The current exploration targets will I think be the difference between slow grind and rocket. CTP although now in a position to pay down debt are not all that sexy without the blue sky possibilities. I mean they will gradually pay down debt and eventually pay a dividend but most in this space i would guess are not looking to hold for 3-5 years for the dividend.
Most will remember the CVN run from 14c to 69c off the back of drilling success at Dorado, CVN began with an EV roughly the same as CTP and had a 20% interest in the Dorado-1 discovery. The market also wasn't hugely fond of CVN prior to that discovery...
"The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 30 million barrels of associated condensate (being 125 million barrels of oil equivalent (“boe”, gross, Pmean)."
CTP Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
, gross, Pmean)."
