hi robs12. Thanks, it seems there's still quite a few of the...

hi robs12. Thanks, it seems there's still quite a few of the older posters around! Good to see.

In response to your comments. I'd agree, there was the possibility of an attachment to the family silver to some degree. But fundamentally, the Board is responsible for the farm out. There are 4 board members and if they vote 3-1 on a farmout there is no real basis to suggest that it was JH holding onto the silver which was holding it back. I believe the board collectively just hasn't done the farm out process right. I've never heard of them appointing an institution to create a competitive bidding process which would be best practice and in the best interest of shareholders.

Regarding JH's stake: JH and Richard once owned 100% of the company, but once it listed they diluted. The dilutionary effect has continued year on year, and he's now left I think with around 5m shares. He might even be pushed out of the top 20 in due course which IMO is pretty tough, particularly coupled with the recent events. I remember an online interview with him several years ago saying he drove buses to supplement his income as a geologist to acquire the package!

Regarding near term Farm ins: I can't really agree with farming out assets asap, just to give holders instant gratification and sense of security. I understand the pain of waiting as a holder though! If it's a lucrative deal that's ok though. IMO however, after 6 years, we finally have the ability to generate revenue from surprise and do the farmout properly, once and for all, to the benefit of the underlying long term value of this company.

I just couldn't fathhom the company rushing into it now after so long, particularly on the basis of a potential revenue stream. What a way to destruct shareholder wealth after the pain some of the long termers have endured. We hold the asset others want.

As a side note, I think CTP should look to hold onto the georgina for as long as possible, whilst still meeting min expenditure committments. PFC are doing all the hard work there and we can also leverage off this. I believe its 'bakken' equivalent sells for up to $17,000+ an acre. At present it's worth around $17, not indexed to CTP's sp. Imagine the underlying value growth out of that!

Regarding BG walking away: It was never this simple. Once CTP drilled the massive intersection of coal, I believe Blamore at 142m or so, Richard Cottee of QGC instantly went in and bought out PXA prior to PXA listing. At this time, BG were running the ruler over QGC, and not long after took QGC over. This caused significant stagnation. BG showed limited interest in CTP as they were fully focused on developing it's curtis island LNG which was a massive committment. Taking over a company in Australia is also very hard work, and CTP must have been a distraction to them at the time. BG basically strung us along (possibly due to lack of time, interest or human resources) and ruined our drilling campaign that year. Ultimately they were removed from the JV, which IMO was great.

Thanks Rob.

R/

Sav