According to their quarterly report they had $36M in cash at June 30. At recent cash burn rates, they'll have burnt $6M since then. So, the current share price is not putting much value in the tenemants and exploration work done to date.
The gas and He is still there and the demise of JV partners gives CTP a greater share, albeit at great cost.
A company with Mtk Cap of $50M gets dudded for $1M and drops 10%?!?
I was thinking to bail out tomorrow based on the negativity of the announcement but now I reckon it's way oversold already. I'm coming round to thinking this is a chance to accumulate. They are going to have a few shots at black gold befor the ask for more money.
CTP Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
