Hi orson It's very common for investors to miss the detail in...

Hi orson
It's very common for investors to miss the detail in crunching numbers , Choclit will have you believe that you start producing oil and everything from cash costs to sale price ends up in net cash flow. They will also forget that TAP had hedged almost 500k barrels at 62.5 USD ending Dec which aided cash flows so along with actual real oil price would have averaged somewhere around 56-58 for the year whereas now we are running at 29 which is al almost 32 m less in USD cash flow. He also ignores the fact that cash was sitting at 28m a year back and now is 12-13 m after the 2.75 AUD raising . Not to mention TAP have 11 m USD in restricted cash so don't have room to sneeze let alone drill any development wells to maintain production
He also forgets to mention borrowing base based on reserves which in turn is impacted by oil price
It's not pretty for any oiler and worse for those on debt. Even if TAP does manage to survive and clear debt by end of 2017, they will have no gas revenue , limited cash flow from manora and little cash so the dilution will still need to happen