Breakaway Research values DUKAS at AU$51 billion, pre-tax, gas ex-field AU$7 gigajoule, Helium AU$70 Mcf..........................................................
CTP 30% of AU$51 billion is ......................................................................................................................................AU$21, 857, 070, 000....................
CTP about 730 million shares on issue gives value per share of ...............................................................................AU$ 30.741....................................
at 20% recovery of total gas in place total resource value is ......................................................................................AU$10, 200, 000, 000 ...................
CTP 30% of 20% is .....................................................................................................................................................AU$3, 060, 000, 000 .....................
with field life 20 years value each CTP share is ..........................................................................................................AU$ 4.19.......................................
field life 20 years averaged annual income is ..............................................................................................................AU$153, 000, 000 .......................
averaged annual income per CTP share is ..................................................................................................................AU$0.21518987..........................
All fields averaged total annual disposable income is ......................................................................................................................................................
DUKAS .........................................................................................................................................................................AU$0.21.518987 ........................
RANGE .........................................................................................................................................................................AU$0.05 .....................................
MEREENIE, DINGO, PALM VALLEY ...........................................................................................................................AU$0.07 .....................................
total pre-tax earnings ....................................................................................................................................................AU$0.33 .....................................
tax at 25% .....................................................................................................................................................................AU$0.083797 .............................
after tax net disposable income is .................................................................................................................................AU$0.25.1392 ...........................
apply PE of 5 notional share price is .............................................................................................................................AU$125.106 ...............................
if shares sell 20% below notional value share price is ...................................................................................................AU$1.1568 .................................
Dividend 3 cps is yield of ...............................................................................................................................................2.98337% ...................................
With todays Bank Rate of around 1%, CTP dividend yield is very attractive to investors needing dividend income. Dividend could be higher and yield would add to investor competition for CTP shares.
Dividend 3 cps leaves CTP with disposable income of 22.1392 cps ( AU$161, 616, 160 yearly ) for exploration / development - over field life 20 years thats AU$1,616, 161, 600.
Brownfield costs of production are significantly lower than they will be at Dukas / Range and make exploration / discovery / development near existing pipelines / treatment plant most attractive of all prospects. Success at Dukas initiates spending on new seismic, further drilling proving field, purchase / installation new treatment plant, local pipelines, and new pipeline to Mooomba. CTP will have to contribute 30% of all costs if it chooses to maintain current 30% ownership. Maximum exploration investigations across CTP prospects involve integration of fracking with its higher costs. Near to Mereenie at EP 145 MSMN have identified unconventional gas with current market value of around AU$16 billion in horizons CTP also has in its prospects. Similar finds on CTP ground may be worth considerably more and be 100% owned by CTP.
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