That's a decent basic model - assuming we can find a lazy half TCF of reserves net to CTP lying around. We are a long way from that and with the failure of WM26 even further away.
It's also a pre-tax NPV. I don't recall off the top of my head what CTP's tax losses carried forward are but presumably they are significant... certainly enough to make the first few years (which are most important from a PV point of view) effectively tax free.
That's a decent basic model - assuming we can find a lazy half...
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