An article (pay-walled) in the Weekend Australian of 12 March by...

An article (pay-walled) in the Weekend Australian of 12 March by Matt Chambers headed "BHP chief Andrew Mackenzie puts his faith in oil discovery" is encouraging for CTP's future exploitation of the known oil at Meerinee, PL6 (the Surprise production licence area), and the oil prospects in the area between PL6 and NW Meerinee. BHP plans to be profiting from the oil space by 2017.

Here is the main content of the article:

"As BHP Billiton managing director Andrew Mackenzie slashes dividends, spending and jobs in response to the commodities rout, one area is not only avoiding the cuts but will see
activity accelerate — offshore oil exploration...........is holding conventional oil exploration spending steady at $US600 million ($800m) a year as the company embarks on its biggest push in more than a decade, targeting big finds in the Beagle sub-basin off Western Australia, the Gulf of Mexico and in Trinidad and Tobago......rather than responding to falling drill rig-hire rates and lower oil prices by cutting back spending, BHP is instead taking advantage of the lower rates by trying to secure an extra offshore drill rig.......The local target is the Beagle sub-basin off the coast of northern Western Australia.....Like in the Americas, BHP is looking for oil, not gas, and has previously flagged first drilling in 2017-18.""

BHP is obviously confident that the oil price will be a lot more comfortable 18 months from now.