In the latest Annual Report Chris Newton mentions “the previous board was pursuing high risk growth strategy……” on the other hand looks like the new board has no strategy at all.
Does Chris realize the exploration drilling in the Manora Reservation Area so far has failed to deliver any success (other than sub-commercial discovery such as Malida). The high-risk Manora Footwall play (likely to be drilled in May) is already been tested by MNA-17 in 2016 (encountered poor quality sands and minor shows in the prime target). Some of the other near field prospects at best may deliver sub-commercial discoveries. So apart from some production upside in MNA-18 there is nothing much to talk about.
Chris’s catchphrase “a simple, lower risk, moderate return strategy targeting value maximisation at Manora and monetisation of the Australian portfolio” is just a clever attempt to pull the wool over the shareholder's eyes.
TAP Price at posting:
5.6¢ Sentiment: None Disclosure: Held
