Ann: Change of Director's Interest Notice, page-8

I think Sojourner is correct I think it is mostly the Manora cash flows. The cash flows are expected to be north of $100m and the gross profit back to TAP about half of that. There are 2 more years of $30m gas sale revenues also. $80m profit before capes and overheads is pretty good for a small cap oily. Not many spitting out that sort of cash flow.

Troy at the AGM was saying just to be patient, let the production start at Manora, and the share price (hopefully) should reflect the cash flows more appropriately as it has done in the past with regards to oil production. That effect would place the stock over $1. This is one of my largest positions.

I would back Troy he is a sharp no-nonsense operator and in my opinion has not put a foot wrong since he got there. Best thing he did when he got there was boot the cowboys out of TAP that had destroyed it.

TAP could be taken over, it fits the model now to be taken over with good cash flows and good assets at a cheap price. If I was a $Billion dollar company I would be having a good look. Where else can you pick that sort of business up for only $240m (at $1).