phase 1 drilling & seismic program.

As a respite from all of the irrelevant hoo-ha being bandied about on this thread, perhaps it is timely to examine just where CTP is, apropos the soon to be embarked upon field program..

The "first horse out of the stalls" is the drilling of five CSM/CBM wells..This should be a reasonably straight forward exercise, with an experienced Driller,( Wallis Drilling Co.)and in view of the positive results from CBM 93001,the odds are that this part of the field programme will be a success, in terms of proving up commercial deposits of CSM/CBM....

A successful CSM/CBM program would also hopefully have the effect of causing the FPO share price to appreciate towards a level where it would be feasible to convert CTPOA to FPO's and increase CTP's finances by approximately some $25.mil.


Regardless of the then prevailing situation of the JV with BG, a success will still be a success, and as Camden Bob has indicated, events will eventually unfold in logical sequence..Concurrently with the drilling program, is the gathering of additional seismic over the Magee Helium prospect. This brings us to a very interesting point.

If, as appears likely, the imbroglio with BG becomes another "Days of our Lives", then CTP needs to be able to move on and circumvent BG..The five successful CSM/CBM wells, (and their contents), will still be there.

By gathering and processing further Magee-2 prospect seismic and readying for drilling what appears to be an existing deposit of He/Conv.Gas,CTP not only has but only one JV Partner to liase with, but also, as per the announcement of 26/11/09, a relatively fast track to monetisation..I would hope that this is the prime motivator for the recent appointment of the consultants to examine the possibility of a He extraction industry..

As far as costs go, we should not overlook the fact that,currently,CTP would incur only 50% of Magee costs and in a worst case scenario, only 60%(?) of the CSM..(Worst case being ROG out and BG being in with CTP).

HeN=MPS=JH (in Sydney) = QED.(?)