Tap Oil : Buy Back Offer Document

IMPORTANT NOTICES

Why did I get this Offer Document?

This Offer Document comprises an offer to Eligible Shareholders to participate in an off-market buy back of up to 230,000,000 Shares under an equal access scheme in accordance with Division 2 of Chapter 2J of the Corporations Act. The Buy Back was approved by Shareholders at Tap's General Meeting on 29 October 2020.

You can participate in the Buy Back if you are an Eligible Shareholder, that is, if you had Shares registered in your name on the Buy Back Record Date (5:00 pm (WST) on 19 November 2020). This Offer Document contains important information about the Buy Back and is provided to assist you in making an informed decision about whether to participate.

This Offer Document does not constitute investment advice and does not take into account the personal circumstances and needs of any particular Shareholder. Neither the Company nor any of its Directors makes any recommendation or provides any advice about whether a Shareholder should participate in the Offer. Before making any investment decision, you may wish to seek independent financial and taxation advice.

Date of this Offer Document

This Offer Document is dated, and a copy was lodged with ASIC, on 13 November 2020. ASIC, the ASX and their respective officers take no responsibility for the contents of this Offer Document.

Notice to Shareholders who reside outside Australia

The contents of this Offer Document have not been lodged with any regulatory authority outside Australia, and the Company takes no responsibility for ensuring that an Eligible Shareholder resident in a foreign jurisdiction or otherwise subject to the laws of a foreign jurisdiction can participate in this Buy Back in compliance with those laws. Shareholders who do not reside in Australia are advised to exercise caution in relation to any decision as to whether to participate in the Buy Back. If Eligible Shareholders are in any doubt about any of the contents of this Offer Document, they should obtain independent professional advice.

Forward-looking statements

This Offer Document may contain forward-looking statements that are not based solely on historical facts but are based on current expectations about future events and results. These forward-looking statements are subject to inherent risks and uncertainties. Such risks and uncertainties include factors and risks specific to the operations of Tap, as well as general economic conditions. As a

Tap Oil Limited

consequence, actual events or results may differ materially from the expectations expressed or implied in such forward-looking statements.

Neither Tap nor its Directors, officers, employees and advisers makes any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law.

Accordingly, Shareholders are cautioned about placing undue reliance on forward-looking statements contained in this Offer Document.

Other important reference material

In reviewing this Offer Document you should also have regard to other information previously made available to Shareholders about the Company and the Buy Back, such as:

• Tap's full year results for the year ended 31 December 2019 announced on ASX on 2 March 2020;
• Tap's annual report to shareholders for the year ended 31 December 2019 announced on ASX on 31 March 2020;
• Tap's half-year report for the half-year ended 30 June 2020 announced on ASX on 31 August 2020; and
• ASX announcements relating to Tap and/or the
  Buy Back, including the Independent Expert's
  Report by Bentleys Corporate Finance (WA) Pty Ltd (Bentleys) dated 28 September 2020 (which is included in the Notice of Meeting, made available to Shareholders and released on ASX on 29 September 2020).

These documents can be viewed on Tap's website at http://www.tapoil.com.au/site/investor-centre.

Responsibility for information in this Offer Document

Tap is responsible for the information in this Offer Document.

Defined terms

A number of terms used in this Offer Document are defined in Section 7 (Glossary).

Offer Document

Table of contents

Timetable

The above timetable is indicative only and is subject to change. Subject to the Corporations Act and the Listing Rules, Tap reserves the right to amend this indicative timetable without prior notice to Shareholders.