News: TAP Tap Oil Says ASX Approves Conditional Delisting Of Co, page-2

So just 5 months after the company was delisted by the Kindarto Kohar backed Risco, they are back...
Despite oil prices moving from low US$40's to high US$60's, the offer has changed from 7.8c to an underwhelming.... 9 c !

At end Feb 2021, they had 920,000 barrels 2p reserves. Opex is @US$24 The selling price is a slight premium to Dubai, so for each lifting of 90,000 barrels net to Tap they make around US$3m [assuming a $33 margin]...or A$4m in round numbers with 9 more liftings. Tap already have A$30m in cash, yet at 9c, the company is being valued by Risco at...@A$23m !

Now they do have an abandonment liability estimated at $16m, but bidding $23m for $30 in cash + the prospect of $40m more to come in for the 2p reserve figure and possibly more as the production strength may mean they get closer to the 3p reserve figure.

The words mug +punter spring to mind !