sale of zola/bianchi prospects., page-96

Ghana withdrawal is a non issue as the market was ascribing zero value The cost blowouts are a concern but the biggest issue is TAP is reliant on Manora in a big way . It's essentially a one project company and what is even more important it's taking on a lot of debt for this project .
Due to this TAPs value is very leveraged to Manora success . The failure to deliver required rates can be very damaging

I am not suggesting Manora won't deliver , it may even over deliver but there is simply heightened downside risk given the level of debt they will end up with

Of course if they manage to sell off gas assets at a reasonable price all of the above risk diminishes . I could be overplaying the risk but I am simply fearful of high debt positions relying on a not totally derisked project