It sure has been hard work trying to accumulate this stock....

It sure has been hard work trying to accumulate this stock. Thankfully for me there was some volume after the release of shares from escrow.

Obviously today was a very good day for CMT. However this company still has a long way to run, considering how massively undervalued it is.

Today's announcement has merely served to put this company on to a few radars.

The buying today seemed like a broker wanted in... and i don't blame them:

Market cap (fully diluted) approx $12million
Cash (incl. options) = $6million
Plus ownership of KPL shares = $4million

So it is almost cash backed at this level.

Total shares on issue = approx $65million and directors hold approx 30% of the company!

Assets in the world class petroleum region of PNG with proven hydrocarbon systems and Asian demand.

Their PNG assets are surrounded by multi billion barrel oil targets and multi-tcf gas targets...

ExxonMobil targetting 5TCF

KPL capped at over $60million targetting in excess of 2 TCF
KPLS's 20% interest in Elevata valued at $200million

NGE capped at over $40million

South east blocks all less mature but surrounded by majors.

Today's deal alone is worth $32million on farm out!

I know CMT presented to brokers a while back... and it seems that they now want in... who can blame them!

CMT needs to have a market cap of $50million to achieve fair value on a peer comparison basis.