tap's value, page-3

Thanks for the link UNBUZ. Though some components of my valuation was a bit differen to Strachan, it was good to see my overall base valuation matched up with his. It was particularly helpful that Strachan provided estimates of the potential upside. Although I think some of it is on the optimistic side, it is not at all unreasonable.

With regards to the 351-P permit, I don't mind if Tallaganda is not commercial. I just hope that it gives them enough to drill again within the permit, because as you have highlighted, the neighbouring sites around 351-P have been prolific for gas discoveries.

Even if you write down 351-P to zero though, and assume no further exploration opportunities in the permit, TAP is worth far more than it's current SP, which would make it a nice little earner when the cash from the development flows through, or when we finally see what happens with Zola.

Success at 351-P though, may very well turn this from a nice little earner to a company making opportunity.