$47.95 million out of this $50 mil is set aside for Drilling & Exploration.
Coincidentally, that sort of figure is just enough to get u over the line for 1 Deep water offshore well on a trouble free basis & in this case, should b sufficient for CTP's upcoming campaign in the Territory.
Remember with the last drilling campaign at B1, S1, CBM93001, they couldn't do any production tests b'coz of budget constraints. IMO, they should b well covered now.
The key-phrase on the speeding ticket on Friday, was "embarking on an aggressive drilling program begining in Aug-Sept."
$50m is a aggressive enough for 10-12 onshore wells, IMO.
CTP Price at posting:
8.9¢ Sentiment: Hold Disclosure: Held
