COMPANY INTERVIEW MD GIVES COMPANY-WIDE UPDATE

17 November 2014 The Company Announcements Platform Australian Securities Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000 Tap Oil Limited ABN 89 068 572 341 Level 1, 47 Colin Street West Perth WA 6005 Australia T: +61 8 9485 1000 F: +61 8 9485 1060 E: info@tapoil.com.au www.tapoil.com.au COMPANY INTERVIEW MD GIVES COMPANY-WIDE UPDATE Tap Oil Limited provides the attached interview with its MD/CEO, Mr Troy Hayden, by Company Interview, which gives a company-wide update. A copy of this interview is available at the ASX and can be viewed on the Company s website www.tapoil.com.au under the heading Investor Centre. Enquiries: Troy Hayden Managing Director/CEO Anna Sudlow Investor Relations & Commercial Manager Telephone: +61 8 9485 1000 Email: info@tapoil.com.au Website: www.tapoil.com.au 239305_2.docx Page 1 of 1 + Attachment

Attention : ASX Company Announcements Platform Lodgement of Company Interview Tap Oil Limited Date of lodgement: 17/11/2014 TITLE: Company Interview. Valuation, Manora & Growth Highlights: Explains planned production ramp up for Manora oil field. Anticipated financial implications for TAP with Manora in production. Comments on TAP s share market value against TAP s potential asset values. Gives an indication of the worth of Manora using other oil asset transactions. Explains potential to add to Reserves/Resources and Manora s field life. Explains potential capital management including using franking credits. Discusses potential asset sales. Explains broad plans at other TAP assets. Major activities into 2015 and explains unique position of TAP as an E+P company. Record of interview: Tap Oil Limited (ASX code: TAP; market cap of ~$135m) announced that the Manora oil field (Tap 30% equity) has commenced oil production with the first 2 wells on line. Tap s share of 2P Reserves are 6.1 million barrels of oil with an additional 3.2 million barrels of Contingent Resources. What s the expected production profile? How many producing wells are ultimately planned and what s the current expected field life? At the commencement of production, Mubadala Petroleum, the Operator, reported that flow was brought online from the two wells and is being progressively ramped up from an initial combined rate of 2,200 barrels per day (gross). As of 16/11/14, we are producing 9,106 barrels per day (gross) and crude is flowing to the FSO. It is anticipated that production will ramp up to a peak of 15,000 barrels per day (Tap share 4,500 barrels per day) during the first quarter of 2015. 1

The Joint Venture anticipates drilling up to 15 wells (10 producers and 5 injectors), with the drilling program expected to take until the end of Q1 2015. Three wells are currently on production, another has been completed and is waiting to be brought on and batch drilling of a further five has commenced. Under current assumptions, Manora is forecast to have an 11 year economic life, which could be further enhanced if the near-field potential within tieback distance leads to further oil discoveries. What does that mean in terms of financials at full production rate including reference to such numbers as free cash flow or EBITDA? What oil price assumption is that using? We use a range of oil price sensitivities to model our financial position. For oil prices between US$80 US$100 per barrel, it is currently anticipated that the net cash flow to Tap will be somewhere in the vicinity of US$150 US$200 million, over a four year period. This is after forecast Thai taxes, royalties and operating costs, but before repayment of debt. We shouldn t forget the Third Party Gas contracts which generate approximately $17 million net to Tap every year until December 2016. How do you reconcile those sorts of financial numbers against your current Enterprise Value (EV) and market capitalization? It would seem the market may not understand the value in Tap s portfolio as a whole. What do you think your 30% of Manora is worth? Can you draw on other recent transactions in the oil and gas sector to value Manora? What reasonably accurate valuation can you put on Tap s other assets such as the third party gas sales? Recently in the Asian region, there have been a number of sales and proposed sales of 2P producing assets, as well as entire Company acquisitions that set a precedent in the market valuing 2P reserves between US$23 - US$28 per barrel. These sales provide a useful benchmark for Manora, where Tap has 2P reserves of 6.1 mmbbls and 2C contingent resources of 3.2 mmbbls booked for Manora. The sales prices for these transactions would indicate Tap s current 2P reserves in Manora exceed the current market capitalisation of the Company. The Company s value is not solely in Manora Third Party Gas, large gas discoveries in WA-351-P (Tap 20%) and WA-320-P (Tap 9.778%), and a low cost exploration portfolio in Thailand and Myanmar. We also have a number of opportunities in Australia such as WA-320-P, and discoveries in Taunton, Maitland and Amulet. What is the potential to add to Reserves and Contingent Resources at Manora? How will you approach exploration at Manora? 2

