I think I can help. If you go to the CTP Annual Report 23 Sep...

I think I can help.

If you go to the CTP Annual Report 23 Sep 2015 and laook at Page 7 it says:

"... take or pay revenue of $2.2 million that was generated to 30 June, 2015 was not recognised during the reporting period. This take or pay revenue is payable in January 2016 and
will be accounted for in the financial year ending 2016..."

It is referring to the contract with the Alice Springs powerhouse for supply from the Dingo. The arrangement is that they buy a predetermined quantity of gas (whether they use it or
not). That is why that particular contract is described as a "take or pay" sale. The company has no others (to the best of my knowledge).

The quid pro quo in the customer's favour is they do not pay on a monthly or quarterly basis. They pay on 1 January each year for the entire year.

I was a little bit surprised to see the figure of $4.1 million. I was expecting a total of $5,532,500 made up of:

(1) 2014-15 financial year gas deliveries to Alice Springs powerhouse (most of which was ex-Palm Valley because the Dingo pipeline wasn't connected) $2,200,000 - for verification see
quote from annual report below.

(2) PLUS normal sales to Alice Springs July - Dec 2015 - $3,332,500 (half of annual take or pay sales - $6,665,000/2)

So I guess my interpolation of the price per gigajoule must be an accurate. Because our management is telling us in this quarterly report that they only received $1.9 million 4 take or
pay gas sales from July through to December ($4.1 million - $2.2 million). I think there is something really odd about these figures. How can it be to point to for 3 months and only 1.9 for 6 months?

Nevermind, I imagine this has answered your question.

To verify what I have had to say, I am providing some notes that I made last year when looking at this issue:

REVENUE STREAM No. 2 Sales to Alice Springs Power House

Summary - this revenue stream means a minimum of $6,665,000 per annum for 20 years following 1 January, 2016.

CTP Annual Report 23 Sep 2015 -

Page 5 - take or pay revenue associated with the Dingo gas field ($2.2 million) is not payable by the Power and Water Corp until January 2016.
Page 6 - [referring to the customer Power and Water of Alice Springs] "for the 3 months period following commencement of the GSA on 1 April, 2015, a total of 150 terajoules was sold from the Palm Valley gas field, with a total of 361 terajoules subject to Take or Pay arrangements. In accordance with [the agreement] revenue associated with Take or Pay during a calendar year is payable in January of the following year. For the current period, $2.2" million intake or pay revenue will become payable in January 2016 and has not therefore been recognised in this reporting period..."
Page 7 - "... Even though take or pay revenue of $2.2 million that was generated to 30 June, 2015 was not recognised during the reporting period. This take or pay revenue is payable in January 2016 and will be accounted for in the financial year ending 2016..."

Background - In 2013 MPA and the Northern Territory entered into the Dingo GSPA which is an agreement for the supply and purchase of gas from the Dingo gas field for delivery to Alice
Springs. Supply is on a 100% take-or-pay basis for an agreed total of 31 PJ (30 Bcf) over a 20-year period. The price is fixed and escalates with CPI but it's exact figure must be interpolated as it is not disclosed. At the rate of 1.55 PJ/pa (the average) and at [my] interpolated price of $4-30/GJ unit sale value, the Dingo GSPA will yield the company average revenue of $6,665,000 annually (plus CPI escalations).
Sources of information:

Magellan Ann. 12 Sep 2013
ABC News 17 Sep 2013
Magellan 2013 Annual Report
CTP Ann Report 30 Sep 2014
CTP Ann. 19 Feb 2014
CTP Annual Report 23 Sep 2015
Details of information from sources:

Magellan Ann. 12 Sep 2013 - This is an Ann. from Magellan Petroleum Corporation (MPET) parent company of Magellan Petroleum Australia (MPA). The Ann. says - that MPA has "signed a gas supply and purchase agreement (the "Dingo GSPA") with Northern Territory Power and Water Corporation ("PWC") for the long-term sale of gas from the Company's Dingo gas field....to supply up to 31 PJ (30 Bcf) of gas to PWC on a 100% take-or-pay basis over a 20-year supply period.....at a fixed price escalating with Australian CPI.
.