Overlooked the following sentence in the latest quarterly on Page 3;
“With the sale by Santos of its 50% stake in the Mereenie oil and gas field to a Macquarie subsidiary, and the higher than predicted cash balance (achieved despite unbudgeted defence costs), the Company intends to accelerate the development of a potential 120 PJ (gross) of incremental reserves in the Stairway formation at Mereenie.”
This suggests the Stairway only has 60PJ (CTP share; does P4 have another 30PJ?) and also eludes to perhaps Santos’ reluctance in putting capital in for this. Also suggests that CTP is willing to spend some of it’s current capital in firming these reserves up.
CTP Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
