where is the downside?, page-4

"..This is a company that spends its income drilling wildcat wells in Borneo, Ghana or Timbuktoo instead of paying dividends..."
Bacci, clearly you haven't read the June quarterly report the way I read it.
Of late, TAP has drilled 3 wells (Bianchi1, Taunton and Starfish1 in Ghana).
Starfish1 was disappointing, Bianchi1 is great news and TAP was pleased with Taunton.

TAP is an oil and gas company with experienced management (ex Woodside).
Strong cashflow is expected to come in the years ahead from Manora in Thailand with the average cash flow to
Tap over the first four years forecast to be approximately US$45 million per annum (based on Tap’s mid oil prices assumptions and after all operating costs, taxes and royalties).