CTP AGM notes, page-6

Great summary Gibbo,
I was at the AGM as well and will add a few of my observations to compliment Gibbos excellent post above.


- Our costs going down due to end of mining boom and lots of skilled labour looking for work.

- CTP buying assets when most others selling. Being contrarian which I like.

-Our assets purchased( Palm Valley, Dingo and Mereenie) with Macquarie loans are secured by the assets themselves only and not by any other assets of the company. e.g. No risk. This is an amazing piece of financial negotiation from my point of view.

-As Gibbo mentioned $1 per Gj cost of production!!!! vs Cooper $4.50. Cottee said to opposition producers "come and get us."

- CTP will be the only company that can ramp up production quickly when required.

-I asked the question about the reason for the Magellan sell down. RC explained that Magellan being a small USA oil company was struggling with the collapse in oil price and stronger USD. CTP was in talks with them. They were of the view that the selling would stabilise very soon.

- The Santos and Total joint ventures and Surprise are relatively insignificant in comparison to Negi demonstrating the scope of our new direction.

As a past shareholder of Queensland Gas it seems like groundhog day to me. I have also been a shareholder of CTP since the year it listed on the ASX.

There is no such thing as a sure thing so don't risk what you can't afford to lose. Some pieces still have to fall into place.

mg021