Yes, 550 PJ would support a PE of 15. But they don't have 550 PJ...

Yes, 550 PJ would support a PE of 15. But they don't have 550 PJ yet. They have about 130 PJ from memory and a fair chunk is already contracted domestically in the NT. It's going to cost a lot of money to prove up 550 PJ with no certainty that they will get there.

You are right that if everything works for CTP then there is much greater potential than a 50c share price. But you need to be careful in assuming that just because the MD of a junior gas company writes something in a presentation, it will come true - even when that MD is Richard Cottee. A lot of people on HC place too much faith in these presentations, when in reality I reckon not one in 20 of these junior energy companies ever comes close to fulfilling those grand plans. QGC did, Arrow did, but there are literally dozens that didn't.

There are a lot of unknowns around CTP's project but there is one thing I can say with confidence - CTP will not get anywhere remotely close to $40M NPAT p.a. on the back of $60M revenue through the NGP.