I would prefer to see a risk weighting given to the value of the gas assets - it looks like Macquarie are the only ones who include these assets Having said that my position is down to about 15% of the original holding so I guess I am doing what they are suggesting . The key for me is cash seems light and it looks like Manora will suck up full 70 million lending facility plus some. The two risks are the gas assets don't get sold ( possible but unlikely ) or get sold at less than envisaged and Manora doesn't deliver from a production front 45 million doesn't leave them much room for exploration of growth , especially since at least 2 years of Manora revenue goes into debt reduction Taunton was a big waste - starfish at least had massive upside . Of course If gas assets are sold for a decent price - no problems at all
TAP Price at posting:
50.0¢ Sentiment: None Disclosure: Held