Patersons put this out only yesterday - would they put this on there clients if bad news was coming? I don't know? Maybe they don't know either?
We maintain our SPECULATIVE BUY recommendation with a price target of $0.16/sh. Our current valuation is based on farm-in value of the acreage only. Hence we eagerly await further testing and interpretation at JW-1 to provide a better picture as to the size and quality of the resource in order to underpin and/or enhance this value. The results observed at JW-1 are extremely encouraging and are a consequence of CTPs long-running efforts to seek out hydrocarbons in under-explored Central Australia. Delineation of a commercial resource would not only support CTPs current value but enhance the prospectivity of its future exploration endeavours.
CTP Price at posting:
52.5¢ Sentiment: Buy Disclosure: Held
