With much further appraisal/testing still to be done on Maitland, TAP have made it clear they don't expect any production from Maitland before late 2010 (almost 2.5-3 years away).
I can't see any significant rerating of PPP until we see some capital management or some value accretive options in the interim (farmin, JV, Tui extension, acquisition, additional permits, etc.). Or perhaps a further significant jump in oil prices.
Market is already well aware of what Tui currently offers, including the previous reserves upgrades.
Any thoughts?
PPP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held