Interesting take on events- very possible motivator . Here is...

Interesting take on events- very possible motivator . Here is TAP issue , a good chunk of Manora cash flow generated in the first few years will go to paying off debt . By the time this is clreared, reserves , prod and cash flow will be much less, and TAP during this period won't have the funds to position company for bt future . It cost tAP over 200 m to buy and develop Manora. If the oil price doesn't recover TAP won't have funds to do much and what is worse the probably won't have capacity to participate in ofshore assets . In total including overruns, tap need to pay about 18m usd in next few months . Tap is simply a high risk high reward bet . Low oil price will crush them. Production or reserve issues would do the same. It probably does trade below intrinsic value , but if you price in risks price is about right