announcement out, page-37

os75, as you are a LT holder I can understand your level of frustration, however without going over old discussions (of which the CTP thread is littered with) current management have achieved a great deal in the time they have been in charge IMO.

The farm outs were surely a good move. Then more recently, Mt Kitty ....finally... drilled, Surprise producing, albeit at less than expected rates (this is the O&G business, huge amount of variables to deal with), then most recently the Palm Valley and Dingo deals. Whilst I was def less than impressed initially. When I was able to rethink about its benefits, over the medium to long term, CTP will have a extremely secure revenue stream, which without doubt most small cap oilers simply never have.

As for the issue of leaky ships etc. I do agree that CTP should simply tell the market the good and bad. The market, or perhaps, a select few always find out pretty quickly anyway. Sorry to say I see this across the board in O&G stocks so while I am not condoning it, its part and parcel of investing right now.

The fact you plan to buy more even though you are frustrated implies to me that you can still see past the short term frustrations. I think their are many like you, because after the recent SP fall, CTP is fundamentally cheap on an acreage valuation.

Mongy, very much agree with your views.

Sector Lead, while I know the topic of T/Os are a dime a dozen on HC, I have wondered for a while why for example, BPT (huge revenue and cash on hand) has not taken an interest in stocks like CTP, or perhaps AJQ or even BRU. Their potential is huge and BPT has the capability of either exploring the acreage the above companies to some extent, or be able to execute farmins which would be on more equitable terms unlike CTP, which I am sure was the underdog in its Farm-in discussions with STO and Total.

If BPT is able to get Chevron to farmin to a relatively small amount of acreage for $930 per acre in the Cooper Basin (I realise quite a bit of work had already been done), I can only imagine they would have been able to get a better deal that CTP did. On the other hand, now that STO and Total are farmed in, I can also see the merit of BPT taking CTP out as it would give them an unparalleled amount of acreage with a huge amount of Capex funded by others and still have some 100% tenements, particularly the Surprise area.

I hold BPT btw, but as yet have not been able to sway management into making any such deal :-)