Ann: Change in substantial holding, page-9

Shadow

Northern Gulf Pte Ltd is not a subsidiary of TAP. The TAP holding in Manora is held via Tap Energy (Thailand) Pty Ltd, as per the Manora ASX announcement on 18 November, 2015.

Northern Gulf Petroleum Holdings is declared as a substantial shareholder (SSH) in the 2013 Annual Report of TAP and also as the SSH in the recently disclosed announcements.

It looks a bit confusing, but there is simply a JV partner of TAP buying shares on market.

Interestingly, it does raise some issues in respect of insider information, as I am sure that Norther Gulf is aware of non-public information on Manora.

On that basis, it is probably not a good time to be selling TAP shares. DYOR. Not advice.

Cheers, Al