rc update

A few key points from a briefing RC gave at RBS Morgans on Tues:

- currently doing steady state test on Surprise (have been trialling different things before now)
- expecting to received 3D interpretation mid Oct
- with both of the above, expect to have a clear way forward for developing Surprise by end of the month
- its still his goal to try and get a deal done in Q4
- he has a clear focus on what what he wants to retain versus farmout and the Santos deal is consistent with this (he was clear up front that the deal would not include Surprise) - the important thing about the deal was that it took away pressure on raising funds to retain land
- deal leaves about 30M acres for CTP to develop under their own name and without financial pressures
- the deal with Santos includes open communications (CTP will not just get info that is reported publicly)
- Santos deal includes specific targets for each stage including wells drilled and seismic
- he has been focussing on getting operating costs down to best practise (cost to keep the lights excluding exploration/production costs) - he quoted a significant $ figure but don't have this with me
- he expects this reduction in costs and takeup of options to provide sufficient funds to develop Surprise area
- he was very positive about the potential of their land (indicated that there is an additional oil trap only 300m below where they have discovered oil around Surprise)

He certainly appears to have a very clear strategy and was happy that everything was going to plan in his first 70 days - would like to move quicker but indicated that some processes simply take time (e.g. Native title) and are best done armed with the right information.

Personally happy I am holding this stock.....