Significant Upside Potential, Driven by Multiple SourcesWe see...

Significant Upside Potential, Driven by Multiple Sources
We see strong upside potential to our base-case valuation. The flexibility in the financial position of CTP allows multiple
sources of potential upside valuation which can be created by CTP over time.
Potential drivers of future upside include:
• asset farm-outs – value of operating assets reflected by price paid by new partners
• exploration programme – potential to double reserves and increase production and/or life of assets
• early debt repayment
• construction of AMGP – significantly reducing gas transport costs and increasing net received gas price
• increased east coast gas price – our gas price assumptions are consistent with past prices received
• Range Gas Project development – rapid development potential, adds significant cash flow.
CTP’s flexible financial position should allow it to maximise the value of these options and add significant upside to our
base-case valuation over time.
Core assumptions
The core assumptions we have used across our valuation are as follows:
• net gas price received: A$5.60/GJ escalated
• discount rate: 10%
• USD exchange rate: US$0.70/A$1
• long-term oil price from FY2025: US$70/bbl
• a value of A$0.67/GJ for Mereenie and Palm Valley 2C Resource
• a value of A$0.55/GJ for Range 2C Resource.