Ann: Manora Update - US$27 Million Default of Northern Gulf, page-87

Absolutely agree, stylish !
Chatchai is obviously of the opinion that $14.6 mill is owed by TAP to NGP when the baseline reserve amount is some $7.6 mill.

"If Manora 2P reserves estimate for 31 December 2014 remains the same as the estimate as at FID at 20.2mmbbls (gross), Tap is liable to pay US$7.65 million to NGPH (not US$14.6 million)"

If Chatchai is correct, then that is a very nice reserve increase.  

Btw - 5 working days have elapsed with no announcement that a payment has been made so presumably he is locked out of JV meetings etc. now.
"

•   after 5 business days, NGP losing its entitlement to attend and vote at Operating Committee meetings, and to access any data or information relating to Petroleum Operations;
  
  
•   after 30 days, proceeds from the sale of NGP’s share of Manora crude oil being directed to the non-defaulting parties who have contributed to the default amount to be applied against such contributions; and
  
  
•   after 60 days, compulsory transfer of NGP’s 10% interest to the non-defaulting parties who have contributed to the default amount.

The Operator is expected to provide 31 December 2014 reserves report during the second quarter of 2015 after which time the process defined in the agreement will be followed to finalise the amount owing to NGPH "

Hard to believe that he is willing to walk away from 10% of Manora given his shareholding in TAP and his determination to spill the Board.  In the meantime, we await his letter to shareholders.