if the management doesn't have skills to manage all aspects of commercilisation you are in trouble.
You can avoid trouble by buying in good talent when you need it, but you need to conserve money, and salaries and cash burn rate is ridiculously high, and results of "doing" ridiculously low, and money in the bank only enough to spend trying to get more cash through a CR, so whats the point in hanging around?
The completion of Surprise, and what a bewdy of a surprise it was, would chew through a fair chunk. Whats left in the bank then?
This is real smell of oily rag stuff (excuse the pun). Not only in cash, but can't even show results to prospective interested parties. The only thing available is computer modelling, and they had that in 2009. Thats what a disatser 2010 really was.
I moved cash from the bomb crater of the heads, kept some oppies in case the equivalent of a X-lotto win occurs and some announcement of some decent JV occurs. Obviously this would involve a TH, lots of speculation, news, then a decent jump. This is my last roll speculative gamble.
JH I'm sure doesn't give a rats, just a shrug of the shoulders. As PT Barnum said, "there's a sucker born every minute". People were here before the latest failures were drilled, and it was recogtnised then that Surprise was a absolute necessary company maker -didn't happen, and no amount of pumping doesn't disguise how much on the bones of the backside and down on the uppers CTP is.
CTP strategy is same as CTO (10m oz in gold). Get a whopping big acreage and then solely on the basis of that hope for a whale to swim by.
In both cases get enough cash to pretty it up, and in both cases completely failed management and technique.
Some may not know about Lakes Oil, founded 1946, Currently $0.006 sp. Still drilling wells and raising cash, and still with shows, still with gas, and still nowhere.
Final example of how pathetic CTP have been, is that the sp and hopes are now totally reliant on their smaller neighbour in a hope that nearology works in CTP's favour. If BKP find gas and oil in the shales, what does that tell you? CTP pumped helium, coal, CSM, oil and NG but never shale. What can you conclude except dissipated effort.
What I would encourage for newbies is to read the previous announcements and try an understand how in hindsight how unrealistic they were, how un-researched and unlikely they would ever pan out. CTP are operating on an old world paradigm from their career formative years 30 years ago, ignoring horizontal drilling, not because they didn't know about it, but because of cash constraints (same as CTP mentioned earlier).
What to do? My personal conclusion was not about riches, rather X-Lotto style chances.
For recent vociferous newbies, I suggest DYOR and back your convictions, I am sure you will get what the fates think you deserve.
...and what happened to CTO? They gave away significant chunks of their leases to a Chinese company to do the expoloration, with an option to participate if they can get the equity for mining and a small royalty if they can't. On a small portion another Chinese company is delaying and screwing them over as cash gets burned up..so whateve deal is struck won't be brilliant given CTO's weak position. Here is CTP's future. Royalties won't give much benefit to potentially 2 billion or more CTP shares, if you can wait that long, and never enough cash to get much equity participation.
Plenty of time to get back into CTP.
CTP Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
