Ann: Risco increased Offer, page-14

So lets get this straight , Risco is offering about 40 mil for a company with 20 mil cash in the bank and possible forward cash coming in of say 12 - 24 months 20 mil at a minimum , this offer seems very low. From my experience it is fairly standard to pay a premium of about 5x forward earnings , none of that here and then there is the benefit of no debt and a large franking credit pile and other australian based acreage .........is this a joke?

My suspicion is that the so called independent board are not actually acting in our behalf.
Why do i suspect that.
The board are very quiet about the real potential of TAP, Normally a board will release forward projections of production and income for the next year. Not a lot here in fact it seems the reports are vague at best, i wonder shy?
25/05/18 Chris Newton reported in a presentation some somewhat useful financial information, think about this,
Tap had at March 31 2018
Cash 13 mil $US
Production 2126 bopd
Price per barrel $59.50
Lets do some math...2126 x 365 = 775990 x 59.50 = $46,171,405.00 lets reduce that by natural well decline of 13% that gives us an interesting figure of $40,169,122.00 , wow what a generous bunch they are at Risco , they are offering us our forward turnover for one year. Nothing for the company , the years of investment the infrastructure the assets, No not even that as there is currently about 20 mil in the bank in Ausy $ terms so really it is only costing them $20 mil in AU$.
No i cant really see how this is fair or reasonable , in my opinion our two supposed independent BOD seem to acting without the interests of the majority of TAP shareholders in mind.
Hard to get positive about this , i would love to know what NGP think. LOL