CTP has successful income producing assets attractive to other...

CTP has successful income producing assets attractive to other corporates as demonstrated by HZ, NZOG, CUE buy-ins. Scope for significant increase in resource size is known and new partners will use their voting power driving extension of resources.

CTP also has numerous other exploration prospects with substantial potential resources. They are being prepared for marketing to potential farm-in corporates.

Distance from east coast markets, pipeline transportation costs, irregular pipeline availability, remain obstacles to be managed.

Successful drills at Mount KItty / Dukas underpin progressing plan to build Amadeus Basin to Moomba pipeline. That minimises NGP problem and in time eliminates it.

Until that happens corporate attempt to take-over CTP are unlikely and would be successfully resisted as it was with Macquaries attempt to do so.

Strategic Review attempts to attract take-over offers did not produce financially credible offers.

Trojan acting for others ( less than 20 % issued shares ), plus T.H @ associates ( less than 10 % ), acting together ( 30 % ) significantly influence voting outcomes.

In event of corporate take-over offer made after Mount Kitty / Dukas drill success Trojan plus Th @ associates may persuade half remaining uncommitted holdings to support their view producing a 65 % vote in favour.