Hi conix,I evaluated a group of energy sector ASX listed...

Hi conix,

I evaluated a group of energy sector ASX listed companies and compared their Market Caps, Earnings Per Share and P/E ratios, and also established an industry average P/E and then proceeded to calculate an approximate CTP valuation based on a proposed commercial success at Surprise.

The industry average P/E was 19.05-19.46. So taking this into account, I also accounted for CTP's potential EPS and shares on issue (similar to what you calculated but I got 1,470,525,124 - including full dilution of options and current capital raising).

CTP's EPS = (500bopd x $50 profit/bbl) x 365 = $9,125,000/1,470,525,124 = 0.00620527 EPS

That would justify CTP's share price up to approximately $0.12 with a P/E of 19.34 (very much in between the industry averages)

Market cap would be $176,463,015 at this stage.

Bare in mind, that if those options were to be exercised, CTP would also have a cash backing of $0.039 based on $47,924,497 revenue from exercised options. It seems doubtful that options would be exercised at these levels though as it doesnt make mathematical sense. I'd suggest if CTP moves on to another drilling program, and has some success there (even minor success) you'd assume the price would go higher.

This could easily be added to the share price to give an overall possible valuation in the short term of between: $0.12 - $0.16. Still looks a good investment at these prices. Please note that this price ONLY takes into consideration Surprise and no other project or possibility.

It would be a very good start and could justify CTP's movement toward a TSX raising.

Obviously don't take my word for it and do your own calculations and research. This is just what I come up with based on numbers already discussed openly in public forums and from CTP announcements.

RB