UPDATE 1.35pm: Rocked by plans for an attempted coup by its...

UPDATE 1.35pm: Rocked by plans for an attempted coup by its biggest investor, Tap Oil today stepped up its fightback by declaring dissident 19.9 per cent shareholder Chatchai Yenbamroong was at risk of losing his stake in a lucrative Thai oil project.

Tap claimed that Mr Yenbamroong's Northern Gulf Petroleum had been issued with a default notice by the operator of the Manora offshore oil project because of an alleged failure to pay $US27.1 million in development and operating costs.


Northern Gulf owns 10 per cent of Manora while Tap holds 30 per cent, which it bought off Mr Yenbamroong.


Manora's operator and biggest shareholder is Mubadala Petroleum. Manora celebrated first oil in November and has been producing at a forecast 15,000 barrel a day, with Tap flagging positive net cashflow pre-debt repayments despite the weak oil price.


The $66 million valued Tap said today Mubadala's default notice to Northern Gulf declared that if the outstanding money was not paid, Mr Yenbamroon's company would face standard, escalating penalties leading up to the witholding of its 10 per cent slice of oil sales revenue and ultimately the forced transfer of its Manora stake to the "non-defaulting parties".

https://au.news.yahoo.com/thewest/business/wa/a/26769124/tap-fights-back-against-dissident/


Raider