April 24 (Reuters) - Tap Oil Ltd (TAP) : ALL COSTS &...

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