Dilution had to happen to fund such an aggressive campaign. The...

Dilution had to happen to fund such an aggressive campaign. The PXA deal alone at top end has 81 wells costing around $132 million (funding at 40%), theres still a similar tender package outstanding which was the one CTP terminated from Advent. Keep in mind at present theres over 250 prospects and leads, alot for anyone to digest and once upon a time JH owned 100% of this company, I dont think he would dilute for no reason.

The capital structure at present is not in questionable territory as yet. From memory theres about 250 million tradeable and once we include all the options and assume future issues that would take it to c.400 million. The maximium from the bond facility I believe was around 850 million fully diluted. Not that bad given the cost/reward model on each target and its respective impact to the SP.

Really if they hit oil in the first few wells then the bond facility can be terminated earlier as CTP believe on any success production could begin in 6 months (though ill be conservative and say 12!!).

Your right in saying 3D oil has a good board via management (which some would argue this is where central lacks), but technically 3d Oil has nowhere near as much strength. With reference to CTP's experience - having the former ntgs chairman/director as the head geo (the man who would arguably be in the top few people in the country that understand the basins) really puts them in a primary position and adds more punch and credibility to the chase in this region. Add askin and heugh, and basically the technical side of things is more than adequately covered.

It amazes me the amount of specs out there that are set up by solicitors and venture capitalists, (people out for the money only) and, on the technical front they severely lack and have no idea when it comes to interpreting the crucial information. Thats not to say they are unsuccessful - many do quite well.

Anyways, exactly as I have said before - the drilling program speak for itself, I think 8 months from now its going to be one very different story.