honkynz,I most certainly see your and many others' perspective...

honkynz,

I most certainly see your and many others' perspective on the coal as being a waste of time and money in the immediate term. Before Johnstonne, I could justify it on some level, as any announcement of an MOU or JV on the coal (even given a 10 year time frame for monetising) would de-risk the company and would provide an alternative should the oil project go belly-up. I have stuck with this defense of CTP and JH for a while as I really did believe this was a viable plan B.

What you and others have correctly pointed out is that NOW of all times, when we are running out of money and needed this second raising in quick succession JH is still diverting funds to the coal project when the reality is we could keep these funds and use them to horizontally drill JW-1 or S1... perhaps even do some fracing to both?

I can only surmise that there IS in fact a possibility of an MOU or JV. This is the ONLY justification for continued spending of limited funds on such a long term project. The problem being, we will not know until it is too late.

In any case, it would be foolish to think that there will not be a mass exodus from this stock should S1 fail to flow.

The primary concerns (Correct me if I am wrong psi, Ya, Al99 and whomever else is a true expert on this thread) are that this "4-way-closure" is not real and is merely selfish one-eyed interpretation of 2d seismic. It has been explained to me that there was an apparent lack of a velocity gradient and given this scenario, the enclosure will exist and should have help oil. Given it's relative location to JW-1 and the perceived oil kitchen, Surprise technically speaking must have "overflowed" from Pacoota, into Stairway and HVS. This is where these porous formations soaked up the oil and hence formed no real reservoir, leaving us with the tight play we now know exists.

The scenario now is that we will either have:
1. Oil shows, and a reservoir
2. oil shows, no reservoir (same as JW-1)
3. little to NO oil

Number 3 is complete disaster as, beyond the obvious lack of an oil discovery, it also shoots down the oil kitchen theory, or at least it's relative location within the basin.

2. simply implies that horizontal drilling is the only way to extract oil from this basin (potentially)

1 means JH and CTP were right all along and we're all happy.

Time and money are stifling this company right now. Results are fleeting, and this is a major dice roll. I believe fervently in the CTP story, and long-term this company will succeed at some point. Whether that is now or later depends much on S1 and how it pans out.

The coal may yet be a saving grace... 10 years down the track. The Helium too is very interesting to the Chinese and a niche part of the broader market. Again, how long?

Good luck holders!

Feel free to counter my points of view! This is the reason I post on here. Knowledge is Power :)

Thanks guys for your time.

RB