Ann: Quarterly Report - March 2015, page-5

Thanks for sharing all that analysis, choclit. With the oil price now recovering, I'm sure there's way, way more upside now in TAP than downside. Sojourner may have hit the nail on the head about Mr Yenbamroong over-reaching, e.g.:

* The US27 million Default Notice from the Manora Operator, which is still apparently unresolved after more than 5 weeks, really damages his credentials to replace 3 of TAP's directors with 4 of his nominees, and his claim to run TAP better;

* He was paying TAP certain amounts due under the Manora purchase agreement then he just stopped paying, without explanation. TAP's entitlement will not go away but perhaps Mr Yenbamroong is having trouble paying?? (It would be interesting to know if his cash calls have been paid in his other joint ventures).

* The statutory demand that Mr Yenbamroong made on TAP has been described as an abuse of process which TAP will seek to set aside. This demand looks a bit desperate, and if the Court finds against his claim it will be a further blow to his management credentials.

If Mr Yenbamroong would work with TAP (and the Manora Operator), and withdraw the overhanging board spill notice, TAP's share price would bounce strongly, to the benefit of ALL shareholders.