ubs, page-15

UN
I think the last quarter had outflow that was mostly wasted
starfish
Taunton
These two added to a big chunk of the cash decrease.last quarter .
Manora is an important project , and if it was up and running I would say no issue , but cost overuns add to the valuation decrease so when cash falls and costs go up, upside decreases. I think if you value Manora reserves at 15 per barrel , minus ultimate debt , add current cash and value of gas contract , then you get to a valuation a little below current market cap . Thus the valuation upside is all about how much they sell the gas assets