Taunton for me was a bit mixed, though I agree that Bianchi is...

Taunton for me was a bit mixed, though I agree that Bianchi is without a doubt a big success which also seems to have been completely ignored by the market.

I always expected TAP to use up most (if not all) of the $50 million facility, to leave some cash for exploration. Bear in mind the $20 million corporate facility is "split between a AUD $10 million revolving facility available for general corporate purposes and AUD $10 million as a contingency in the event of any Manora cost overruns." Manora is financed with a little bit of headroom for exploration.

Though development and production risks will continue to remain and may impact on the final value of Manora, the the gas assets in bianchi, zola, tallaganda provide afloor in terms of value.