Range Trading Halt, page-4

This 2C announcement seems early in the process, yet flagged by LD on 19 August. CTP has drilled 4 holes and made very confident noises, including omitting a scheduled fifth hole.

Good coal seam thickness and gas flows suggest this is a viable project. There is the prospect of attractive efficiency benefits in rearranging CTP's gas contracts with IPL supplying Phosphate Hill and Gibson Island.

The Range deal is a sweet one for CTP, with 50% partner IPL fully funding drilling. IPL is a very motivated gas customer and the QLD government is determined to head off the the risk of Gibson Island closing.

Cautiously excited indeed.

Meanwhile, CTP's existing Central Australia production operations are steadily erasing those towering liabilities and Dukas over-pressure is tantalising. For Justin, we also acknowledge the prospect of high value Helium at Dukas.

Ash