Risco turns on the Tap - The West Australian
Spurned by Otto Energy, Singapore’s Risco Energy Investments has turned its sights on another Perth oil and gas junior after a quiet stake-building exercise in Tap Oil.
Risco last night disclosed it had amassed a 5.1 per cent stake in Tap following a $4.1 million on-market buying spree over the past two months.
Risco’s buy-in, at an average price around 34¢ a share, comes as Tap faces an uncertain future.
Tap’s biggest shareholder, Thai tycoon Chatchai Yenbamroong, has threatened to use his 19.9 per cent stake to force a shake-up of the Perth com-pany’s boardroom, at a time when other investors are also unhappy with the perennial market underperformer.
Tap has responded with an all-in strategic review, flagging no asset — including a flagship stake in the Manora oilfield off Thailand — is off limits and that whole-of-company deals would also be considered.
Risco’s Tap intentions are unclear though it has signalled an appetite for stakes in producing assets in South East Asia. Six months ago its $US101 million deal to buy Otto out of the Galoc oilfield off the Philippines was scuppered by a higher offer from Bangchak Petroleum.
Tap shares closed up 3.5¢ at 38¢ before Risco made its disclosure
TAP Price at posting:
36.5¢ Sentiment: None Disclosure: Held
