Yenbamroong, who owns joint venture partner Northern Gulf Petroleum and who has extensive business interests and connections in Thailand, recently increased his holding in Tap from 6% to 19.98%.
He is now seeking to use the weakness in Tap's share price and its precarious financial position to secure control of the company, by seeking to use a section 203D notice to remove Doug Bailey, Troy Hayden and Michael Sandy, and any other directors appointed to the company, replacing them with former Nido Petroleum chief David Whitby, Neon Energy founder Dr Alan Stein, David Johnson and James Menzies.
Yenbamroong recently sold his holding in Nido to give Thai-based Bangchak Petroleum its entry into the Philippines-focused oil producer. Bangchak now owns more than 80% of Nido.
At this stage Yenbamroong has not provided any details regarding his proposed timing or rationale for calling a general meeting, however the S203D requires at least two months' notice.
The notice arrived with Tap having successfully renegotiated the Manora debt facility with BNP Paribas and Siam Commercial Bank with an ability to draw down $US78.9, $10 million more than previously organised, to ensure the company can meet all of its commitments.
Earlier in the month analysts at Euroz had warned of a likely liquidity squeeze in the second quarter, where the company's cash position would be wiped out and it can't meet its expenditure payments.
The extra facility should give it the space required to forge ahead.
Tap also instituted a moderate oil hedging program for 495,000 barrels at US$62.75/bbl to support the facility, and like many oilers has moved to reduce its cost base by revising the Manora development drilling program.
The field now only requires seven of the 10 proposed development wells.
Four wells have been deferred or cancelled, and the company has withdrawn from G3/48 in Thailand, with the latter move saving around $3 million this year.
It remains in the G1/48 concession, where it is seeking to delay a commitment well.
It's a far cry from where Hayden had hoped to be by returning Tap to producer status, with the company squeezed by a more costly development program and oil prices well below forecast.
Tap had hoped the field would be "throwing off money" by this point.
Instead it plans to fully draw down its facility this month to meet its remaining Manora capital expenditure of $US1 million and working capital needs.
Manora operator Mubadala Petroleum has also unexpectedly attempted to increase the facilities budget by 15% or $US28 million.
That increases the cost of the field development to US$328 million (gross).
Tap is seeking to validate the increase, which is primarily understood to relate to the costs claimed by the platform contractor, and the increased duration of hook up and commissioning work.
Tap's total estimated capital expenditure for the project will be around $US105 million after repayment of the carry of Northern Gulf and reserves payments of up to $US29.85 million over the first four years of production, assuming Manora 2P reserves remain above 10mmbbl.
It also needs to pay $2.7 million relating to its former option of the La Bella gas field in Victoria. Tap elected not to move into the Otway Basin project at the same time it withdrew from its onshore Western Australian exploration blocks in the Carnarvon Basin.
Tap generated $26.8 million last year, largely from its third-party gas contracts in Australia, and seven liftings of Manora oil have now taken place.
After impairment losses and write-downs of $78.1 million, the net loss before tax was $74.6 million and the net loss after tax was $42.7 million.
The impairments were for exploration losses and property, plant and equipment relating to the Manora and the Airlie Island development asset.
As part of its savings the proposed Palmerston-1 well in the Carnarvon Basin has been delayed by a year.
The company's shares were steady at $0.35 this morning, although they are half where they were in September.
