further to the GSG and PXA debate, JH followed his first email up with a second and it shows that the GSG and PXA in principle agreement and any subsequent finalisation would have been an infringement of the terms of the CTP/PXA JV agreement. JH also can't guarantee that there wasn't a second stage process (IF there ever was a sneaky one) which CTP are/were not aware of that would have been an infringment of the terms of the JV.
i hope JH doesn't mind me sharing it but here it is and it helps us better understand the jv terms that QGC/BG have accepted and it puts a very big ? mark over the GSG Term Sheet, PXA and Martin Place Securities.
"I can not prove this one way or the other but I can say that under the terms of the JV agreement, it is impossible for a party to farmin to the CBM rights alone. PXA could only farm down a percentage of the whole of its interests in each permit to a party and then only under certain circumstances. I do not see that QGC would have allowed such an agreement to remain in force even if it was (technically not allowable) in place. So, I really don't know if there was a two stage process here relating to CBM rights."
cheers
CTP Price at posting:
8.2¢ Sentiment: LT Buy Disclosure: Held
