Ann: Tap advises take no action regarding Risco takeover bid, page-12

Thanks, I agree with all of that.

The only concern I've had with TAP this year is whether some governance issue or rule braking causes them to be suspended by the ASX or second to that that the value in the company never gets realised because the 2 strong holders are seen as presenting too much of a risk for new holders to buy in. The funds managers leaving the register show that they think it's a possibility, and that's why the price has been depressed in spite of turning fortunes (in fundamentals) - I think.

Maybe a few holders will take this chance at 7-8c and cut their losses. I'd have thought those people would have bailed before now though?

I think that as the fundamentals improve - cash actually builds up and (maybe) further exploration extends the well life and maybe restores higher levels of production, then other buyers will come along and a more realistic market price will follow. The real problems with suspensions and minor shareholders getting screwed happen when fundamentals are getting worse in my experience. For that reason, I've decided to ignore the board shenanigans.

I more or less agree with you about Risco. They are self-serving like all investors and they are insiders in TAP. It's natural for them to want to buy in at what are clearly depressed prices and they can't buy any more without a takeover because of their existing 20%+ holding. Their duties as directors are conflicted but from experience it's a waste of time worrying about this - we can't really do anything and I'll assume for now that our mutual interest in TAP being profitable and valuable is the primary motivator for them.

My avg price is 11c, I think it's worth more than that today. I'll hold for now and see how the drilling, the oil price and the cash build goes and reassess the valuation and risks in July.

DYOR etc,
Cheers
pb