Plan B

Plan B
This is what CTP should be doing NOW, regardless of the SOA, they are still working for the Shareholders.

• Announce a reserves increase. It stated in the IER that some of the 2C reserves are classified as such due to inaccessibility to the market. This should no longer be the case with the approval of the NEGI pipeline. I would suggest bring in a Reserves Auditor to reassess the reserves for the Mereenie, Ding and Palm Valley fields; with a reserves increase announcement soon after.
• Start the recompletions now. The IER indicates that there are over 60 wells, within the Mereenie field, that could be recompleted resulting in about 3 BCF per well. This with the above increase in reserves provide greater leverage in raising GSA’s, resulting in greater leverage in raising funds.
• Delay drilling of new wells until there is sufficient cash flow to pay for them .Do not seek outside funding large CAPEX funding when there is a risk of failure, resulting in a risk downgrade in the value of CTP.
• Do not understand the requirement for large facility upgrades. Mereenie has processed gas at a rate of 50 MMSCF/day in the past, why would it need a major upgrade now. Cottee stated at the Brisbane SOA Information Session that the facilities were very old there needed replacement. Sounds like a nice to have not a need to have.

Regards
Munaigaz