Tap Oil Announces 2010 Full Year Results (Australia)

Tap Oil today announced its full-year results for 2010.

Highlights

– Underlying profit after tax (excluding non-recurring items) of $2.9 million

– Exploration write downs and impairments of $79.6 million

– Cash flow from Operations of $31.9 million „h Cash reserves of $99 million with no debt

– Raised $55 million (net) in capital

– Troy Hayden appointed as new Managing Director/CEO „h Gas discovery at Zola-1 well in the Carnarvon Basin

– Acquisition of effective 30% working interest in three Gulf of Thailand concessions

– Acquisition of additional 20% stake in WA-351-P

– Awarded highly prospective 2,000 km2 offshore permit in Ghana

Managing Director, Mr Troy Hayden said:

“2011 has started with some significant activity for Tap. In particular the recent gas discovery at Zola-1 and the opportunistic purchase of an additional 20% in the highly prospective WA- 351-P block in WA’s LNG region.”

“Our current strategic focus involves the allocation of capital to only our most prospective asset areas. These are: the Gulf of Thailand; Ghana; and the Carnarvon Basin, which includes WA-351-P and Zola-1. The large write downs are due to exploration outcomes in 2010 and the resultant tightening of the focus on assets that are commercial and that can be efficiently monetised.”

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Source: Tap Oil, February 28, 2011;