Ann: Proposal received from Northern Gulf Petroleum, page-24

They're getting desperate. Just received this email...

RISCO’S ON-MARKET CASH TAKEOVER OFFER FOR TAP OIL

• INCREASED OFFER PRICE OF 9.1 CENTS CASH PER SHARE
• INDEPENDENT DIRECTORS RECOMMEND YOU ACCEPT RISCO'S OFFER1
• INCREASED OFFER MATCHES INDEPENDENT EXPERT'S PREFERRED VALUATION2
• OFFER CLOSES FRIDAY 31 AUGUST 20183

Dear Tap Oil Shareholder,

On 9 August, Risco increased its unconditional on-market cash takeover offer to acquire all of your Tap Oil shares to 9.1 cents per share.

Risco is now Tap Oil's largest shareholder with a relevant interest in more than 32.2%4 of Tap Oil shares.

Tap Oil’s Independent Directors unanimously recommended that youACCEPT Risco's increased Offer1 in the absence of a superior proposal. There has been no superior proposal announced since Risco made its offer in early May 2018.

Risco's increased offer enables you to realise value for your Tap shares through a simple and immediate cash exit. The offer price matches the preferred valuation provided by Tap’s Independent Expert.

You can immediately accept by selling your Tap Oil shares on ASX during the remainder of the offer period.  During that time, Morgans will stand in the market to acquire your Tap Oil shares on behalf of Risco at the offer price of 9.1 cents per share. You will receive your cash proceeds on the 2nd trading day after you sell your shares on market.

Risco's offer will close Friday, 31 August3, so to avoid missing out if you wish to accept, either sell on market or instruct you broker to sell on your behalf before the offer period ends.

Yours sincerely,

Risco Energy Investments (SEA) Limited