CTP's description of Dukas plan being " free carry " is...

CTP's description of Dukas plan being " free carry " is inaccurate.

Further completion of Dukas will either cost CTP AU$3 + million cash or 30 % of current 100 % ownership of EP82.

In both scenarios there is either direct cash cost or indirect ownership cost as future asset value reduction.

CTP is in effect BARTERING.

Paying cash $3 million CTP recovers 15 % ownership of DUkas taking total ownership to 45 % - CTP is then responsible for 45 % drill and associated costs which are $4.5 + million.

This increases CTP planned spending 2020-2022 by $1.5 + million to $135 million.

Bartering 30 % EP 82 to Santos exchanges short-term cash flow retention for potential long-term asset value reduction.

Santos Dukas operator has first and complete knowledge of Dukas data. Santos' long continuing Dukas involvement makes it implausible it would surrender 15 % Dukas now - it would only do that if some catastrophic new information were known - is new information to come to hand before new drilling ?

CTP's phantasy farm-out financed development plans, use of obscuring language, cashflow juggling kaleidoscope are red flags warning collapsing house of cards.