second jv , page-14

"Not the greatest deal that could have been done,"

Source: Patterson June 2011 report on CTP.
30/11/2010 Mitsubishi farmed into BRU Canning Basin $11.37/acre.
22/2/2011 Hess farmed into Falcon Beetaloo Basin $14.25/acre.
13/11/2011 Conoco farmed into NSE Canning Basin $12.50/acre.
And now:
2/10/2012 Santos farmed into CTP Amadeus and Perdika Basins $11.26/acre.

Comments:
Given the size and remoteness of the farmed-in area, Santos/CTP deal is comparable to the other farm-ins.

We need to consider the feelings of Santos shareholders, any buddy rates with Cottee will be caused for concern to them.

It will be better for RC to gain from other areas, examples:

1. Getting hold of seismic data and knowledge gathered by Santos in the Meerenie vicinity.

2. Access to drilling rigs.

3. Access to infrastructure eg. oil pipeline from Meerenie to rail.

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