NEW INFORMATION : 1. CTP intends to and believes it can fill the uncontracted unused NGP capacity of 58 Tjs a day.
2. Federal government GAP subsidy applies only to Palm Valley drilling and its new gas.
3. GRR litigation outcomes in QLD and Texas are both under " judicial review ", the trajectory of the Court process has
just begun, and final outcomes may not be known for 5-7 years.
4. Brokers Morgans are said to have published comment on CTP in January.
5. New drilling will give CTP capacity to put more than 58 TJs through NGP around 2020.
NEW ISSUES ARISING : 1. New drilling was previously said to be necessary to have gas to put through NGP and
Capital Raising was justified with this comment. Now it is said NGP is to be filled
from existing reserves and new drilling and reserves cannot create new income until around 2020 when NGP2
is created.
2. Federal government GAP programme subsidy will only apply to Palm Valley and will be immaterial.
3. GRR litigation process, events, timing, and possible outcome consequences have not been previously or formally
articulated by CTP.
4. Cited Morgans publication unlocated. CTP remains uncovered by Brokers and there is no thought by CTP to
creating a video of the company prospects and value for investor community.
5. Unnecessary, dilutive, and disruptive capital raising done. Use of future gas sales income could have financed
new drilling.
RECALLED ISSUES : Owners have discovered new information about CTP from Northern Territory News,
( purchase of and overpayment for 6 new SUVs ), Breakaway Research writing about an
unrelated company ( east coast gas price essential for CTP after tax profitability ), Hot Copper ( spread sheet showing before tax profitability ). None of these matters have been articulated by CTP.
CURRENT SITUATION : People associated with inappropriate SOA - CEO, Directors Gasteen and Moore remain
in the company. This raises concerns about their capacity to handle matters requireing judgement and their alertness to their relationship with owners. I don't know what Moore has been able to contribute to CTP with his Geology expertise during the years CTP has not been drilling. Gasteen's emphasis on his family's squatting in Brisbane since the British invasion in his C.V. talk at the AGM gave me no clues as to
why he was suitable for Board. CEO's Chinese Wall around himself and executives, his numerous unproductive
media appearances, and presentations, use of execrable concepts and language, and irrelevant repetitive tedious
mentions of odious historical figures is sub-par.
INDICATED ACTION BY OWNERS : In the absence of direct action by owners CEO will be re-appointed when his
contract expires in June. To re-establish company legitimacy and owner -
administration trust the following action plan is suggested :
1. Owners instruct Board not to renew CEO contract.
2. Owners instruct Board to appoint interim CEO.
3. Board to appoint new permanent CEO. New CEO key performance indicator is to re-establish high-level,
timely, comprehensive owner-investment community communication and relations.
4. Board to locate, recruit, contract, knowledgeable, experienced, skilled people with proven record of
company / owner-relations success.
5. Future CEO / Board remuneration to be significantly linked to owner value change.
6. In absence of co-operation from Board in these matters owners take direct action to remove CEO , Gasteen,
and Moore.
I welcome rational, articulate, detailed, intelligent, informed, objective, non-territorial discussion and potentially
productive ideas.
CTP Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
