Whilst they've been forecasting 20-30c for a few years now,...

Whilst they've been forecasting 20-30c for a few years now, it's taken CTP longer than expected to execute on Range and Dukas.

Since then CTP has added the farm out and AMGP to the mix, which justifies a higher valuation, however 35c is still conservative - but that's typical for analysts.

If you assume Amadeus reserves will go up by 344PJ, and Range at 136PJ, then a EV range of $0.80 - $1/PJ implies a $0.60-0.70 share price.

Admittedly 344PJ is optimistic on the Amadeus results, but certainly in the realms of possibilities if you start to include Dukas or Zevon, which are in play.

I think the next 18 months will be key for CTP. If they can execute on strategy, valuations will be many multiples of the current share price.