Announced sale of half of its producing interests in the Amadeus Basin. Total consideration A$85m (A$29m upfront), compares to our valuation of A$73m. ~A$1/GJ price outcome positive given minority interest in onshore gas operations given the high transport cost for the Amadeus Basin. CTP plans to pay down A$30m of its debt facility. We appreciate the rationale of the transaction and consideration secured. But given the risk profile of the new growth it has seen our valuation decrease. We maintain our HOLD rating with an A$0.13 target price.
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