bargain basement opportunity, page-6

The problem with ROG is more than whether they can choose to opt out of some of the drilling.

It appears RG has delayed any drilling of ROG's own prospects until he knows whether ROG will have to pay all outstanding cash calls. If it turns out that ROG is legally committed to the full program then I think ROG will have to come up with the cash or walk away altogether and lose the money already handed over for the coal prospects.

That's the most likely reason ROG is looking to farm out PEL 467. They need to preserve cash in case they are required to pay CTP to avoid losing the lot.

What should've been a company making deal could yet turn into a disaster for ROG. PXA walked away and had to cough up some dollars to break their agreement with CTP, so ROG may yet be put in the same position.

So much for JH and RG being on good terms.

The only way out for ROG may yet be to do a j/v on their leases with CTP or issue CTP shares in lieu of payment. Having CTP on the register is preferable to what's happening atm.

Hard to see why its dragging on for so long. Surely both companies can get a ruling on the legal framework of the agreement and settle this matter.

I hold ROG and CTP so would prefer clarity one way or the other soon.