Tap Oil: Interim result 2014

With cash flow from the Manora project imminent, the market is finally showing some interest in Tap.

Even by the standards of this sleepy oil and gas business, Tap Oil’s financial results were modest, with profit from dwindling gas contracts offset by a $5m exploration write-off. Tap’s profitable gas contracts will expire in 2016 but the company’s share price has been on a tear, almost doubling in the past four months.

The market is now anticipating what we have been awaiting: the imminent start of cash flow from the Manora oil field off the coast of Thailand.

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