Hate to agree with TS but I do in this case. You don't pay dividends out of EBITDAX, you pay them out of underlying NPAT and CTP is basically at breakeven on that.
And the numbers we are talking are chump change compared with the cost of drilling these exploration wells. CTP would be paying out shareholders with one hand while taking from them with the other in the form of CRs to fund exploration, and paying broker fees for the CRs on top of that.
The existing fields are earning money and stand to earn even more with the NT gas market as it is, particularly if Arafura comes off. But they are never going to be a gamechanger, particularly now they've sold down their interest. For CTP to see a step change from microcap to genuine midsize contender we NEED exploration success. Current management, for whatever reason, are proving incapable of converting these exciting prospects into turning drill rods, and so all we are doing is frittering away the cash generated by operations in management salaries and endless, pointless desktop reviews.
I'd rather see the money that could go on dividends go on exploration - sole risking if necessary. $15M is an exploration well. At least a shallow one. Get some helium flows under our belt then generate some interest.
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