTP share in EP112 went from 30-45% with Santos failing to finalise the follow up drilling last year. Whilst they may see this as an cheap concession to get the ball moving and save its bullets on 100% owned Zenon, it would've been preferred if they took the lead and paid the JV share at 45% ownership - just to make the wait worthwhile. In any case they don't have the expertise for this type of well - lets hope Peak do!
That said - given the increasing interest in Hydrogen, there is the good potential for a re-rating of the stock. Whilst the announcement focuses on helium, similarly there aren't many sources of Hydrogen in high concentration found in Australia, and CTP probably has one of the largest acreage of hydrogen prospects in Australia.
CTP Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
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