I have to say, I agree and disagree with a mixture of things staid between the two of you, however what seems abundantly clear is that Johnstonne and Magee are the more potentially lucrative of the ventures (I am purposefully excluding gas as we still do not know which direction CTP will take on this matter).
Anyone with some knowledge, either field knowledge like our friendly resident geologists/geophysicists, or our business savvy analysts, would have done their maths as have I and known ahead of time that Johnstonne and Magee were the genuine economic prospects. This is very easy to work out, and based on the additional knowledge our good friends on this forum have been so kind as to share with us, we can also agree that they actually have a much greater chance of achieving commercial flows.
Where I am coming from is another angle altogether. For me, CTP's discovery of Gas fundamentally gives them some level of market credibility. We are not seeing it yet, but if CTP can yield a decent GIP and frac to a good flow rate, even if it becomes a non commercial well and we ultimately abandon, then at least the very theories and reasoning that underpin the decision to drill were there and by a adequately small margin only just failed to reap rewards. It means that we have increased possibilities of success in the remaining drills and I am personally very excited about the potential for oil and helium. These were the wells I was buying CTP for in the first place. I wanted them drilled last year and it was unfortunate that the Department of Mining's tenement drilling timeframe rules stipulated the CBM wells be drilled first. This was not the case so c'est la vie. I still want this well to be somewhat successful in order to build up some much needed credibility. I think this is achievable if we make some progress with the GIP and some successful fracking.
This of course could be a non event if we manage to get Johnstonne up and running. O2 is definitely an interesting distraction (thanks Jak! Sorry, I am stealing your quote here!), and I welcome Johnstonne and Magee.
I hope Ya and Psi are right about the fracking. I guess time will tell.
One thing I will ask, is does anyone know what additional cost is associated with fracking?
RB
CTP Price at posting:
31.0¢ Sentiment: LT Buy Disclosure: Held
