It's still some way off until production starts but an upgrade...

It's still some way off until production starts but an upgrade of the Manora 2p reserves from 6 million to 9 million barrels should rerate the company.

Assuming $110 per barrel (brent), this should lift revenues from $660 million to $990 million; after capex of $87 million which is mostly already funded and opex, royalties and admin costs of $60 per barrel the project could be worth up to $450 profit before tax with 9 million barrels or $300 million with 6 million barrels. (i.e. a profit margin of $50 per barrel)

Either way its well north of the current market cap and obviously excludes all of TAPS other interests.

I would intersted in other peoples thoughts on my assumptions.

Cheers

Would be intere