Hellyeah I agree it's not all over but not looking good. It is dissapointing if there is not commercial oil not only becuase this was the higher probability well but also becuase they will drop a few million on each well. It puts further pressure on the diminishing reserve story. In addition despite TAPs proclamation they are defending their Claim against them in the court you will find as with BPT many end up settling out of court. So TAP has a risk of further cash drain. I would have liked to go into the expensive and high risk drilling in Bass strait with a couple more million barrels in reserves. Consider this. 10 million dropped in Brunei , 20 million on bass straight Cash down to about 45 million after Inc 6 months of revenue with a lawsuit that may suck another 10 million. Ofcourse If Zola comes up trumps then all this is irrelevant but I definetely don't beleive people (as some are) can day it's oversold becuase it's back to 91. more like it was overbought on the hydrocarbons Ann. Still like it but I was really hoping for some oil in this well as it was considered low risk. Still a chance but I have pencilled down a duster
TAP Price at posting:
86.8¢ Sentiment: Buy Disclosure: Held
