Ann: Presentation - Sale and Investment in the Amadeus Basin, page-8

I do not 'hate the management' and you should not make such unpleasant claims if you wish to be taken seriously.

I do think they are bloated and overpaid. They have an [exploration manager' who earned over $400k last year , when no wells were drilled!
In the presentation yesterday, they tell us that they value the technical input of the farming partners !

ie despite having 1 year and a number of highly paid executives and management, they need someone else to do the work and take responsibility.
CTP appears to have strong similarities to a govt dept...wasteful and run with their own interests in mind.

If the company did a 1:5 rights issue at10c they would raise $14m.In the event of drilling success, the value of the uplift would accrue to all shareholders proportionately.

But, as the company has agreed to sell 50% its most valuable reserves at $1.1 per Gj [this includes the significant costs of connecting up the wells, as the gas is already being produced]. It will be much more both uncertain and expensive to prove up new gas and pay for the infrastructure before any revenue would accrue to the company and it will take 2-3 years.

Remember a rights issue would effectively be current shareholders buying flowing gas at $1.1/gj , with the infrastructure in place and pricing contracts ready to roll off in 1 year. Gas prices in Japan and Europe are high and this will translate to Australian prices in the coming few months.

I for one would jump at such a chance.