Ann: Quarterly Update Presentation, page-4

CTP was one of the best performing gas stocks on the market today.

With the focus now on gas, CTP is well positioned to capture increases in gas prices expected into 2022. Reviewing the increased production planned with the Amadeus exploration programme in 2021 and Range JV in 2022, CTP valuations against its peers demonstrates future upside potential.

Both Cooper Energy (COE) and Senex Energy (SXY) are good examples for peer analysis, with similar gas production profiles, albeit at far higher CAPEX and OPEX charges than CTP. The Annual production chart compares forecasts announced by COE and SXY for 2021 / 22 with CTP production estimates based on the following:

• Range at 74TJ/d (50% Central) - based on Gibson Island feed requirements (27PJ/pa)
• Farm Out at 80 TJ/d (50% Central) - based on AMGP target, being 2.5% of the exploration and appraisal targets (excluding Mereenie) outlined on page 9 of the quarterly update.

When comparing Enterprise Value (based on current market cap plus net debt) over the same period illustrates the substantial difference in CTP valuations. I think this should demonstrate the potential upside with CTP delivering on its outlined growth strategy, as well as any reductions in pipeline tariffs that AMGP and Mick McCormack may bring with the Governments Gas Led Recovery strategy.