change in prevailing sentiment

I sense a change in the wind on the sentiment of CTP.

A week or two ago there was a lot of negativity on this forum, with a lot of people declaring that they wouldn't buy in to the rights issue, wouldn't give more money, etc.

Now it seems that the prevailing sentiment is that people will take up their offer.

I think that people have come to terms with the necessity of the rights issue for CTP to move forward.

I think that people are accepting that CTP was forced into this by defaulting JVs, rather than it being their own fault.

I think that people are believing the CTP manta of the moment - "Business as usual".

I think that people are excited about the phase 2 drilling campaign, starting with Ooramina and moving on to Johnstone.

The rights issue is fully underwritten. Whether you exercise your rights or not, CTP will still get the money for the rights.

Most people don't like to see their SP dropping. Most people don't like to see significant dilution with more shares being issued.

But CTP was always going to need a lot more money for anything to really happen for them. They need to get producing and producing in a large way if they are ever to have the income to increase their production across their huge tenements.

Whether the negative commentators of the last few weeks have changed their minds, or have just gone quiet, I can't say. But I think this change in the winds has come because we still believe that the company is going the right way, that management is making the best choices, and that soon we will see our belief pay off when we find a producing field.

I look forward to phase 1 continuing and phase 2 starting. It will be good to see two rigs drilling at once, and hopefully we will get daily updates from both - the discussion here on HC will go through the roof.