the future,, page-6

Avemaria,

Well actually the following :-

1. Santos JV vast amount of seismic (1800km of seismic) has committed to drilling 1 hole as part of the Phase 1 of the JV. So the announcements will be:- Plan , Execution and Findings. The seismic will lead to some low level certainty estimates.

2. Total JV if you look a the Total farm in their commitment is to also do Seismic (1250km) but also a 8 Core holes over 4 permits. Expect announcements as above.

3. CTP's Initial focus on Horn Valley Siltstone (thickness around 50m TOC 1% - 9%) and Arthur Creek Shale (thickness around 300m TOC 2% - 16%) with Wiso Basin to follow . See Presso on 4 March.

4. CTP state the appraisal of Stairway play – Horn Valley Siltstone, Pacoota and Bitter Springs frontier formations will be a priority in the next 12 months. See Presso on 4th March.

5. Funding announcement for Surprise development (Debt/JV ? not Cap raise)

6. Grant of production licence for Surprise

7. Start of production at Surprise, 1st revenue



In addition,

There will be further JV's announced IMHO ... as only approx 40% of the Ground has been farmed out.

Sector wide appreciation: Further discoveries or transactions by neighbours will increase the "per Acre" value of CTP. For Example, BHP has suggested it is thinking of making a "Major" acquisition, on land, in the Australian unconventional Oil/Gas Sector.

There will be announcement about re-imbursement of costs recovered from JV Partners which will add to cash.

Also look at the number of tenements under application currently 21 ... I expect a large number of these to be awarded to CTP outright.

CTP is also clearly a takeover target which could come at anytime..


Finally, the $78m spent on seismic and drill/core holes will will reduce uncertainty about what CTP has underground significantly. This will come in the form of Contingent Resources (1C, 2C and 3C and perhaps some P50). This will add value to the CTP share price.