A. would be my choice with cash being king in the current market corona downturn.
Although oil prices are down we are shielded with favorable US $ to Aus $ exchange rates and the way cash flow is heading, including current US cash holdings brings us back to around US $27M or $Aus $40M in the bank and current market cap, with another dividend able to be afforded and leaving around 3.5 years of reserves and time to further explore around Manora production field.
Allowing the last 2.5 cents fully franked dividend payment and comparing TAP share price performance with BPT (orange line), COE (green line) and WPL (grey line) over the last month has TAP holding and doing quite well.
