I think that this raising is a great outcome, given the price of...

I think that this raising is a great outcome, given the price of oil and the circumstances Tap are in. Risco add considerable expertise and are now on the Board. Tap has actually fared much better than the likes of Santos.
Placement priced above market price - that doesn't happen often.
Thai guy still stuffing things up - but hopefully the $8m+ owing to Tap will flow eventually.
Debt fully gone by 2017.
Holders get to participate (suggest that Tap will accept more than the $4m if there is demand) and the price cannot be more than 19.25 cents.
Hard to imagine that oil won't bounce back strongly at some point not too distant from now. Just a shame that Tap missed the boat with maximum Manora production.
All in costs of $22 US per barrel still has good headroom though.