General* Troy Hayden (CEO) - ex Woodside* Board renewal is...

General

* Troy Hayden (CEO) - ex Woodside
* Board renewal is happening !
* 241 million shares
* No debt
* $102 million cash
* recent sale of Harriet JV interest removed litigation and abandonment liabilities
* 3rd party gas contract from John Brookes field provides $30 million p.a. revenue thru to 2016
* $60 million franking credits accrued - for when dividends are paid !

Thailand

* TAP holds 75% of Northern Gulf Petroleum which has 40% interest in G1/48 and G3/48 (Manora)
* operated by Pearl Energy - experienced with good reputation
* TAP has 2P reserves of 6.1 mmboe, rising to 9.3 after water flood simulation is proven.
* first oil in Q1 2014, about 4,500 barrels / day to TAP
* further exploration planned for Q3/ Q4 2012
* FID is imminent
* FID payment based on 2P reserves and development size, up to $37.5 million maximum

Ghana

* 36% working interest in Accra block
* TAP is operator but will farm down - probably to about half this, on favourable terms
* nearology - close to Jubilee, Paradise oil fields and gas discoveries
* gross unrisked potential of greater than 3 billion bbloe
* wildcat drill Q1 2013, targeting 500 mmboe

Carnarvon

WA-290-P (10%)
* contains Zola discovery - 364 bcf of 2C resource, 2.3 bcf of prospective
* Zola / Antiope - 2C of 3.3mmboe to TAP
* immediately south of Gorgon
* close to existing infrastructure with multiple development options
* 7-10 year leadtime for first revenue
* TAP looking to monetize this asset early
* further drilling in late Q4 2012
WA-351-P (20%)
* recent gas discovery in Mungaroo formation at Tallaganda
* free carried to $10 million
* still being tested but seemingly non-commercial
WA-33-R (22.47%)
* Maitland - 2C of 10.2 mmboe
WA-34-R (12%)
* Prometheus/Rubicon - 2C of 7.3 mmboe
WA-191-P (13.8%)
* Fletcher Finucane - 2C of 1/.2 mmboe
SPA18, SPA21 (20% - 35%)
* unconventional hydrocarbon opportunity targeting shale oil and gas
* 38,000 m2 - geochemical surveys starting soon