Assuming cash of 90 ( may now be higher) If one includes the 10...

Assuming cash of 90 ( may now be higher) If one includes the 10 million free carry for wa351 it becomes 48 percent.
When one considers revenue of 45-55 per annum plus reserves , resources and propects TAP is great safe buying. Unlike other companies they are sel funded, with good medium
Term revenue profile which should become a great revenue profile from
2014.
Very low EV for all the reserves, gas contracts ad resources. Even more attractive when one considers 30 milllion revenue ave locked in for 5 more years.
Broker analysis suggest this is 45-120
percent undervalued