Hi Mike
I liked the Quarterly, eg:
- US$25 million debt repayment, with now only US$43.5M owing:
- quarterly sales revenue of US$25.4M, with that revenue being very profitable - cf costs
- Manora still producing strongly, with normal minor issues only, thankfully
- 3rd party gas contracts still pouring in highly profitable revenues (until end 2016)
- abatement of disruption from the 19.9% Thai shareholder, who seems to have decided it's best to not shoot himself in both feet??
- Legal actions taking their course, with TAP having secured decisive victory in getting nonsensical statutory demand thrown out by WA Supreme Court
- TAP has more than one financing option, and considering other financiers if current financiers unreasonable payment schedule is not modified. Obviously this is still work in progress - none of these people are easy to deal with, given that a lot of money is involved and how bankers operate. TAP has excellent skills in this area given the experience of TAP's MD, Chairman and in-house finance guru, so we'll get as good a deal as is possible.
- Operator's claim for extra Project costs - being negotiated slowly and not aggressively, which is appropriate seeing as the Operator (Mubadala) pulled a big extra costs claim out of the hat almost at the last moment. Was a very bad look for Mubadala's reputation as a reliable Operator, IMO, and also implies there will be weak points in their claim so they'll have to give some ground to TAP, I think.
- TAP still has nice asset package, including offshore WA acreage that will be worth good money again one day; just have to hold until a buyer pays a fair price. Myanmar seems a good addition to the portfolio, with good upside potential (if technical work supports early promise), and high equity (95%) giving TAP some trading chips
- market cap of US$41M as I write this (243M shares at AU23.5c at AUD:USD of 0.717) is dirt cheap but obviously reflects deep, deep market unhappiness (I'll use that polite word) with the 19.9% holding of that shareholder who the rest of us wish we'd never heard of.
- Forums
- ASX - By Stock
- Company Update
Hi Mike I liked the Quarterly, eg: US$25 million debt repayment,...
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add TAP (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online