Ann: Quarterly Report - March 2015, page-17

Mr. Swami

“ I am still of the belief we will see a CR."

I see it the other way (don’t agree) – TAP is definitely feeling the crunch in its liquidity position but CR won’t happen still. My understanding is management will get around through various other means. (e.g. bumping up finance facility (as 1P Manora Reserves are far bigger than they were previously whilst pledging a loan with the bank) , securitizing their off book GAS sales revenue or even negotiating with their creditors to delay little bit). At least that’s what a prudent management would do in these circumstances. And they will do – surely they are working through all the best options they can pursue.

“I figured that's the whole purpose of their review. To keep them solvent”.

We are not facing a solvency issue here – I think you mean liquidity? Again, Strategic Review is not just to enhance liquidity – it actually means to look after majority of shareholders enhancing ‘shareholders value’ significantly as TAP is way too undervalued (even in this depressed oil &gas market) plus to ward off cheap unreasonable strategy bids of Mr. Chatchai.