Tap Oil Limited (ASX:TAP) announces a share repurchase program. Under the program, the company will repurchase up to 230,000,000 shares, representing 53.75% of its issued share capital for AUD 17.94 million. The shares will be repurchased at a price of AUD 0.078 per share. The purpose of the program is provide shareholders with the opportunity to realize some or all of their investment in the company prior to the company’s proposed delisting from the official list of the ASX and provide a more efficient capital structure. The repurchased shares will be cancelled. The buyback will funded from the company's existing cash reserves. The repurchased shares will be cancelled. If the company receives applications in excess of 230,000,000 shares, the number of shares bought back from each participating shareholder will be scaled back pro rata to the number of shares in respect of which a shareholder has lodged an application under the Buy back. The company has fixed November 19, 2020, as the record date for the offer. The shareholder approval to be sought at a general meeting to be held on 29 October 2020. The offer will expire on December 10, 2020. As of September 29, 2020, the company has 427,943,262 shares in issue.