Oil and gas producer Tap Oil Limited
(ASX:TAP) has confirmed it is reviewing its business and asset base in response to the volatility of the energy market.
The company says a key investor holding a voting share of almost 20 per cent has proposed the replacement of four existing directors with four nominated by him.
The company says this attempt to control the board has spurred the company to explore alternate options.
The strategic review will look at divestment options for all its assets including the flagship Manora Oil Development.
The aim of such transactions would be debt reduction and the potential to pay dividends to shareholders.
Tap Oil reported a net loss of $52 million in the 2014 calendar year.
