TPL is small at $80M, has no analyst coverage and is based in the Chanel Islands. Thus, it is not one we know well. Revenue rose sharply last year, from $16M to $65M, and it made 11c per share, with $34.7M cash flow. The balance sheet is fine, with $5M net cash. Shares are very tight, with three entities owning a combined 72%. It continues to buyback stock and has high-impact exploration well potential. There is sector, size, operational and exploration risk here, and results are going to depend on exploration/drilling primarily. But it is very cheap and the valuation reflects a lot of the risk. But we would not give it a strong endorsement: too risky for us.
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