It seems clear to me that Santos will, in all likelihood,...

It seems clear to me that Santos will, in all likelihood, continue to phase 2 of their farm in with us. The helium content alone makes the Southern Amadeus strategically one of the richest helium province in the world. Somewhere between Magee and Mt Kitty lies gas resources with between 6-9% helium and 20-50% wet gas as confirmed by the two wells.

Santos and Total committing to all 3 stages of farm in is fundamentally very important to CTP, and so far all signs are looking good. The market have not given much attention to the Southern Georgina Basin as yet, but if oil or gas can be proven to be extracted by either our neighbor Statoil or us, then the game is on. By the end of stage 3 we will know conclusively whether SGB is commercially viable or not. With Santos we still have another 1,000km of seismic and some 9-11 exploration wells - that's a lot going for the next 2 years.

Meanwhile our immediate focus must be on conventional oil targets that can bring us early cash flows. We have $38 mil that needs to be forked out before Nov 2016 for our part of the SGBJV, and beyond that it will be our 30-32% share of the 2 JVs. At our current lowly sp that amount of money seems big. There is a point in each junior explorer's life where the capital required to further activities and create cash flow and the dilution effect to get that capital becomes a very fine balancing act between wealth creation and destruction. I'm sure our MD is fully aware of that and will do everything in his power to get us out of that danger.