Uzn I agree that Tap is still cheap without success , however the more discoveries the more forward production people see and the more they are willing to buy . I have no doubt when the WA offshore assets are sold , we will see a rerate but as someone has pointed out , TAP still lose a few million for the well and one prospect down the drain . The WA sale is still a few months away therefore the only thing that will cause a good rerate before this is the discovery of more oil . I am also conscious of the fact that ghana will not be a free carry and will set tap back about 10-15 m with a smaller position ( 15-20%) so they need to left reserves and production over the next year or two Medium term -nub 70c a buying opportunity
TAP Price at posting:
73.5¢ Sentiment: LT Buy Disclosure: Held
