The most amazing thing to me about CTP is it's Market Cap.
CTP was formed many many years ago on the promise of highly prospective tenements.
Tenaments Santos (South Australia and Northern Territory Oil Search) and others had rejected as being not worth further exploration had been recycled into a prospective package by ex-bus driver and geologist John Heughes.
Santos has a proven track record in Central Australia with Mereenie and Palm Valley fields.
Claims of a solid JV with British Gas providing $400m for exploration proved not the case as BG distanced itself from CTP at a great rate of knots.
Phase 1 proved that the 34-70 TCF of CSG was a nonsensical claim as the coal the wrong type as predicted at the time by visiting experts to HC. The results being held off for seemingly ever until the distraction of Phase 2 was in the air.
CTPOA then expired a very very long way out of the money.
Adjacent Johnstone and Surprise wildcats were deemed way too tight to flow oil in Phase 2, as predicted by many visiting experts, as these locations lacked the natural fracturing found at nearby Mereenie.
John Heughes excitedly pronounced "Oil Flow Likely" as Johnstone was being drilled with the predictable spike in share price as a result.
In one of the most bizzare attempts to secure funding ever witnessed, the SPP was quashed along with all hope as blunder after blunder occurred with no commercial oil or gas discoveries being delivered for the shareholders.
There was then a series of announcements pointing in every direction imaginable including Helium from Ooramina to the usual massive "in place" claims relating to all the other Santos rejected basins.
So far John Heughes had only managed to blow over $100m with zero result in proving Santos correct all along.
Claims of huge resources have quietly been erased from the website as they have been disproven. Phase 1 and 2 are no longer heralded.
After all this with cash dwindling fast, John Heughes continued to pump away with mention of potential Chinese State owned companies and others all things pointing to a JV. No meaningful JV as yet.
John Heughes' new distraction is to dual list the company in an expensive fashion. He is obviously hoping that there are other people, more intelligent and understanding than the Australian general public, who can see the value in him and his company.
-Not likely John.
Management has been given a great deal of money and time to come up with nothing.
CTP's Market Cap IMO does not reflect the ability of this Company to become profitable.
It is mind boggling to consider monies spent so far, and management's track record thus far, that this company will ever have a PE or P or even an E.
With cash left at hand, this company should IMO have a market cap of approximately $10m, as a small cap with a proven very poor record.
This IMO is a terrifying prospect for holders, putting the SP somewhere around 0.01 if the market was to agree with my valuation.
The only thing propping up this SP/MC IMO is some residual hope and hype. I can see this ship sinking very quickly once the cash starts to rapidly descend toward nothing.
-M61
CTP Price at posting:
35.0¢ Sentiment: Sell Disclosure: Not Held
