hi folks
its been while.
My guess is weakness is due to Manora being risked until costs are known and project is finalised and producing. within a couple of years Manora will be the only producing asset and therefore it is important and as it has associated debt , even more critical .
the second impact in my view is the lack of gas asset sales. Not only does this not bring in cash but arguably it will need cash to continue to appraise and derisk. Tap has been fee carried in the past or partly carried, it will now needed to fund its full share which requires cash that it really does have much of. Given revenue from these assets is very long dated, its not strategically ideal for TAP at this stage
is it cheap, yes, are the other oil stocks that are cheap for their won reasons - no doubt. i am still interested but will look to renter only when we have clear progress with Manora
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