Ann: Risco increased Offer, page-16

Agree with the comments above as to whether this board is really acting in the shareholders best interests by recommending a 9.1 cps offer from RISCO. While BDO (independent expert used to value first offer) suggested TAP fair value range was 7.9 to 12 cps (with preferred price at 9.1 cps) I consider the report to already be outdated. Oil price outlook continues to be positive, TAP has no debt, TAP is adding cash (and next quarters intake will be significantly higher than last due to timing of off takes) and the production profile is improving. Additionally, TAP holds excellent positions off the north west shelf (with Quadrant) - while Quadrant and Carnarvon continue to demonstrate the highly prospective nature of this region.

I will be rejecting the offer by taking no action (and I owned enough of this for them to call me last time when the vote was being cast for the board). My personal view is the offer needs to be at the higher end of the previous estimated range before I would budge. Hang tough.