They've been burnt too many times to go it alone - last time they did it Cottee was shot, giving LD the reigns. LDs decision to farm out for PV12 would also reinforce his decision on the JV approach, given the failure at depth.
Agree current NPAT doesn't support dividends, however 10TJ/d at $5/GJ margin isn't out of the realms of possibilities if the NT becomes a net importer - and that would be a massive game changer for both net profits and exploration funding.
CTP Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
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