To be honest there are elements of truth in what Defplayer says. If this well is a duster, then CTP will be forced to get JVs for the shale plays, which are potentially both oil and gas. And there is no shortage of potential farminees. But in the meantime, there's no doubt the shareprice would suffer.
To date, CTP have simply been greedy in waiting for acreage prices to rise. This may turn out to be smart, but it is also risky as it only takes another mini GFC type scenario for those farminees to temporarily disappear.
However, initial results from this well look fine, so no reason to suggest it's a duster yet. There's always potential delays when drilling.
CTP Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
