My thoughts on yr second point, Taipan using CTP's update which...

My thoughts on yr second point, Taipan using CTP's update which mentions 'acquisition of oil & gas assets & an associated debt facility'.

Seems familiar to what AED were offering for 50% in Longtom in May'09.

A$155mil for 50% share, 175 PJ gas @ US83c/GJe multiple (or 32 MMboe for US$3.6/boe).

This acq was meant 2b funded by $100-120mil debt financing deal + their own cash.

As per NXS's Annual report, LT is left with the following,

2P-121 PJ gas + 1.4 MMbbls condensate,
2C: 102PJ + 1.14 MMbbls condensate

Total: 223 PJ gas + 2.54 MMbbls condensate or apprx 41 MMboe using 1PJ = 0.172 MMboe.

Will b interesting to see how the valuation works from CTP or whosoever mayb interested in the 41 MMboe of 2P+2C LT reserves.

Example: At $2-4/boe that's $40-80mil for 50% of Longtom that generates $52mil in annual revenue.

As of Dec'13, CTP had no debt & cash $12.5mil & late last year hired a Banker as a board member, so getting access to a debt facility shouldn't b difficult for them. I've just used the keywords in CTP's release as a guide for the above scenario.