The long state offer is expensive, dilutive money. CTP already has enough of that and is now erasing liabilities ahead of a refinance to cheaper more flexible debt, transforming the balance sheet by year end.
Any drilling successes are pure cream, as is the PV13 tie-in. CTP will be in a position to tip capital into JV's to maintain its equity proportion if desired.
One year of decent revenues is all it will take - provided gas prices stay up.
Ash
CTP Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
