Don't get me wrong, Leon is an absolutely fabulous person,...

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davincirchrd

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24/02/21

01:20

Post #: 51266011
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Originally posted by davincirchrd: ↑

Sorry, may not have been clear in my answer. The purpose of out farming Dukas to Santos was to decrease costs to Central. There are annual commitments to NT to follow a development, exploration plan, I.e. drill well, gather data, do studies, not necessarily in that order. In the case,of Central, slightly cash strapped, drilling a well is expensive. So a Santos deal was made, they drill the well to earn an increasing percentage in the Dukas project, they do the studies to justify, internally and to CTP, that it is still a good idea, shoot seismic, all low cost to CTP. But in the process the timeline has lengthened, more work had to be done, delays. This is well documented in the quarterly presentations. Did CTP have a choice, probably not, the alternative being that CTP would have to single source the well. to expensive, so what do you do, you roll over. unless a more proactive and involved approach had been taken, but that takes geo technical resourcefulness, which sadly Leon is not known for.

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Don't get me wrong, Leon is an absolutely fabulous person, he has earned his marks in the industry, .....as a second in command, all his achievements are always as a second in command, on the back of leaders with the vision, being directed. As such I believe he has a great future under the current Chairman, who has actually earned his credentials.

CTP Price at posting: 14.0¢ Sentiment: Sell Disclosure: Held
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