Ann: Mareket Update, page-34

Everyone is getting a bit doom-and-gloomy on the thread, which is often a good indicator it is time to buy.

'Following completion of these re-entry operations, the forward plan of the Joint Venture is to undertake a resource estimation and economics study and plan any future work program for the permit.
Santos has indicated, at a minimum, approximately 200km of the 1,300km Stage 2 2D seismic for the Southern Amadeus farmin (see ASX Announcement dated 31 July 2014) will be acquired in EP125 in which Mt Kitty is situated.'

I would like to point out that the statement does say a minimum of 200km of the 1300km Stage 2 2D seismic will be done, specifically looking at the area around Mt Kitty. The way I read this indicates that although they might not be very interested in the remainder, Santos are still quite interested in Mt Kitty. CTP is anticipating having a resource to estimate and there still appears to be interest in future work. If the re-entry and logging show us what we think we already know is down there, we know the Mt Kitty structure is not small (obviously we need more drilling to define better though). If Mt Kitty is valuable to Santos I still think there may be significant potential to leverage some cash or at least fully carried exploration of the structure out of them at least. If CTP does find itself in possession of a large proven-up resource, access to funding will become less of an issue. I think it is premature to chuck in the towel prior to getting the wireline results and seeing what Santos actually commits to (if anything) beyond the seismic.

As for chucking out the management, I think that is also quite premature given we are actually getting some drilling done at the moment. My experience is if we hit anything half decent in the next couple of well everyone will be back to saying what a genius RC is.

I wonder if Raven will like this opinion...