Tap has the worst reserve replacement ratio in the oil industry...

Tap has the worst reserve replacement ratio in the oil industry and is the only producing oil co whose shares are worse than when they first floated. No industry insiders are silly enough to invest in TAP for that reason, and also perhaps because management may be considered just not up to it.The Board did not position the company very well when times were good, both in terms of management and exploration acreage.They are now paying for it.
Finally, their production and their cash reserves are dwindling, while production expense is going up.