From the last presentation, TAP has AUD 28m in cash. Earnings...

From the last presentation, TAP has AUD 28m in cash.

Earnings from now on:
$40m/year (net) from Manora at USD 55/barrel ( I would say this is worst case as they have already hedged 40% of production at USD62.5/barrel)
~$18m/year (net) gas contracts

That's $58m/year or almost $5m a month. Worst case scenario imo.

AUD 28m cash + AUD5m a month from now on.

And that does not include the outstanding payment from NGP of $9m (if they manage to get that).

I do not see any reason why a cap raising is needed.