Dhon, I respect that view and I tend to agree. I am of the opinion that this type of management essential ticks-over and they hedge themselves with 3-4 other small outfits where they collect pretty much free upside calls, whilst pocketing $400k per annum. Any blow out wells they make huge and if the firms collapse, well they got bizo flights and $400k pa x 3-4 firms.. Nice right?
So I think TPT is being punished not b/c of the great asset but cos Management is diabolical. However, at 20-25cps it's peanuts cheap. Them Ambrian breakup value was 20c -so we are at junk now. Furthermore, for me the only thing that matters is you have a decent E&P player in sub-Sahara/Med region in Galp who clearly seeks/knows something and is pushing for this hard. So, for me - the bet is on Galp + the asset - not these clowns. The firm has decent cash base and is financial in a good position. So it's a question of time to drill. One has to wait till we drill really to see any outcome on this one.
TPT Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held
