i'm always on the lookout for small cap energy plays.
After having a good run in MAD, EKA and NSE, i stumbled onto CTP.
The main trigger point for me was the preso which pointed me to the large p50 prospect for conventional and unconvential liquids (where i prefer to be).
I liked the NSE storey and these guys are at an even earlier stage than them.
on a ev/acrege basis its compellingly cheap. the dicount to its peers is, i think, is due the the board room issues and the ability of old management (i don't wish to start a debate on this by the way).
NSE is trade ~$40 ev /acre ...CTP's good asset eqaute to ~$2.50 ev /acre. NSE has not even drilled a hole yet and its on ~$180m mkt cap, but 5% of the prospective acrege. The only difference betweent the 2 is a farm in deal. This what CTP needs, and given the majors around CTP...i think this should be quiet achievable.
In my view, this stock is not a 2 bagger...its much more.
CTP Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
