Cottee's and boards key reason for accepting MB offer no longer valid!
Please correct me if I am wrong. My key takeaway from the 13 March 2017 meeting from Richard Cottee is that the CTP board and RC accepted the MB offer due to the fact that the Wakaya land council on 18 February 2017 would not sign off on the Jemena NGP pipeline until it could be guaranteed to be filled with conventional gas. Richard insisted that approximately $80 million dollars in additional exploration and proving of resource was required by CTP to show that it could fill the NGP pipeline with conventional gas, so that approval from the Wakaya land council would be granted for the construction of the pipeline through their lands. RC said that CTP would not be able to raise its share of this additional money required for this essential exploration.
The Wakaya land council has now signed off on the pipeline. This critical development makes the key reason for accepting the MB offer gone, dead and buried.
I will be writing to the CPSA requesting they raise this key development with CTP directly, prior to the independent report being released. I had reluctantly accepted that this was a genuine game changer that had come from left field in mid-Feb 2017 and that the CTP board had little option but to accept the MB offer given the narrowing time window for CTP to take advantage of the East Coast gas crisis.
Like most shareholders, I don't think that the CVN is worth a pinch of shit and an absolute insult that it is capped at a maximum of $90 million on a resource that could be potentially worth billions. RC on a number of occasions has stated that the Cooper Basin and Amadeus were discovered at the same time and that the Cooper Basin was developed because it was closest to market. The Cooper basin after 40 years is well past the easy and cheap extraction of gas, the Amadeus at the beginning of cheap and easy extraction. Santos has kept its stake.
After this critical development, I will now be voting NO having been undecided and looking at a 70% loss even after averaging down 25% of my shares at $0.10 late last year.
All the hard work has been done, if Cottee wants to walk away having taken his knickers off too quickly for MB (who clearly have not respected him in the morning), then thank you for all your help RC and board. Shareholders can find a competent management team for ongoing operations.
We now have a story worth being published in national newspapers if RC does not acknowledge this game-changing event in the coming fortnight.
I am happy to see $35-50 million in net profit per year from GSA that can be signed on existing reserves based on statements made by RC in October 2016. I am equally happy to see these profits invested into exploration to prove up additional reserves over the coming decade from our highly prospective tenements.
