comfortable.

Some of you may know I have been hanging around these parts for some years now, and a holder for more than I care to think about. Made no real money (yet), but it’s been exciting.

I don’t post that often, but recent events have spurred me into action.

I am feeling more comfortable with my CTP holding now than I have since I first bought a few back in err…2008. To the extent that I have just added to the collection.

At long last I believe we can realize some of that potential that has been talked about here for so long. I hope I have not been lulled into a false sense of security. And by that, don’t think for a second that I believe this to be a ‘secure home’ for my money – this is a speccy share for sure – we are in oil exploration after all. I wouldn’t push the boat out far enough to call us a producer just yet...

So why am I comfortable? Because pretty much all my concerns over exactly when we were going to drill some holes, and how we were going to pay for them, and whether there was really a chance of there being something down there, have been addressed. Sure we’ve had to hand over a chunk of the potential return to make that happen, but the key bit in there is ‘potential’. If it’s proven rather than potential, then I’ll be a very happy man, even if I only get a part of the spoils.

CTP now has some proven reserves, decent wedge of cash in the bank, hugely experienced partners (who clearly think there's a good chance of something being down there) stumping up cash to drill multiple holes in the next 18 months. Focused and incentivized management. Another JV about to be announced.

That is real comfort in the world of oil exploration.

Really, all we have to worry about now is what we’ve had to worry about from the beginning – is there anything significant down there, and if so, what’s it worth?

A quick recap:

- Santos & Total putting in ~$300m.

- Surprise 1P = 0.6mmbbl recoverable, 3P = 2.1mmbbl. Possible 2C = 5.8mmbbl over whole field. Farm-out about to be announced. Surprise East drilling Q1 2014.

- Amadeus HVS Prospective Mean Recoverables of 26 TCFG + 1 Bn bbls oil. Happy for some of that to go to Santos. Mt Kitty drilling Q1 2014 (no cost to CTP).

- Arthur Creek (South Georgina) Prospective Mean Recoverables of 33 TCFG + 5 Bn bbls oil. Happy for some of that to go to Total. 4-6 wells starting Q1 2014.

- Wiso basin 11m acres...for later.

- And who is Hector??!!

So we (or should I rather say RC) finally managed to bring together the box of fireworks, some matches, and what looks like a clear patch of good weather.....the blue touchpaper is lit.....we can sit back and relax, it's just a matter of time before the whizzbang and flashing lights. I hope.

As RC put it not so long ago: “An Asymmetrical Risk/Reward Equation”.

Good luck all (for some is still needed)!