From PSI81"I also want to know exactly what they plan on using...

From PSI81
"I also want to know exactly what they plan on using this money for. I'd rather see most of it go on appraisal wells and surface infrastructure than regional seismic."

The company has 235,000 blocks of 1 sq km.
From memory annual rent is $23/ block.
There is also a pre-agreed compulsory work program for each E.L. which probably involves seismic and interpretation up to year 4 with a hole in year 5. This can be expensive.
Half of the blocks in each E.L. MUST be relinquished at the end of year 5.
The big boys relinquish land quicker than required if their exploration indicates success unlikely, and hold the blocks with the best potential, thus saving considerable money.
It is normal practice.
There is nothing to be gained by holding all the land to year 5 if exploration hasn't found any targets. It is just a waste of money. I don't know if CTP is that smart, they may hold all land to the bitter end until they are compelled to relinquish.
I think CTP are caught in a bind that they are required to spend on some ELs that require regional seismic expenditure.
My gut feeling is that CTP are heading for a share consolidation and then new issue.
I don't hold.