reality check

I almost feel for the main new buyer, when I bought my way into the Top 20 at around 15c I had great hopes too.

As a more experienced investor now, I see that CTP's tenaments are an extremely expensive and difficult proposition.

A replacement of the board bar JH does not guarantee any commerciality of the remote and tight tenaments that JH so diligently acquired all those years ago.

Large amounts of capital (to be dredged from you the shareholders) will still be required to get anywhere near any kind of cashflow.

Surprise-1 will more than likely still provide a disappointing non- commercial flow rate, especially in terms of Capex, remoteness, seasonality etc.

CTP's tenaments are the rejects of SANTOS etc.

The Pedirka coal, once spruced by JH to hold 30-74 TCF are now proven to be a low grade deep commercial fantasy yielding no commercial CSG whatsoever. Possibly worth mining or transporting or turning into UCG thousands of years after closer targets are consumed.

I wish my personal best, to the old faithful CB and others who have stood by this ridiculous company. And I wish my best to the new take-over crew (if they succeed).

However, this is not the desert of Saudi Arabia (with million bbl/day targets), it is tight ground, with indigenous issues, with rainy seasons, with dirt roads.

With relatively small targets and big expenses (paid for by punters not large successful companies).

I believe this accidental pump was started by an naive investor who may/ may not be connected with a separate board attempt.

The chances are this dump still has a fair way to go. And if the board is changed, it will not necessarily change the real issues.

Best wishes,

M-61