It is anticipated that Tap s 3.2 mmbbls of contingent resources will be reviewed throughout the course of 2015, as we obtain further information through development drilling and production performance. We have identified a number of leads close to the Manora platform that could be drilled from the platform itself, which could be cheap to drill and tie-back. Although these prospects may be small in size, if proven, they could potentially have a large return on the capital investment. We also plan to drill one commitment exploration well in each of the G1/48 and G3/48 concessions in the Gulf of Thailand in the first half of 2015. The targets for these wells have the potential for larger stand alone developments. What is Tap s franking credit balance? What s your intended capital management program given the fact that franking credits are best in shareholders hands, but balancing that with possibly paying down debt and also seeking further growth opportunities? Tap s franking credit balance is ~$71 million. Based on Tap s current profit reserve, Tap could utilise $31 million of franking credits, representing franked dividends of up to $72 million. These franking credits have tangible value in the hands of our shareholders so we have been evaluating potential options for distributing them over a sustained period. All of the capital management options are dependent on prevailing oil prices and demonstrated production stability from Manora. Will you continue to seek asset sales? What about the potential to ever sell Manora or a portion of it? Both Zola (WA-49-R) (Tap 10%) and and Tallaganda (WA-351-P) (Tap 20%) have been significant gas discoveries. Unfortunately, this value hasn t been reflected in Tap s share price, and with no immediate development plan or reserves booking and a potential long time frame for cashflow generation, the best way to monetise these is via a sale process. With the press speculating that Apache may be selling not only its interest in Wheatstone, but also all of the Australian assets, this may provide a new pricing benchmark for both assets and also introduce new parties in to the Joint Ventures who are looking to fast track their development. We don t plan to sell Manora, but everything we do is governed by acting in the best interests of our shareholders. As the key asset in the company, if ever we did sell part or all of Manora, it would have to be for a tremendously good price. What are your broad plans for your other assets - including specific exploration apart from at Manora? Otway Basin Vic/P67 We are currently evaluating this opportunity and will make a decision whether to take up our 10%-15% option with WHL by year end. 3

M-07 in Myanmar (Tap 35.625%) We were awarded the Shallow, off-shore block M-07, in May 2014, with Roc Oil as the operator. I am hoping to sign the Production Sharing Contract this year, and commence work during the study period in 2015. Australia We have been bidding, and are planning to continue to bid, on the Australian acreage releases. We also have highly prospective acreage in WA-320-P (Tap 9.778%), with a well planned there by 2016. Are there any other comments you believe are relevant to Tap at this time? Just that we really believe in Manora and not just the current reserves and resources, but in the potential of the near-field exploration that could be tied back quickly and cheaply and extend the economic life of the fields. In summary, what are the major activities for Tap for now and into 2015? Tap s primary focus is to ensure that Manora reaches peak production of 15,000 bbls per day by the first quarter of 2015. We need to keep working the assets we have Thailand G1/48 and G3/48, Australia and Myanmar. In order to grow the company, we need to build production either via development of our existing assets or through purchasing new assets. Corporate acquisitions are a possibility, but they need to make money and not just build an empire. At the moment, I am very cautious about how we spend our money. Effective capital management is an opportunity to reward the patience of our shareholders. We could theoretically pay a sustained, fully franked dividend for a number of years, whilst still progressing our growth options and new opportunities, subject to Manora production levels and the prevailing oil price. We are assessing all options at this stage. Any return of funds to shareholders is an aspiration at the moment and not a commitment, however, we would be a rare small cap E+P company paying a fully franked dividend and maintaining our growth focus. Company Interview Thanks Troy. Persons compiling information about hydrocarbons The reserve and contingent resource information in this report is based on information compiled by Mr Denis Bouclin B.A.Sc (Hons), M.A.Sc (Engineering), P.Eng., who has consented to the inclusion of such information in this report in the form and context in which it appears. Mr Bouclin is a part-time employee of the Company, with more than 25 years relevant experience in the petroleum industry and is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA) and The Society of Petroleum Engineers (SPE). Reserves and Contingent resources have been estimated using both probabilistic and deterministic methods. Tap is not aware of any new information or data that materially affects the assumptions and technical parameters underpinning the estimates of reserves and contingent resources and the relevant market announcements referenced continue to apply and have not materially changed. 4

Disclaimer Certain statements contained in this announcement, including information as to the future financial or operating performance of Tap Oil Limited and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Tap Oil Limited, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. Tap Oil Limited disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words believe, expect, anticipate, indicate, contemplate, target, plan, intends, continue, budget, estimate, may, will, schedule, potential, opportunity and similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. No representation or warranty is or will be made by any person (including Tap Oil and its officers, directors, employees, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated presentation, information or material (collectively, the Information), or the accuracy, likelihood of achievement or reasonableness of any projections, prospects or returns contained in, or implied by, the Information or any part of it. The Information includes information derived from third party sources that has not necessarily been independently verified. Subject to any obligations under applicable laws, regulations or securities exchange listing rules, Tap Oil disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any change in expectations or assumptions. Nothing contained in the Information constitutes investment, legal, tax or other advice. The Information does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, each recipient of the Information should make its own assessment and take independent professional advice in relation to the Information and any action taken on the basis of the Information. DISCLAIMER: Company Interview Pty Ltd has taken reasonable care in publishing the information in this Company Interview. It is information published in summary and does not purport to be complete. The information in the Company Interview is not advice and the information contained in this Company Interview should not be used as the basis for making any investment decision. You are solely responsible for any use you make of the information and should get professional advice before making any investment decisions. To the fullest extent permitted by applicable law, Company Interview Pty Ltd is not responsible or liable for any consequences (including, without limitation, consequences caused by negligence) of any use whatsoever you make of the information contained in this Company Interview, including without limitation any loss or damage (including any loss of profits or consequential loss) suffered by you or a third party from the use of the information contained in the interview. For ASX-listed companies wishing to conduct Company Interviews please contact 0419 220 893. 5