battle not the war

Now that I have bought even more CTP shares this morning I will share with you all my view of todays announcement. I emphasise its my reading of it (and I tend to read all announcements carefully, even BETWEEN the lines!).

AS background - We ALL know that CTP has a major problem with BG regarding the start-up of drilling activities. BG is a "nigger-in-the-woodpile" for its own strategic purposes. BG DOES want to be involved, but on its terms, and it probably wants a bigger share of the pie to what it has entitlement to under the current joint venture scenario. My view is that BG is not playing ball and is making as much of a headache for CTP as it can. It is not bothered about CTP's share price and it probably believes that its in its own interest to ensure that CTP can't deliver on its stated intention to carry out drilling in the current year.

IMO CTP board has had to make a mammouth decision re the route to achieve its intentions of undertaking that drilling as soon as practicable. AND its biggest ALLY in that regard is the JV's obligations under the arrangement with the mines department to undertake certain field activities.

How then to ACCELERATE a means to achieve that end target of undertaking that drilling activity with a player the size of BG? THIS MORNING's ANNOUNCEMENT.

There might be some short period of pain, but the benefits to CTP are colossal IMO!!!

ROG probably is aware, as much as CTP would be, that under the terms of the JV (which I assume none of us on Hotcopper is privy to in its fine detail!) that the only way to FORCE BG's hand is to pursue a legal route - and the means to an end IS THIS THREAT OF LITIGATION with BG!!! Thus in seeking PXA to agree the terms under the Deed of Assumption, which they have failed to do, CTP now has the right to pursue BG for breaches under the JV contract. CLEARLY the wording in the announcement this morning has considerable legal overtones and inference of loss of commercial opportunity by CTP, and I am personally very confident that this step (and the farm-out to ROG as part of it all) has been designed to bring it to a head now.

This is not the war, this is only ONE battle that will provide a mechanism for removing a stalemate between 2 warring parties - over control and ownership of a SIGNIFICANT warchest, being the largest holding of tenements in a hugely endowed coal region of Central Australia.

There may be a delay in the work on the ground, but this step is a STEP in the right direction. I firmly believe that AND having read this announcement this morning I am EVEN MORE POSITIVE about things, to have BOUGHT MORE SHARES THIS MORNING!!!

Good work CTP, I applaud you, bring on the games, CTP share price drop this morning has been a once in a lifetime opportunity to TOP-UP for all of us!!!

(Call this a ramp or not, I bought in more shares this morning AFTER the announcement after carefully reading it!!!).