Opening Price

Im calling 6c.

I think even with a cost overrun Galp will refund some cash to TPT. They are free carried to $33m or a full cost of $100m. To get no refund the drill would have to blow out to over $100m from a budgeted $73m. That's a significant overrun in shallow water.

So I think they will get their $7.5m back. If they run to cash that will push them over 6c.

It's still misreable - I feel for the poor bugger that bought mine at 46c a couple of years back.