Yenbamroong turns sight to Tap
Thai entrepreneur Chatchai Yenbamroong, who was instrumental in sparking the $113 million takeover of Nido Petroleum, has turned his sights on another Perth oil and gas junior with an attempted boardroom coup at Tap Oil
Mr Yenbamroong has requisitioned a shareholder meeting at which he wants to roll Tap chairman Doug Bailey, managing director Troy Hayden and Michael Sandy and replace them with his nominees, including Alan Stein.
The Thai entrepreneur has not given Tap any reasons for his requisition, which comes after some aggressive on-market buying over the past two months that has bumped Mr Yenbamroong's stake in the Perth company from 6 per cent to 19.9 per cent.
Mr Yenbamroong had a similar size stake in Nido Petroleum, which he sold to Bangchak Petroleum to spark a full takeover of Nido last year.
Mr Yenbamroong is a stakeholder in Tap's flagship oil project, Manora off Thailand, which began producing late last year.
Tap also said this morning it had been hit with an unexpected cost overrun by Manora's operator.
The company also this morning unveiled a full-year net loss of $42.7 million, up from a $38.1 million loss the previous year.
The result came on revenue of $26.8 million down from $28.9 million the previous year.
Tap shares were off 1.5 cents, or 4.29 per cent, to 33.5 cents at 9.20am.
