ctp a week in review

Last week our biggest concern was the weather preventing our Wallis crews from spudding, the week went by with hardly a mention of those inconvenient delays, the week was however jam packed with investor speculation, disharmony, apprehension and anxiety. These sentiments can safely be supported having trolled through the masses of mixed and emotional posts over the last 5 days.

We were first hit with the ASX trading halt last Wednesday (10th March) closely followed by CTPs announcement stating material capital raising, the sentiment on the day remained somewhat positive with the HC general consensus that BG may soon be out of the equation or CTPs the pursuit of additional drilling, seismic or a concentration of the expediting of hydrocarbon for monetisation.

General HC consensus took a turn for the worst when CTP announced that they has rediscovered missing Pedrika and Amadeus Basin. The importance to CTP and share holders was over looked with unsustained assumptions that seem to have been written full of negative and emotional sway.

The topping on the cake, the one that set many over the top was ROGs farm in announcement. So lets place these into bullet point and evaluate each announcement.
1. Trading halt material capital raising
2. Rediscovery of seismic data
3. ROG farm in update

1. Trading halt material Capital Raising

Trading halt Prior to the trading halt, Tuesday saw a health period of buys, this seem to have been institutional and the trend occurred towards the latter part of the trading day. Soon after Patersons started touting investors and potential investors for shares at 7,5 an 1 free for 5 buys. This set the cat amounts the pigeons and most rational assumptions gave way to emotion.

If we look pragmatically it would be a fair assumption that CTP has enough cash at hand for current program phase 2 and beyond, the assumption made was also taking into account the payments still owed to CTP from joint venture partners, we now know that payment of joint venture is an issue and could potential place some temporarily financial strain.

I mention strain because of the possible announcement soon due which could announce a more aggressive drilling and most certainly a seismic campaign. After all and as stated by JH, to reach self reliance between 6 to 12 months requires an aggressive campaign. Lets not forget we have secure a drill rig for this purpose to accelerate our program, hope the capital raising allows us to get two rigs lol

2. Rediscovery of seismic data

I have spent many years on a seismic vessel, both as a marine engineer and navigator (seismic) and therefore recognise the importance of seismic data acquisition. Unless JH or team members had these valuable document hidden in their bottom draw for years, who cares how they were rediscovered. Information is knowledge, what the seismic datd provide is not only knowledge but power and an massive increased in applying a success drilling and seismic campaign.

Imaging searching for gold with a hand held gold detector in search for a gold coin in the 2,500 acrage that CPS own. Now imaging if you were given the coordinates and the depth of that gold coin, your success rate would be reasonably bankable.

The only intrigue for me is the acquisition of this valuable data, to put this into perspective, the handling, storage and safe keeping of seismic data is similar to a security van carrying billions of dollars between banks and the treasury. In short, there is no way i am loosing sleep over having acquired rediscovered seismic data. For those good at puzzles, the key word is rediscovered that should give away a big clue.


1. ROG farm in

I am no financial nor legal wiz kid, but I do know the fundamentals, an agreement was made between three consenting partners, where one or two agreed contracts are in dispute, the letter of the law applies. Is it not lawfully understood that costs can be recuperated from courts of law, this process drags on, CTP does not want to be hand tied waiting on court dates and decisions, a life lie ahead for CTP, any legal intervention can occur in parallel.

In conclusion there is nothing that really has me committing harui carri just yet, in fact I am more optimistic about what may happen and look forwards to next Tuesday. As for the dilution of shares, it may have little impact if the mases do not sell immediately, i would hope that people would hold and wait for the time where CTP extracts it;s first barrel of black liquid, and if it does not then bring on the He.

Chins up, take a breather look between the lines as as some posted join the dots, the picture truly is not so bad.

PS Postlapsarian, thanks for the complement in one of your posts, sincerely appreciated.