zola value

Hi all,

I have topped up more in Tap this morning. I still don't believe that the market has truly valued the Zola find for Tap. This story below from Bloomberg puts it into perspective nicely. OMV has a 20% stake in Zola and increased 2.7% yesterday on the news of the major gas find at Zola. OMV is a $9.6Bn company.

Tap has an enterprise value of around $150m.

My opinion only...as always do your own research.

OMV Climbs Most in Four Weeks on Australian Gas Discovery
By Zoe Schneeweiss - Apr 14, 2011 1:40 AM ET

inShare
More Print Email
OMV AG (OMV), central Europe?s biggest energy company, advanced the most in four weeks in Vienna following a natural-gas discovery on the North West Shelf of Australia.

OMV rose 2.7 percent to 31.97 euros at the 5:30 p.m. close of trading in the Austrian capital, climbing the most since March 17.

The find at the Zola-1 well is located around 100 kilometers (62 miles) from the western Australian coast, according to a statement today.

?This represents one of the largest gas discoveries by the company,? OMV said in the statement. ?New 3D seismic data will be acquired to further assess the potential of the discovery.?

OMV holds 20 percent of the field, while Apache Corp. (APA), the operator, has 30 percent, Santos Ltd. (STO) 25 percent, Nippon Oil Corp. 15 percent and Tap Oil Ltd. (TAP) 10 percent.

The discovery well and drilled sidetrack appraisal well ?confirmed the existence of sandstone layers with 130 meters of net gas pay in an area south of the giant Gorgon gas field,? OMV said.

Apache, a U.S. oil and natural-gas producer, and Santos, Australia?s third-largest oil producer, announced the initial find on April 4.

To contact the reporter on this story: Zoe Schneeweiss in Vienna at [email protected]

To contact the editor responsible for this story: Angela Cullen at [email protected]