eir/ctp farmin analysis, page-20

Yep, agreed completely... But i just was implying the $10M doesn't mean to the share price much when you have $220M worth in reserves...

CTP's farm out agreements are amazing, i'm not sure if everyone's realized the value of PXA's agreement... They're willing to pay 40% in every tenement for all pre-drill seismic and 3 wells to only earn 20%... If you put this into figures each seismic is approximately $3M and each drill is about of the same order and they have about 18-20 tenements... This equates to more than $200M planned expenditure for only a 20% stake!

It seems CTP aims to farm out each of their tenements even further so they minimise their costs from 60% to more like 20% or even free carried as is with the case of EPA130... They've done similarly with Mt Kitty and Magee where they are only paying 10% of the costs as He Nuclear have farmed in 25% by paying 50% for drill and seismic.

I wouldn't be surprised to see more farm-ins coming up...