Ann: December 2014 Quarterly Report, page-4

I may be in the minority here but I still see the glass half full.

At a really bad case that oil remains at $45/barrel for this calendar year (which I doubt), TAP will have:

$30M from Manora
$17M (net) from gas contracts
$10M (or less) repayment from NGP

All in for $57M.

Assuming $10M for debt reduction/repayments per year, that leaves $47M for corporate costs, exploration, and additional capex.

Not at all bad, but the upside is huge if oil price goes up.

Am I missing something here?