The production costs increased by the same amount as the extra revenue! There is a comment saying the increase was due (at least in part) to increased royalties due to increased oil prices.
To some extent I get that this might related to the fact that the higher oil price means a higher royalty even if the hedges mean TAP only got about 50% of the benefit of the higher prices for the Qtr (hedges for 70% of 2/3 months)? If that's the case then assuming the production holds up and oil holds around here, there should be no increased royalty next quarter hopefully and I'd agree with net cash $3m+ next quarter.
TAP Price at posting:
7.3¢ Sentiment: Buy Disclosure: Held
