Ann: Company Update & Capital Raising, page-35

BP
Nobody knows whether Riscos investment will be profitable in the end or not. No doubt they are buying on the view they will make money LT, but any investor , Insto , corporate or otherwise can get it right or wrong . Let's not forget they were also buying in the mid 30s not long ago

Field decline rates very , but you will find is the decline in first 2-3 years is steep without development drilling and intervention. Development drilling is unlike appraisal or exploration drilling , it must happen to extract the given reserves and maintain a decent production rate. As tap is not keen on spending more money I think we may see more production decline. I would model decline at 20% at least

The analysis I have read on TAP assuming a 55 oil price next year rising to 80 in 3 years is valuation wise it's worth 30c . This was a few months back and before the latest developments which may wipe off another 5-7c . My view is TAP is worth about 20-25 given the risks and the fact you can by other oil stocks cheaply