CTP 2020

CTP tenements may be Australian seismic hot-spot in 2020. Seismic, regional and in-fill, is needed at Mount Kitty / Magee / Dukas area, Dingo, Mamlambo-Surprise, Ooraminna, Ethabuka Southern Georgina. Stage-Gated Play strategic analysis will sequence work, along with cost, cash flow, service availability, timing determinants.

Planning Range drill and commercial flow rate proving 2020 may follow data analysis shortly. Dukas data analysis, confirmation of plan to return to drill to basement target, and preliminary timing of that event, may also be decided shortly. Ooraminna drill commitment is required met before April 2020. Mereenie re-completions campaign is tentatively scheduled to begin mid 2020 - discovery of new way to access recoverable gas Stairway immediately adds substantial resource and value ( it has been 16 months since WM26 failure Stairway without outline of alleged investigations into possible access resolution ).

It is said organising into 2020 are finalisation of new GSA's, less costly income increasing re-financing, finance for Range development, new general working capital loan capacity.

Seismic, drilling, project financing from income, leap frogging staff numbers / remuneration, Community Committee Consultant ( Croydon Victoria ), ( and other as yet undisclosed expenses ? ), costs likely fully use future production earnings.

After fleeting share price rise to 21 cents and continuing quick retreat to current 17.5 cents, owners / shareholders may decide to reject Board recommended structure and operations as described above, instructing Board to separate income producing and near income producing assets from frontier prospects, IPO frontier prospects raising new capital from new shareholders, distributing shares in new entity pro-rata to existing owner / shareholders.

Existing entity would remain income producing dividend paying company. Annual dividends paid in two six monthly amounts would total 3.5 cents. Dividend grounds share price around 62 / 67.5 cents with yield 5.456% / 5.185% - both share prices and yield very attractive to investors seeking regular income ( way above anything financial institutions offer ). Dividends leave company with 5 / 6.5 cents for prospects development.

All current activities / prospects kept in existing company structure ensure new capital has to be raised to fund developing prospect momentum.
Capital may be raised by dilutional new share issues or farming out prospects following seismic. Executives and Board ambitions will not allow consideration of sale of assets ; hyper proposed increases in already exhorbitant financial remunerations for executives make that clear. Blatant transfer of owner / shareholder wealth involved is scandalous and owner / shareholder reaction and pro-active behaviour is indicated.

Annual Report refers to increased shareholder value through rise in share price to over 20 cents ( it came after many fruitless years for owner / shareholders ). Share price has quickly retreated to 17.5 cents and likely continue falling until Dukas drill finished 2 to 3 years from now.

Owners / shareholders may well endure another extended flat-lining share price without dividends. Take-over offer is unlikely until Dukas is finished 2 to 3 years time and potential field value parameters established.

2018 Salary Strike should be followed by another this year. When stage-gated play medium and long-term analysis is published 249D's may be necessary ; scheduled publication is January 2020 so it will be necessary to call General Meeting to vote.

I thoroughly recommend owner / shareholders give executives / Board clear direct guidance in all matters at AGM. Once again it is necessary for owners / shareholders to reassert control.