convertible bonds

CTPs recent ann states that the ninth Subsequent tranche of convertible bonds issued with a total subscription amount of 1,000,000

Unfortunately CTP cant operate without them and we (investor) hate the delayed dilution effect it has to our share price. What we have seen today is another release of our consolidated funds being pumped back into the phase 1 drilling program. But, without the luxury of convertible bonds, there would not be any drilling or seismic. All activities would some to a grinding halt.

Nothing sinister in what CTP are doing, we all know that CTPs credit rating has not taken any hits, we all know that CTP are not issuing convertibles in order to lower yields. In our case the selling of 1 million convertible bonds is the capitalization of driving our drill campaign cost down, not to mention the shared costs provided by our JV partners.

However, we all know that at some stage the options to use convertible bonds as a mean to finance an organisation evenly runs out and thats where the investor gets hit once again by means of capital raising

I hope that phase1 brings us more substantiated news of what we already knew prior to this drill campaign and hope that the need to initiate capital raising is not required prior to the start of phase2, after all, this could have the potential to drive the SP down.

So positive thinking required, entrust past research, past drilling results and seismic campaigns and consultant reports and interpretations. I look forward to some confirmation of production grade oil/gas/ or helium soon, with the amount of acreage we may even come across a gold mine.

After all, lasseters reef is some where out there, yet to be discovered.