wa- 351- p

The TAP November Investor Presentation indicated the following:

1) Cash at Bank $90m.

2) WA-351-P- chance of exporation success 50%- low risk.


Re 1) it does not appear that TAP has a cash flow problem.

WPL sees this permit as a good investment and ROC are trying hard to lose money as part of their strategy so TAP is intelligently increasing its stake in a low risk play IMO.