Markqark, the chances of central applying a CR is far greater...

Markqark, the chances of central applying a CR is far greater than the Big Mac approach, but more interestingly is the chance of other out of the left field opportunities. For Central to secure such funding, it may be more practical to seek alternative options such as mergers or significantly better JV’s and JV terms with like-minded organisations.

JV) The issue with a compatible JV approach is problematic for central as approval for any additional JV’s with central will need to be supported with an approval from both Total and Santos, this IMHO would not pass the line due to complexities involved, so this option can near be removed.

Merger) A merger is assigned with the same level of complex issues as per above paragraph, unless a merger is done with one of the current existing JV partners which is unlikely. Santos would look silly having sold the m field only to buy it back at high prices through any merges (acquisition) of central hence, this option can be removed as well.

Capital Raising) Big mac are currently reviewing centrals books and data, this will provide big mac with a better understanding of their investment being central petroleum. A capital injection of some form may come by way of big mac and have central do the leg work and have the gas secured before central becomes part of the big mac and Brookfield plans.

Assets) Central do have a couple of aces up their sleeve, now that OPEC and agreed to reduction in oil production starting in Jan 2017, the Surprise oil field become a consideration. Production at Surprise becomes economical at around $68 ppd, OPEC hope to have oil in the $75 region this time next year. This will allow central to either re-start the Surprise oil well or sell the asset onto someone who will mature the discovery. Selling is a better option as it provides immediate 25 to 30 million cash in hand to start drilling, production is around 1.2 million on a good month.

GSA) Central has approximately two week to find out if government will support the lowering of the gas pipeline tariffs. Should this be the case this positions central into a position to apply at least two gas sales into both NSW and NT.

So, if you look at a combination of above, big mac ($10 mill) + asset sell (Surprise…..) + gas sales agreement may provide central the 55 – 75 million required to drill baby drill without too much share price dilution for long term shareholders.