Ann: Trading Halt , page-11

auto,

Let's be objective (anyone feel free to add to the list)

NEGATIVES

Philippines - fail
Brunei - fail (likely)
Craigow - unable to find farmout partner, costly drill
MD - handed in resignation, TAP searching for new one
Company Secretary - resigned week before capital raising
Litigation - ongoing Burrup court dispute
Capital Raising - small dilution to existing shareholders
Continual Cash Burn - down from $100+m a couple years ago

POSITIVES

Zola - upcoming drill, TAP not operator
WA-351-P - possible drill next year, TAP not operator
Ghana - big potential, still a few years away
Indonesia - ???
Existing Production Assets - cash inflow, although reserves in decline

Can't help but think TAP is trying to mask the recent failures in Brunei with this new acquisition

This "excess working capital" I'm afraid will only serve to pay the directors for a few more years

The main problem - TAP HAS PROVEN AGAIN IT CANNOT FIND MORE OIL OR GAS

If they acutally found something, that could be converted to sales, they could fund these acquisitions through organic growth

You really have to question the ability and capability of the directors and technical teams

On a side note Auto, I'd glad I backed my sentiment to exit with action, much to your criticism. I did mention, exactly one week ago, a day before the resignation of the company secretary, the possibility of a capital raising. All I did was consider the above factors, together with the cash burn of recent failed ventures, to arrive at my decision to exit.

Shame about the timing of your purchases, right before the death yesterday, on the eve of a capital raising. But at least it's a rights issue.

I'm predicting this will trade 86-88c when trading resumes, accounting for the rights dilution sell off

Cheers