CTR Fundamentals

Looking to share some figures that I have worked out based on last 5 QR's. Assumptions are;
a. $65 netback on oil sales.
b. Netback include royalties of 26% to Govt for 36API.(Averaging API)
c. 3% NR to LAR, except A4 which is exempt.
d. Averaging no of issued shares approx 1.4billion.
e. Total assets of CTR/LAR for 2 blocks, Harold Lee rig and all infrastructure is $8m. (60% tp CTR is 4.8m)
f. 90 days per qtr.
g. AT4 consistent production at 170bopd.

To become cash neutral@$65 netback approx 320bopd
1. "0.003cps Assuming 4.8m assets"
2. "0.011cps Assuming 320bopd " (AT4 unchoked or assisted with AT5)
3. "0.017cps Assuming 670bopd" (AT4 170 & AT5 remainder)
4. "0.024cps assuming 1070bopd"(AT4 170, AT5 and 2 x Tortugas)

Deductions:
i. CTR is currently trading at correct market value.
ii. CTR at current oil prices needs approx an extra 150bopd to become cash neutral and fund all its commitments.
iii. CTR is has a cash burn rate of approx $17,840 per day. This would imply based on last QR they are currently trading with no cash reserves as they ran out of any cash on 26 days post 30 Sep. However this is a flawed statement as not all costs are incurred within that period, so it is a fact based assumption.
iv. Based on averaging, CTR will need to raise $1,847,250 to fund all works. Given $469,000 remains in kitty they need to raise $1,378,000. At current price that equates to approx 460million shares. Suspiciously close to the 500m as per GM resolution given extra shares for broker fees.

Well so that is what I have. Happy to discuss my numbers and any factual information.