Slide 22 of the presentation looks at Amadeus prospects and the immediate future, highlighting:
"Near-term prospects that can be advanced in 1-2 years without significant additional analysis. Generally: 100% held, no regulatory barriers, no additional seismic required, proven plays, in-field or near-field, support existing facilities, lower risk prospects."
Which says to me CTP has every intention of further drilling Mereenie, Palm Valley, Dingo at the earliest opportunity. Brownfields drilling is low risk, early tie-in. Yes, WM26 was supposed to be a production well and proved a duster. Equally, PV13 was tied in and producing mighty quick. Ooraminna needs drilling or the permit may be lost.
The next six months will be devoted to debt reduction and ranking the exploration opportunities. This may appear dull work, yet CTP will emerge with a solid balance sheet and the capacity to drill Amadeus from own cash flow, maintaining its independence and control of its destiny.
Own cash flow = good times.
Ash
CTP Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
