Ann: Quarterly Activities Report & Appendix 5B, page-2

Well, it appears that the gas really is flowing, but the expected impact of GAP/NGP/PV tie in on cashflows in the next quarter is not well articulated. CTP lost $10 million this quarter in the context of significant capital expenditure (relative to market cap) on exploration, but on the basis of improved cashflows they are planning for debt refinancing later in the year, so this does imply a material improvement is expected (and perhaps a desire to become more independent from Macquarie!!!). Fairly extensive exploration/production expenditure still expected over the next quarter ($11.203M), but tapering off compared to this quarter ($15.273M). Assuming other costs remain roughly the same, the increase in revenue from increased gas sales will need to be $5-6M plus enough to offset the fairly rapidly declining Mereenie output (any estimations of the cashflow impact of this by psi81 or other learned contributors would be appreciated) should put the cashflow back in the black.
Lots of potential upside over the next six months, two free carry wells, PV tie-in and extended testing to come in this quarter, and possible resolution of Mereenie spur constraints based on comments. Ooraminna appraisal will probably be drilled later in 2019 or early 2020.

In my opinion CTP this quarterly is solid, it shows CTP can commit to technical projects and deliver, and if nothing else they should be cashflow positive going forward, although the true magnitude of the impact of recent activity on cashflow should be clearer in the next quarterly. If we've struck big at Dukas by then, this might all be irrelevant as STO might be trying to takeover CTP.

Seems like the SP should rise, but hey, its CTP.