OK - so lets look into the "scary stuff" (all back of an...

OK - so lets look into the "scary stuff" (all back of an envelope calculations):

TAP had $35.6m cash @ balance date (30/6/15)
They produce 4500 barrels per day at $20 cost and $55 average revenue - makes $4.7m gross profit per month (just from Manora, the gas is on top of that)
Admin overheads are around $500k per month
NTA was 31 cents per share (at a SP of 24 cents)
They have 5.65 MBl of confirmed reserves - which would give them (at current cost and oil price) a remaining gross profit of nearly $200m from Manora (likely more)
They have a $55m cash facility until 31/9/15, which they need to renew and they asked Macquarie to prepare this facility.
Just based on their Manora income should they be able to repay this facility within a year (assuming the gas pays for their overhead).

And yes - they have a conflicted and defaulted cornerstone shareholder with a quite separate agenda ... but still

Not sure how low the oil price would need to fall (and stay) to make this venture cash negative - but there are certainly no issues if the oil price stays where it currently is. So why should we assume that there might be problems with an approval of that new debt facility?