That is interesting as it doesn't appear in the accounts (ref Page 62 of 2013 Annual report) or the 2012 accounts.
The original deal was that TAP bought 75% of the entity, but it was later adjusted so that TAP had a 30% direct interest in Manora (i.e. 75%) of the original 40%. NGulf then held the other 10% directly. The exploration permits were still held via the original deal.
Just found the reference. The Dec 2013 quarterly discusses the unwinding of the 75% shareholding in NGulf and these interests are also now held directly.
I suspect that the website reference is stale.
That would answer the dilemma. Either that or I'm wrong!!!!!!!
No, that cant be right!!!!!!
Cheers, Al
TAP Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held