up 22 per cent now, page-30

rt66,

Merlin never listed as the IPO failed to raise the minimum amount required under the prospectus. So, Merlin went away, acquired additional assets including what can only be described as brownfields to complement the greenfields stuff in its NT assets, changed its name to Central Petroleum and then after a little more difficulty, finally listed on 7 Mar this year. So the targets that Merlin were aiming for are the same targets that Central will be drilling.

As far as your valuation is concerned, should CTP find 100mm boe recoverable, then your numbers are pretty close. The issue with independent valuations is that you need to fully understand all of the assumptions that are made and that's not always easy.

That said, the current valuation for Central is basically cash backing with little given for the value of assets - many of which already have some farmin partners and are therefore able to be valued on a commercial basis.

As for future prospects of CTP, I think it's a low-to-medium risk with a high-to-very high reward profile. If you take the time to research it properly, you will see that they are far more than your ususal two drill hopeful who would need to go back to the market for more money, should they miss with these first two drills. CTP have a number of options (some very low risk) which will see them survive and able to contuinue exploration should the first two drills fail.

Cheers

Badfish