After years of little exploration success, the company now has 2P reserves of 6.5 million barrels of oil equivalent, down from 21.8MMboe at the end of 2003.

However, the company still has about $95 million in the bank and is debt-free and argues that it is taking steps that will deliver growth.

In an investor presentation, new managing director Peter Stickland said Tap is targeting proven basins which yield moderate risk, high-impact opportunities.

In 2007, Tap was awarded operatorship of T/47-P, a permit in the Bass Basin and of Block M in Brunei.

It also acquired seismic in T/47-P and in its SC-41 permit in the Philippines.

The company also participated in a Santos-operated oil discovery at Fletcher and in appraisal work at the Apache-operated Maitland gas field. Further appraisal will be undertaken at both of these Carnarvon Basin fields this year, Stickland said.

While, Stickland, a former BHP Billiton exploration geologist, now has the title of chief executive, the company is paying him considerably less than it is paying founding chief executive Paul Underwood who initiated an 18-month transition period on January 1 last year, under which he has gradually handed control over to Stickland.

Stickland is on a base package of $475,000 per year, while Underwood is being paid an annual base package of $695,000 in his new role of executive director for business development, according to the Tap annual report.

It is not clear how much Underwood will be paid after June 30 when he ceases to be a Tap executive and becomes a non-executive director of the company.