Yee Ha!
The taps turned ON!
A note of caution: CTP has work ahead to unwind some liabilities and spend on asset building.The first quarter or half cash flow may look like profitless prosperity, while the balance sheet will flourish.
The PWC take or pay contract gas not taken but paid for is classified as a liability or 'deferred revenue' until expired or supplied. CTP Annual Report Note 1(e)(i) This all now nets out as the gas flows. $2.7m within 12 month, $10.4m beyond 12 months. This operates as an interest free loan - thanks NT!
RC said he expected CTP to grow around the MQG debt. He is probably right, though eventually refinancing on better terms would be prudent.
plus tie in PV13 and Ooraminna drilling.
Tax? CTP has $131m in unrecognised tax losses, Note 4(d) PLUS $293m in deferred tax assets including a $244m Petroleum Resource Rent Tax credit. Note 4(e)
A big year ahead.
Ash
Ann: Central Petroleum to Commence East Coast Gas Sales, page-6
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