CTP claim multiple farm-in expressions of interest.Multiple...

CTP claim multiple farm-in expressions of interest.

Multiple farm-ins create web of ownerships, ownership sizes, multiple ownership relationships, decision making delays, administrative inefficiencies,
financial / relationship risks.

SOA experience involved due diligence by numerous parties all of whom withdrew interest due to organisational / situational complexity. Macquarie was only party to make a bid.

Current farm-out plans will create organisational / situational complexity. Should planned drilling proceed and succeed spectacularly complexity will
retard takeover bids.

Santos is prominent in N.T. exploration / production and in CTP tenement exploration. Santos, if it were the only farminee, could efficiently, rationally, logically, easily financially, take full control CTP. Santos complete ownership CTP would simplify situation.

Santos decided some time ago to sell Mereenie, Dingo, Palm Valley... as being outside its " core interests ". New impressive dynamic, such as profoundly attractive new discoveries, is required to re-involve Santos in CTP ownership.

Without new massive discovery Santos will not re-involve itself in management intensive, time consuming, small, inadequately financially rewarding, complex CTP ownership.

Organisational / situational complexity, market instability, rapidly advancing multiple east coast exploration / production / LNG import projects, repel takeover bids for CTP.

Shareholder Syndicate is only credible entity capable of resolving CTP organisational / situational complexity in timely cost efficient process, realising asset value, returning wealth to Syndicate Shareholders. 5 cps bid remains live in COVID / energy policy inertia driven situation.