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7.8¢ tap oil limited

I kept some shares after the delisting and have been waiting for...

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Unlucky1966

1 Posts.

24/05/21

13:37

Post #: 53374463
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Originally posted by pilch: ↑

So just 5 months after the company was delisted by the Kindarto Kohar backed Risco, they are back...
Despite oil prices moving from low US$40's to high US$60's, the offer has changed from 7.8c to an underwhelming.... 9 c !

At end Feb 2021, they had 920,000 barrels 2p reserves. Opex is @US$24 The selling price is a slight premium to Dubai, so for each lifting of 90,000 barrels net to Tap they make around US$3m [assuming a $33 margin]...or A$4m in round numbers with 9 more liftings. Tap already have A$30m in cash, yet at 9c, the company is being valued by Risco at...@A$23m !

Now they do have an abandonment liability estimated at $16m, but bidding $23m for $30 in cash + the prospect of $40m more to come in for the 2p reserve figure and possibly more as the production strength may mean they get closer to the 3p reserve figure.

The words mug +punter spring to mind !

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I kept some shares after the delisting and have been waiting for an improved offer but I am a definite NO to 9 cents.

TAP Price at posting: 7.8¢ Sentiment: Hold Disclosure: Held
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