Ann: Share Purchase Plan Offer, page-30

With quarterly attributable production of 350,000 bbls ( costing USD22 per barrel) and rising ..is it as bad as the shareprice suggests ?
The problem issue must be the BNP facility requiring the maintenance of the USD$10million liquidity deposit .
I think that the issues with NGPH must go away eventually . They're locked in to their minority position and were they silly enough to persist with the Sec 249 meeting the company can be given a chance to elaborate on the many options to address the BNP issue :
placement to Risco ..and maybe another board seat;
sale/JV/farmout of some if not all of the Australian acreage;
negotiated reduction in the USD10million [USD5million?]in exchange for higher interest rate and maybe some convertible notes.
Hopefully the primary objective is to keep the 30% interest in Manora.
That 23 march 2015 preso is worth a revisit..and in particular the peer group analysis.
The subject metric then being the ratio of quarterly production to market cap shows TAP to be the standout against the likes of Senex,NZOil &Gas,Horizon,Cue and Nido { whose MD has designs on TAP and who is evidently the alternate for NGPH} .
Since then TAP is down 66% so that ratio is now even more dramatic . Nido stock is down 75% and quarterly production is up 100% to 300,000 bbl so that ratio is impressive also . But it should be as their net debt is USD70million . TAP's net debt is a manageable USD20million .
So..what have I missed ?