Ann: Notice received under section 203D Corporations Act, page-102

TAP's problems stem from the delay in bringing Manora on stream and major cost overruns, compounded by the oil price fall. Had the field started when originally planned and roughly on budget then they would be in much better shape. They couldn't do anything about the oil price, but they could have been more vigilant about what the Operator was doing. They have done a dismal job on the development from day one in terms of cost overruns and delays for what is a relatively simple field. TAP should have been more pro-active from the beginning, but they were probably afraid to rock the boat. In retrospect it would have been better to have got to grips with this issue earlier, instead of hoping it would all be OK on the day. TAP's management are responsible to shareholders and therefore they should be prepared to fall on their swords now something has finally hit the fan.