Ann: Operations and Activities Update, page-6

With Macquarie walking away from the Net Zero alliance, you have to think CTP no longer needs to hoard their large cash balance.

Their long term discipline to achieve a net zero debt position is commendable, however debt markets opening up to transitional fuels like gas offers CTP a perfect opportunity to optimise the balance sheet.

You have to think they're taking a serious look at this, given the current share price and the uplift in operating margins can accommodate our existing debt. If management are going to be disciplined on drilling costs by waiting for partners or the JV, then buybacks offer a value accreditive path for the company.

The scenario of buybacks at these prices, to then issue equity at higher share price when needed, with the option of raising debt if equity markets aren't conducive should be welcomed by shareholders.

Hopefully we see some of this in the half yearly update.