Go back to to last year's annual report. CTP had net equity of $7m and $152m in liabilities. It has a lot of balance sheet rebuilding ahead before it can consider dividends. The forbearance and tolerance of MCQ, PWC, NT govt and IPL have been legendary.
CTP has modestly underperformed it's GAP targets since the opening of the NGP. This shouldn't be a problem, except it promised ahead almost all of its current gas production in order to get to this point. The hit is taken on that little scrap of net revenues reserved for a drilling program - easy brownfields work on Mereenie, PV and Dingo.
I have earlier observed this FY will produce dull profits while transforming the balance sheet. If anything, my forecast was optimistic.
aabbaadd, the timing for your call for shareholder returns is execrable.
Ash
CTP Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
