April 24 (Reuters) - Tap Oil Ltd (TAP) :
- ALL COSTS & DISCRETIONARY CAPITAL INVESTMENTS ARE BEING REVIEWED
- 1H 2020 OIL SALES WERE PARTLY PROTECTED BY HEDGING
- LACK OF FIRM 2H 2020 OFFTAKE SCHEDULE IMPACTS ABILITY TO EFFECTIVELY HEDGE & MAY IMPACT PRODUCTION
- HEDGING WILL BE REVISITED ONCE 2H 2020 OFFTAKE PROFILE HAS BEEN FINALIZED
- OIL PRICE DECLINE, IF MAINTAINED, EXPECTED TO HAVE SIGNIFICANT IMPACT ON CO'S REVENUE IN NEAR TERM
- LACK OF FIRM 2H 2020 OFFTAKE SCHEDULE IMPACTS ABILITY TO EFFECTIVELY HEDGE AND MAY IMPACT PRODUCTION
- CAPEX COSTS (BROWNFIELDS) DEFERRED UNTIL 2021
- OPEX COSTS REDUCED AND WORKOVER PLAN CANCELLED
- 1H 2020 HEDGES HAVE NOW ROLLED OFF & THERE IS NO PROTECTION FOR FUTURE SALES
- 2020 MANORA WORK PROGRAM AND BUDGET HAS BEEN REDUCED BY US$14M
- AS AT 31 MARCH, CO HAD CASH AT BANK OF US$28.945 MILLION
- EXPLORATION WELL CANCELLED RESULTING IN US$1.2M NET SAVING
News: TAP Tap Oil Says Reviewing All Costs & Discretionary Capital Investments
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