Shareholders have an obligation to themselves to interrogate Boards and management. If part-owners don't adopt an active role they reward ineffective / lifestyle behaviour of Directors and management, inviting transfer of their assets / wealth to corporate raiders.
Correction : quarterly webcast presentation slide shows debt repayments accelerated to $22 million 2019 reducing to $12 million each year after.
Company development follows outcome of Dukas. Dukas is complex and involves conventional and unconventional stratas. Success on a very big scale in Hydrocarbons rewrites company outlook. That may indicate a new field and substantial new capital and drilling will be required.
Santos may prefer to have the whole field itself and offer to buy CTP's 30 % or make a takeover for CTP. Value increment for CTP is obvious there.
Would Macquarie also be interested ?
Commercially unviable outcome at Dukas brings into focus current appraisal and prioritising of CTP's prospects by new GM Exploration.
CTP has many choices to explore including ( in no order ) :
1. Using a North American experienced fracking consultancy to advise on WM26
2. Using them to analyse and advise on Palm Valley.
3. re-drill Dingo 1
4. investigate seismic Surprise leads and drill.
5. re-drill Mereenie P1 and P2.
6. use USA experts before drilling Ooraminna
7. progress Range J.V.
8. when more Beetaloo results to hand address Wiso Basin.
9. ATP909 follow-up " ...flow sizeable volumes of hydrocarbons ".
10. act on " small scale incremental asset acquisition " intention ( buy Macquaries Mereenie ? )
Great scenario with lots of choices and regular cash generated funding them.
Now shareholders want to hear about Board appointments. APA CEO Mick McCormack hands over to new man July 1st. He wants to spend time on his farm with his family. CTP Board appointment would not disrupt that - he would bring experience, knowledge, insight, strategy, tactical skills to advance CTP. Ask him.
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