picking up 20 c coins for 3 c, page-30

With the $1.2m they recently received from the ETE transaction there will be no 'need' to raise here however they would be getting pretty tight come drill time so I'm expecting to see some form of fund raising between now and then. Thoughts are that the bolstered management team have the clout to do so at a considerable premium given the quality of the asset. That said I'd not be entirely surprised to see a small 'get the boys set raise' followed by what Cottee is best at; getting someone else to pay

CTP which was Cottee's last play currently have 2 free carried exploration plays in progress

1, The Dukas drill where Cottee and co got STO to come up with ~$60m for a 70% interest and free carry of CTP for all the pre work and drilling

2, ATP 2031, Surat basin where Cottee and co got IPL to front $20m for 50% interest and free carry of CTP for the drilling of 9 CSG wells in the Surat basin.

Cottee is very good at securing non dilutive financing options. He's also reasonable at looking out for Cottee hence my thoughts that there may be a small raise to fill his boots followed by a non dilutive option.