News: TAP Tap Oil says co to undertake significant reorganisation

March 15 (Reuters) - Tap Oil Ltd (TAP) :

• To undertake significant reorganisation
• BNP debt facility to be restructured to provide additional liquidity
• Troy Hayden will step down as the CEO/Managing Director of co
• "Staffing will be reduced from 18 full time equivalent staff to 7 full time equivalent staff with staff reductions commencing in April 2016"
• "Staff reductions are expected to reduce overheads by A$1.7 million on an annualised basis"
• Proposes to undertake pro rata renounceable rights issue of fully paid ordinary shares in co to raise up to A$7.75 million
• Funds raised from rights issue are expected to satisfy one of the conditions to the restructure of the BNP Facility