Tap Oil exits Australia

Junior oil producer Tap Oil has announced it is leaving the Australian market, and is working toward restructuring its debts as it prepares to leave behind its local operations.

Tap Oil advised it has implemented a range of strategies including cost cutting strategies, deferment of non-core activities and supporting the reduction of its Manora operating costs in Thailand. This inevitably meant that the company will seek to divest its Australian exploration portfolio, it advised in a statement.

CEO and Managing Director Troy Hayden will step down from his position on 1 June 2016, but will remain in a part-time role until a suitable placement is found for the company.

Non-executive Director Mike Sandy has also announced his plans to retire after Tap’s annual general meeting in April after ten years in the role.

The cost reduction measures will see Tap reduce its staff from 18 full-time workers to seven, commencing in April.

Tap Oil held a number of exploration permits in the Carnarvon Basin, offshore Western Australia.

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