TAP is holding up relatively well today. TAP is hugely undervalued with high cash levels and revenue from 3rd party gas contracts. Manora Oil Field (Tap 30%) is set to go into production early next year and has a projected field life of 11 years. Production there is set to ramp up to a peak of 15,000 barrels of oil a day by mid 2014. The WA assets also look very interesting. The key short term catalyst is, in my opinion, Starfish-1 in Ghana. According to Peter Strachan of "Stock Analysis", a 430 million barrel discovery there would be worth $4.04 per share to TAP.
TAP Price at posting:
48.7¢ Sentiment: Buy Disclosure: Held
