Ann: Macquarie allowed non-exclusive Due Diligence, page-14

IMHO, that paragraph says so much.
It is telling the market that CTP is open for discussions.
It is acknowledging CTP's need for capital, in some form, and that CTP is willing to listen to proposals.
As is mentioned above, both sides are free to talk to others. It is important that CTP has not shackled itself to MBL proposal.
CTP does have genuine growth prospects.
I know from another O&G coy in which I have a big s/h, that there are very much genuine parties interested in securing gas supplies on East Coast, and that there are parties interested in a position of supplier to customers. I understand that these parties are both domestic and international.
CTP actually has gas reserves, Gas from its fields has been supplying the NT Govt for years.
The NTP is a game changer.
What better target for a cashed up predator is there, than a coy with real reserves, gas hungry customers, historically high domestic gas prices, LNG projects almost certainly wanting more gas, a brand new pipeline, a transport tariff infrastructure the pricing of which will probably become Govt regulated - and a company starved for further development funding to get it underway !
We know CTP needs further funding to develop its fields - no news there.
What MBL has done is rattle the cage.
It is angling for something more than straight debt funding.
It already has a funding line which is a product risk type of interest - ie no a straight debt funding package - it is taking on risks outside that of a normal lender.
Plus it has equity in the borrower.
Now it wants the whole box and dice --- so it wants all the risk of the project.

So whats the bet MBL's fall back position is some sort of J/V or farmin deal?
people have mentioned Quadrant Energy involvement?
There is much more to this game than whats on the table.
cheers