To Tap or not to Tap, page-78

Hi TAP holders and watchers

Received this email today

Dear fellow Tap Oil Shareholder,
Attached please find a market update that we would like to share following the close of Risco's on-market takeover offer on 31 August 2018. Briefly:

• Risco now holds 44.1% of Tap shares and is the largest shareholder
• Mr Chris Newton, Risco's nominee director, has been re-appointed to Tap's Board
• Risco will be seeking to increase its Board representation in line with its shareholding
• Risco anticipates that the Tap Board will commit to executing the Harvest Strategy and put appropriate personnel in place to ensure its successful implementation
• Risco expects Tap's cash position to grow from the Harvest Strategy roll-out that will leverage Manora's cash generation ability and from the monetisation of the Australian assets portfolio
• Risco is committed to a Board that is focused on running Tap's business successfully

Please refer to our attached market update for further information.
Yours sincerely,
Tom Soulsby
Chief Executive Officer
Risco Energy Investments (SEA) Limited