Have a look at the Linc announcement today re convertible loan agreement. The CTP bond facility is better for the shareholders than the one LNC and BCC recently announced IMO (at a quick glance).
The bond helped CTP get through the GFC. It is at a much cheaper rate than a capital raising. But the capital raising will ensure that we can get through this year and the only way the company will progress is by drilling. It will stop the likes of the big gorilla slowing us down anymore. They have clearly been very busy with all their acquisitions and deals, but it is time for CTP to push ahead.
The drilling of Ooraminna2 is proposed to start 1 May. They had always said end of April beginning of May. And there maybe another conventional well drilled by the time CTPOA expire. So whilst cutting it fine, it still gives a chance for the CTPOA to get up.
I'll bet the NT gov wants it to get going. Royalties mean dollars to them if CTP can proved up resources.
http://www.nticn.com.au/project-list.php
CTP Price at posting:
8.1¢ Sentiment: None Disclosure: Held
