well said maguroI really cannot understand what else right now...

well said maguro

I really cannot understand what else right now you would expect JH to do.

go back a few months and the heads were already way above the CTPOA target and heading towards CTPO. JH would have been thinking, well nothing is being kept from the market, and the events have been received in a positive light.

He spells out that one of our drills is on the very boundary of the likely resource and it is. the price drops, well ..... he did say it was on the boundary.

We all want "early" monetisation but BG are putting up hurdles to making that happen. So an alternative track has been put in place, a painful one in the short term no doubt, but one that atleast initially seems to be on solid ground.

What do you consider early to be? the next drill rig is booked. He could not have approached an operator and said to them, yeh, we think we have the money to pay for it. we think BG will cough up and its just a stall.

I can understand the concern and the frustration of ctpo holders (I dont own any although I think I might buy a few cheaky ones if people get too silly and scared). However if you do not understand the nature of the beast its best not too feed it. If your reply is well, I did my best to understand and took JH at his word, then step back, draw breath and consider the alternatives to what has taken place and what environment we have been in.

The fact that this CR is fully underwritten at this particular time is I believe a god send.

Will the price drop to the issue price? no idea, hope not. I ask you this, how can you be certain either way and what is your bet?

I would love SANTOS to be on board (I hold), it may just be possible, synergies are existing and Santos must soon make some moves to firm up its resource base (regardless of if/when these resources actually are exploited).

So again, I will take my allocation, probably no more, but I will certainly take CTPOA's that are unloved and need a home. I do not believe the vision has changed, the ground is the same and the results of success and how it will be viewed by the market are unaltered. So trade away or hold and good luck.