BDO slaps down Risco's offer for Tap

TAP Oil has again advised shareholders to reject the takeover offer made by major shareholder Risco Energy in a supplementary target’s statement today, as it also updated its reserves and resources. 

BDO slaps down Risco's offer for Tap BDO slaps down Risco's offer for Tap BDO slaps down Risco's offer for Tap BDO slaps down Risco's offer for Tap BDO slaps down Risco's offer for Tap

Manora oil field locations on time map at 490-60 level

 
The independent expert's report prepared by BDO has found the offer "neither fair nor reasonable" with the 7c per share price offered falling below the bottom end of its valuation, rating Tap between 7.9-12c with a preferred value of 9.1c. 
 
Risco has been pursuing Tap for some time, forcing board change earlier this year. 
 
On the sunnier side, the troubled oiler has also updated on its increased reserves and resources, from the Manora field in the Gulf of Thailand, where it holds a 30% interest.
 
Beginning late May operator Mubadala Petroleum began a four-well exploration, appraisal and development drilling campaign, with the final well completed June 20 and a to...