And almost no trading from open until that moment. Felt like someone just had enough and wanted out, seems unlikely someone with insider info would wait til that late in the day to dump. Possibly someone who just didn't want to be holding to basically toss a coin on the binary outcome of the farmout attempt.
At any rate I bought a decent amount of that dump as I had a buy order in at 13c, so bring on the coin toss. I don't remember the last time I bought CTP shares but it must have been 5 years or so. I feel the next 3 months or so is crunch time for CTP, with big news due at Mereenie, the farmout and Range. So I certainly hope it isn't an insider dumping - guess we'll find out soon if it is.
The farmout does concern me as I think the market will take it badly if it doesn't go ahead, but I'm confident on the Mereenie drilling program and I'm confident on Range, particularly since CSG well performance is quite easy to predict in advance from early performance with a high degree of accuracy. I think in the success case Range is worth at least $70M to CTP going on NPV metrics in the Surat. It all hinges on this pilot.
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