the week gone

CBM107-001 drilled at approximately 980 based on an announcement with a reported ~63m net coal to date, based on the last daily drilling update it would seem that they have changed drilling direction and have or about to take additional core samples.

In short over 300 meters has been successfully drilled over the course of the week, core samples taken and the confirmation of 63M net of coal, this maintains CTP on track and reinforces to the masses CTPs prospective recoverable resources within the Pedirka Basin.

CBM potential for the Pedirka Basin (PB) is 34 to 70 TCF of gas. The estimate is based on coal seam greater than 2m in thickness and the total weighted average coal seam thickness being 32m. I would objectively state that based on current drilling results we are on track to support this assumption of our acquiring our projected 34 to 70 TCF of gas.

We have yet to complete our phase 1 drilling campaign however, the reported coal tonnage potential within CTPs PB acreage is 0.6-1.4 trillion, less than 1,000m below the surface level.. When analysed, the potential tonnage is estimated to be 1.1-1.4trillion tonnes of coal, less than 1,000m below the surface. To date there is no reason why this assumption should not be proved.

At the end of the day, the week has provide us with a real probability of supporting the assumptions that recoverable syngas resource of 12,500TCF could be contained above the arbitrary 1,000m cut off, within the early Permian Purni Formation coals in the CTPs Pedirka Basin acreage.

The weather has been on our side throughout the week, Wallis drilling has had no down time and continue to impress, the drilling results have been update as regularly as possible, the share price has crept up and as far as many a concerned we are on track and doing exactly what the drilling program has set out to do.

As for next week, we should confirm our total net coal worth, we also hope that the fist spud core samples are released as with the Heluim study, a wad of good news is locked in a bag soon ready to be released, all good on the western front.