Ann: June 2017 Quarterly Report, page-6

I see nothing wrong with the result:

1. Net cash now of $3.9M so Auto was spot on in that regard
2. Average realised price up 6%
3. New offtake agreement increasing Manora price premium compared to existing contract
4. Completely unhedged now

Yes production volume down due to water disposal issues, but as far as I'm concerned that's not lost NPV thats just delayed NPV until they get that issue sorted out - the oil's still in the ground to be recovered at a later date.

Not a strong reaction from the market so it seems at 6.3 I paid a little too much, but as Auto says TAP still undervalued at this price level. Happy to hold.

Cheers, Sharks.