CTP MISLEADING LANGUAGE and USE OF BARTER, page-4

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aabbaadd

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06/09/20

12:53

Post #: 47122220
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Originally posted by aabbaadd: ↑

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.

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Current Chairman's comments in last years Annual Report were controversial raising issues.

He noted companies creation of Community Affairs Committee and election of former Territorian Bob Liddle to it. Liddle moved to Victoria many years ago where he conducts his " consultancy " business. Territorian residents who know him and blood relatives say Liddles migration to Victoria renders him irrelevant in the Territory.

Chairs comments about share price have not been corroborated by its behaviour.

Chairs limp comment about alleged climate change shows failure to develop, articulate, and assert legitimacy of gas and company in Australian energy solution.

Clear assertive statement about gas role and legitimacy is required - without it Board looks ineffective and incapable of progressing company development.

Direct firm handling of anti-fossil fuel activists at this years AGM should be actioned and maintained in future comments and interactions.

CTP Price at posting: 11.5¢ Sentiment: None Disclosure: Held
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0 Great analysis

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