To infinity and beyond!, page-20

You probably already know this but the problem most likely is the perception of the ownership and board structure. No independents and a major shareholder ‘partnership’ with potential areas of conflicts of interest (eg IMO Risco management fees and NGP’s dispute with Mubadala). Also, let’s face it, a long poor track record for shareholder outcomes. Long suffering insto investors have finally bailed also.

So a general bad smell.

I’m not talking the company down, but I’m guessing a lot of retail investors lost money in Tap because it was recommended by the intelligent investor for one (my opinion only and not attacking them, I like the II). Anyway, I’d rather keep it real here so inexperienced mum and dad investors stay clear.

Saying that, the market will see past these things at some point if, as you say, the cash actually starts to pile up (as opposed to looking like it might pile up), which is where we are now.

I think at this price Tap is a reasonable bet, and I’m happy to hold or even buy at 6c because of the oil price trajectory and simple harvesting plan. However, I wouldn’t be betting the house on it because of the genuine risks above.

IMHO DYOR etc.