Dear ShareholderThe Board considered it appropriate to inform...

Dear Shareholder

The Board considered it appropriate to inform you of its position given queries by shareholders in
response to the media coverage in the last few days.
Recent media reports have described an approach to Tap Oil Limited (“Tap”) by a consortium
comprising John Poynton, Chris Indermaur, Stephen Pearce and Murray King, all members of the
management buy-out team that recently failed to take control of Alinta Limited (the “Poynton
Consortium”).

Specifically, the Poynton Consortium requested a meeting with Tap last week to present a “proposal”
to the company. A meeting was held within days of that request however the “proposal” was nothing
more than a general suggestion that Tap should employ key members and provide Board representation
to the Poynton Consortium.

The media has also reported that the Poynton Consortium has purchased approximately 5 million Tap
shares. Whilst we welcome them as shareholders, Tap has another 150 million shares on issue and the
board is very aware of its responsibility to all shareholders, including the holders of those shares which
have been purchased based on the company’s current strategies and management.

As you will be aware from recent investor presentations, Tap has in the past two years implemented a new strategy and recruited a new team of highly experienced oil and gas professionals including the appointment of a successor CEO with a strong track record of finding oil and gas. The Board is very
confident that this new team and strategy will deliver strong growth for Tap’s shareholders.

It is our understanding that the members of the Poynton Consortium have no relevant experience in oil
and gas exploration, development and production at all, whereas Tap’s Board and management have significant relevant experience and technical expertise in the sector and are well qualified to drive further growth in this specialised operating environment.

Tap’s Managing Director has recently talked with a large number of institutional and retail shareholders about the approach by the Poynton Consortium and contrary to comments attributed to the Poynton Consortium in the media, there is no indication of support for this group.

We will advise shareholders in the event that a proposal of any substance is received from the Poynton
Consortium, or any other source, that your Board considers will add value for all shareholders.

Yours faithfully
NEALE TAYLOR