yes well when 12c sp equals a market cap of 8-9M and an EV of about 4M, i can believe your numbers no problems at all.
some other wild cards may be in the 437 seismic & decision to drill later this year. this block has the most potential imo. any discovery will rerate the other leads in the block and be incremental to the liquids stripping and long term gas projects next door. if gas is to be aggregated down the track, i can't see why the japanese or horizon wouldn't just take CMT out at that point. maybe even someone like STO might be interested in getting into a second project in PNG for strategic reasons.
I think that the other operators in the area will want to increase their footprint through acquisition shortly. i mean even purely as a strategic play with no confirmed viability, someone could take out CMT for a 100% premium to current price and it would still be bugger all!!
as the liquids stripping project progresses and is derisked and any western gas aggregation begins to gain traction, even those 435/436 blocks will start to get valued more positively. if CMT can finance themselves a little longer (ideally through private placement at a premium or no discount) then they will be in business one way or another. patience is key.
BDM Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
