the new impediment of ctp to a full takeover

Yes we can confirm that now.

Purchase of crappy assets from Magellan for more than they were worth. You see Magellen just packaged them up for a sale with an old depleted gasfield called Palm Valley and a very small less than full gasfield called Dingo. Dingo will take years to get into production. They do not even have a PRODUCTION LICENCE YET. Oh my God, not another Surprise catastrophe coming is it?

Our MD can't even handle acquiring a Surprise PL since he came on Board about 2 years ago. How can he handle Dingo and a pipeline and all this debt he has gotten us into???

Dingo does not even have a pipeline built yet and need more wells to be drilled at huge costs before we can sell our gas. That is partly why Magellan has sold it. They just got some buy contracts for the gas and packaged up these 2 little gas reserves and flogged them off to CTP.

Now we have Magellan as our largest shareholder with 11% and effective control of CTP at this time. Brilliant strategy for Magellan. Now they have beaten Santos to take effective or control of CTP and all its Amadeus acreage. Santos will not be happy about this! This was a way to stop Santos from acquiring us.

Now the Managing Director of Magellan is soon to be on the Board of CTP as a result of the acquisition of the 2 fields. The Magellan MD just got an incredible deal for his shareholders and got effective control of CTP and our MD dos not even realise it. What was our MD thinking? All that Magellan has to do now is just buy up another 9.9% of the shares and stop there and fire the other CTP Board members and replace them with their own. The Magellan MD is already on our Board so how convenient. That will not even have to make a takeover bid for CTP. What an incredible MD that Magellan has. Well done to you mate!

As for our MD......................who wont be around too much longer anyhow! Thank you God!

We have been given away again. First by the lousy farmout deal to Santos and Magellen were we only retained a 30% and soon have huge expenditures on the Total Joint Venture even though we farmed it out, and we have hardly any cash flow coming according to Cottee to service our HUGE DEBTS!!!

Are we in trouble or are we in trouble!

As for the shareholders of CTP our share price tells the story and the actions of our MD have not been able to even get our share price to be equivalent to the pre Consoldition price that we just had.

I think if i was a director of CTP I would be calling the other directors to have a chat about their boss!

WE ARE IN TROUBLE NOW WITH ALL THIS DEBT AND LITTLE WAY TO SERVICE IT.