let's keep it real , page-15

psi81
this is from ctp web site.

Johnstone 1, EP 115, a 500 MMbbl UOIIP oil prospect designed to test similar oil horizons to the Mereenie Field further to the south-west. A number of other prospects are available within EP 115 for drilling in 2010 if the first well may be successful. One of these, the Surprise Prospect, close to Johnstone 1, may host up to over 700 MMbbls UOIIP

from what i have read above, it would seem that unless j1 comes up positive they may very well not bother drilling anymore wells in the short term in ep115...

from the last ann.......
the company plans to initiate a stratigraphic drilling program for coal in pedirka basin shortly, by shortly they mean 4-8 weeks.

no mention of helium drilling in last ann and considering they mentioned the stratigraphic drilling program for coal i presume that they are maybe considering putting helium on the back burner "if" j1 dose not come up trumps, but please note this is purely just guess work from me i may be wrong.

now for these guys to want to drill more coal in pedirka basin to expand the known distribution and thickness of the coal there must be reasons, i note it has been mentioned on here that some external party has shown interest in our coal, I'm not sure where that came from i cant find it in the anns. but if its true than i would presume the external party wants more info.

what do i make of all this, drill j1, if comes up trumps good, full steam ahead, go drill surprise or Stuart and or helium but just in case it dose not then lets go drill some coal for the party interested and maybe we could get some cash flow/jv/partnership going that way we cover our arses and move forward. our coal i have always viewed as a company saviour and maker, is jh willing to bend and twist though.
so i suspect alot is riding on this drill (j1) and if not then alot is riding on bringing someone in on the coal for some initiall cash flow and credibility.

again due to the eloquent, precise, well articulated, fully informative anns ctp puts out for there well appreciated and looked after share holders everything i have stated above is purely "guess work" i truly have no idea in what direction they will take this next and why.

what i would like to know if anyone can be bothered is roughly how much cash will we have left after j1 is drilled? this will govern roughly were the sp will linger if j1 fails.

ps. psi81 have always appreciated your contribution on ctp, thx