Tap Oil to Delist from Oz Stock Exchange
Sydney-listed Tap Oil on September 29 announced its intention to delist from the Australian Securities Exchange (ASX) and to undertake both an opt-out non-marketable parcel buyback facility and an off-market equal access share buyback.
“The delisting is considered by the company’s board to be in the best interests of the company for a number of reasons, including the low levels of trading liquidity of the company’s shares on ASX and other factors which have lead the board to conclude that the costs and administrative burden of remaining listed on ASX outweigh any benefits of a continued listing,” Tap Oil said.
The delisting and the buyback will be put forward for shareholder approval at a general meeting to be held on October 29, it said.
Tap Oil has assets in Thailand and Australia. In Thailand, the company holds a 30% non-operated interest in Manora oilfield in the Gulf of Thailand. In Australia, it has interests in a number of exploration permits and retention leases in the Carnarvon and Bonaparte basins, offshore Western Australia. These include interests in the Tallaganda, Maitland and Prometheus/Rubicon gas discoveries.