Ann: Central signs 5.2 PJ pre-paid gas sale agreement-CTP.AX, page-12

So adding to this what we found out the other day about Magellan selling its production bonus rights to MBL... let's see if I've got this right.

MBL has bought the MPB rights from Magellan and then effectively cancelled CTP's 50% stake in those rights as part of this GSPA for some future gas supply from CTP.

Pretty bloody sneaky by MBL. They will now have a big chunk of gas to sell into the domestic market right when domestic demand is expected to skyrocket. And no doubt the value that CTP is paying (when grossed up to 100% JV share) is somewhere between the $3.5M they paid Magellan for it and the $17.5M max value of the it, so MBL will have made a profit on that deal as well.

CTP is happy for that to happen because any significant future GSA is going to trigger at least part of those rights, if not the whole $17.5M, and they have only had to part with a fairly small amount of gas for that. I don't know how much of the 5.2 PJ is going to pay off the deferred $10M and how much is going to pay off the rights, and how much cash will be left over, but hopefully we will be able to work that out from quarterlies.