Tap Oil Says Singapore Petroleum Has Significant Stake...

Tap Oil Says Singapore Petroleum Has Significant Stake
26/02/2007 10:31AM


MELBOURNE (Dow Jones)--Australia's Tap Oil Ltd. (TAP.AU) said Monday that Singapore Petroleum Co Ltd. (S99.SG) has bought 4.7% of its shares.

Tap has long been tipped as a potential takeover target with a series of dry wells and an underperforming share price increasing its vulnerability.

Tap said as at 21 February, Singapore Power held beneficial interest of about 7.3 million shares or 4.7% of its issued capital.

"Tap will be seeking discussions with SPC as to its intentions with respect of this shareholding," the company said.

Singapore Power is a partner with Tap in an exploration block off the coast of Victoria and last week signaled it plans to boost its footprint in the region.

Tap shares were 8.6% higher at A$1.65 in Monday morning trade, valuing the company at A$254 million. The stock has traded as high as A$2.52 in the past 12 months, with a record high of A$3.26.

-By Alex Wilson, Dow Jones Newswires