TAP 0.00% 7.8¢ tap oil limited

Ann: Company Update & Capital Raising, page-7

  1. 651 Posts.
    Tap Oil said its joint operating agreement with NGP outlines various steps to resolve the default.
    After 30 days, proceeds from the sale of NGP’s share of Manora crude oil will be directed to the non-defaulting parties who have contributed to the default amount to be applied against such contributions.
    Tap oil said that 60 days in default will trigger a compulsory transfer of NGP’s 10 percent interest to the non-defaulting parties who have contributed to the default amount.

    Does anyone know if the proceeds are being directed to the non defaulting parties and has NGP,s 10 percent interest been transferred to the non defaulting parties?
    If not why not?

    Any info would be much appreciated.
 
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