With so many prospects to drill now, and hopefully exponentially more as more seismic comes in, it would seem logical that CTP buy/lease its own rig long term. Surely we would have a couple of years of drilling non-stop with what we have at the moment. I would much rather see my capital going towards paying engineers and roughnecks to explore our targets than the company employing more directors but still not getting any drilling done.
Would I support a capital raising, say 20% of our market cap, to do this at the moment? Damn right I would. Rather than waiting for a low-ball take over from one of our farmin partners who might just have not released all the technical data from their drilling results to CTP etc, etc. Rather than waiting another six months for CTP to actually get something drilled then hear 'the wet season is coming' etc etc.
I would be interested what other posters think.
Maybe we should take over BLY - their market cap is only 85 million! (yes this is tongue-in-cheek)
CTP Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held
