RANGE DRILL SUCCESS ON INCOME TAX / DIVIDENDS / YIELDS / SHARE PRICE

CTP expects income tax to begin impacting in sixth year of current production. If Range succeeds and produces income within that period can tax losses from other tenements be applied against Range income ? If so current accumulated tax losses will increasingly diminish before sixth year of current production. If Dukas drill succeeds money from CTP financing 30% cost of further seismic, multiple further drilling to prove commerciality of field, fracking, treatment plant purchase / installation, pipeline build is required . Dukas field success won't produce income for years. Range averaged income over field life 10 years AU$36.5 million / year is about 5.4 cps at 75 PJ, and AU$46.2 million / year 6.4976 cps at 90 PJ. Current total CTP disposable income is 7 cps + ( future ) Range 5.4 cps / 6.4976 cps. Total ( future ) disposable income is 12.4 cps / 13.4976 cps ( before income tax / brownfield costs with 711, 029, 976 share issued ). Income tax at 30% would leave disposable income of 8.5 cps / 10 cps ( without further share issues ). Applying a multiple of 5 gives share price value of 62 cps / 67.5 cps. Dividend of 3.5 cps at share price of 62 cps gives dividend yield of 5.456% and at share price 67.5 cps dividend yield is 5.185%. Both yields very attractive at todays low and going lower official Bank rate. This combined with accelerated new exploration around current fields and accessing of known locked gas would be very attractive to investors looking for dividend income. Further share price increase would be possible as Bank interest rates remain low or go down further and reserves are increased and field lives extended.