announcement just out, page-28

Lindo, I am sorry if I have not clarified the situation..So, for all those investors/punters out there this is the goss...
Ignoring EP97 for the moment...

As we ALL know, CTP has a JV with PXA..The terms are that CTP retains 80% of EVERYTHING
discovered...PXA "HAD" 20% of EVERYTHING discovered..Now this has changed only insofar as PXA is concerned..PXA has allocated ONLY its 20% of CBM discoveries to GSG...PXA retains 20% of ALL conventional gas and oil discoveries..

Now in EP97..RAW are the tenement/licence holders..CTP have farmed in to RAW for three prospective areas.One of which, Simpson West is to be drilled this season..This is an oil prospect..The top of the coal formation is at approx 1150 mtrs. with a seam thickness of perhaps 60 mtrs..In the likely scenario that no CBM is recovered from this well then GSG will receive NOTHING..
However the three CBM wells planned for this season, namely cbm 93001 and cbm 93002, both in EP93, and cbm 107001, in EP107, if successful, will result in GSG retaining 20% of sales and CTP retaining 80% of sales revenue..

In all cases outlined above, CTP is the OPERATOR and is managing the programme and will decide on the method of capitalizing on any accruals..

It needs to be remembered that there is absolutely No probability of GSG presenting an IPO this year...


As it has been since the beginning of this programme CTP, holding 80% of all the action, is by far the most profitable entry point into this most exciting play..If one is mathematically inclined, then it is obvious that from a leverage perspective, the long dated CTPOA are the preferred holding...

I hope I have not confused to many people with the above, but, really, it is a very simple game!!!