Ann: Manora Update - US$27 Million Default of Northern Gulf, page-43

I'd like to focus more directly on the US$27 million default notice against Northern Gulf Petroleum (controlled by the Thai entrepreneur, Chatchai). As this relates to a 10% interest only, it represents NGP’s (Chatchai's) share of approx. US$270 million of Project spend. As total Manora costs apparently were around US$300 million and TAP has said it carried NGP (Chatchai) for approx. US$20 million, this suggests that NGP (Chatchai) has paid very little of the Project's costs.

So, NGP’s (Chatchai’s) default is not just a big one but it seems to be a long standing, too - possibly relating to costs going back to around the start of the Manora development?? This is a really bad look for someone trying to get Board control of TAP.

There's no chance I'll vote for Chatchai's nominees taking control of TAP's Board (and thus its entire business) with only 20% of the stock, let alone without paying a proper control premium, and especially while he has conflicting interests and obviously huge issues such as this that need sorting out. Surely he should get his own house in order...

Given the above, I'll admit to being a bit puzzled why Chatchai's Board nominees haven't withdrawn their support for his attempts to control TAP (although I'm not criticising them – and let's not make any personal comments here, folks).