Gto21 - I understand your view, but I believe that view is...

Gto21 - I understand your view, but I believe that view is looking at the glass half empty, whereas looking at the glass half full in a much broader context suggests to me, that CTP is far better placed to retain flexibility with funding as it currently enjoys:

CTP have got some jv partners that appear to drag their feet with exploration expenditures, which you must realise is essential to enhance the jv assets and ultimately CTP market cap. In fact we already know that one of those jv partners, the BG entity, appears to be holding out on any possible exploration expenditure. Seems very strange for BG to do that having bought in especially to get an involvement in some of CTP's overall asset base which has had limited value adding to it. Why do you think that?

Just look at Arrow and the proposed unsolicited takeover announced today by Shell/PetroChina.

Here we have an absolute minnow, CTP, with vast underground coal resources estimated to be in excess of 1 TRILLION tonnes, with a desperate need to confirm its asset base.

IMO the fact that CTP has the flexibility and option of financing its expenditures, through what you suggest is an "ATM" makes sense, and whilst the board retains utilising that mechanism by taking the least amount possible each 45 days, it enables CTP to maintain its funding options outside of transigent jv partners who may have a considerably different agenda. And it keeps its jv partners at least honest or potentially takes them out of their jv arrangements!

Bring on the exploration, and the funding requirements as necessary to increase CTP and shareholder wealth is what I say. And CTP are doing exactly that.

CTP will not be sitting at current share price levels when the market realises what the potential is for the gas further down the track, and for the short term, just wait till we see the conventional oil/gas wells being spudded in the next couple of months!