Ann: June 2015 Quarterly Report, page-21

Re the strategic review, I have always thought that this is a non event - TAP is a relatively simple and transparent business (Manora basically plus the gas thing) so no real options to reconfigure it and the current oil price climate has killed off any M&A potential.

TAP is what it is, and I think the SP weakness is simply due to the current oil price weakness and folks selling out because they think that there are better short term opportunities elsewhere.

Long term value (2 years) should be based on $60 oil. IMO the TAP management will need to start thinking the next project after Manora in the next 6 months or so.