Ann: Market Update, page-3

Expected. Surprised it took Total this long.

Not much chance of farming it out again in the current market so I hope CTP don't spend any money on it. From what I am hearing the Qld government is being pretty understanding in allowing companies to amend their work programs now so they should put in a revised work program application to the bare minimum expenditure.

Overall this has been handled very well by RC. He let Total pay for the bulk of the exploration with basically no risk to CTP. That's the way to do it - not silly JVs with two-bit microcap juniors who can't fund their own share, as was done previously.