Ann: June 2015 Quarterly Report, page-25

I understand your point re returns to shareholders vs capital growth. If one assumes that the current share price reflects Manora value, then the most that dividends can deliver is the current share price, but it will be less than this because of working capital, overheads etc. Therefore, if you are in TAP for the income stream from Manora, then you may be best off selling now.

Share price growth is going to come from an oil price improvement and/or medium term balance sheet reinforcement from Manora cash flow IMO. I don't think paying dividends will be accretive to the shareholders as it will not be sustainable for any significant period and is in effect a liquidation scenario. Paying out the Manora cash flow in dividends will leave TAP nowhere to go after Manora.

TAP does have a positive in that 18 months give or take, it should have some free cash to re-invest in the business. If TAP wants to take the next leg up, then it needs to build-up to having a couple of projects generating cash. The current market is a buyer's market for opportunities and finding and progressing these new projects takes a couple of years as Manora showed, hence the reason for the comment about starting to think about the next project. Perhaps not immediately, but in 6 - 12 months once the current dramas are dealt with.

It all comes down to the management team, and whether they are able to reinvest our Manora cashflows wisely and profitably.