Even if Santos don't want to drill Waterhouse, JVs are normally structured so that one party can sole-risk a well if they so desire.
So if Waterhouse really is a good prospect with a decent COS, CTP could approach Santos and say "we would like to drill this prospect." If Santos aren't interested, CTP should be able to drill it themselves for a 100% interest. If it's a success, Santos would have to pay a big premium to buy back in to the discovery.
CTP Price at posting:
38.5¢ Sentiment: None Disclosure: Held
