Ann: Trading Halt, page-151

Agreed Ya.

The 1P vs 2P figures are also in the AR, on p16. I don't think they have ever given the breakdown of PDP vs PUD but I think it's a reasonable assumption that the entire 1P figure is PDP in all three fields. PV and Mereenie because they are mature developed fields and Dingo because it's a small field with four wells in it. It's pretty hard to conceive that there is a significant pool of 1P out there that's certified but not hooked up to a well.

So the 1P figure is 90 PJ, then the NPV10 of the gas plus Mereenie oil must be greater than 1.3 times the outstanding 85M debt, which is $110M.

That's $1.22/GJ, so it must be greater than that, and it must be comfortably greater than that otherwise CTP is in danger of breaching covenants, which the auditor makes no mention of.

So that's another line of evidence that suggests $1/GJ metric for the 2P and nothing for the 2C is a lowball offer.

I do agree with you that the 2C at least will require capital to develop and CTP currently does not have this capital available. This is a significant risk and I'd certainly consider selling out for a decent price to avoid it. But for me, a 'decent price' starts at 50c and we can negotiate from there!