Santos have reduced contractors 20% to 600 from 750 ; 500 staff take annual / long service leave ; offices in S.A., W.A., QLD., close April 6th - 24th.
Qantas CEO foregoes salary for three months ; SevenWest executives take 20% salary cut ; other publicly listed companies doing similar.
What is CTP doing ?
CEO gets AU$812777 annually or AU$15630 weekly
CFO gets AU$500403 annually or AU$9623 weekly.
GMEx gets AU$400000 annually or AU$7692 weekly
CCO gets AU$335131 annually or AU$6444 weekly
GC / Co.Sec., gets AU$625442 or AU$12027 weekly.
Obscene contractor income.
All company exploration / development activities are on hold indefinitely. Replacement of diminishing existing producing field reserves is not possible. Development of new prospects is stopped. Income potential is diminshed while rediculous salaries and other overheads continue. Formal administration is real short-term possibility.
It will shortly cost significantly less for potential farminees to combine together bidding for whole of CTP than paying for minor equity in limited diminishing field reserves - achieving their farm-in goal, making immediate substantial profit, returning cash.
Meantime existing shareholders continue to get nothing watching their capital / potential wealth disappear.
It is far better shareholder syndicate intiate bidding action, cleaning out Head Office, returning wealth to themselves.
CTP Price at posting:
7.3¢ Sentiment: None Disclosure: Held
