After overhauling Tap Oil's board earlier this year, major shareholder Risco Energy Investments has made a $29.8 million takeover offer for the Perth-based oil and gas company.
Tap Oil has announced the resignation of four of the company's directors, including executive chairman James Menzies and Peter Mansell, with two nominations from major shareholder Risco Energy Investments appointed as replacements.
The Takeovers Panel has rejected an application by Tap Oil claiming its two biggest shareholders had become associated, with the panel refusing to make a declaration of unacceptable circumstances.
Tap Oil major shareholder Risco Energy Investments has notified the company of its intention to overhaul the company's board at the next planned annual meeting in February.
Indonesian unconventional oil & gas player Lion Energy has appointed Kim Morrison as chief executive officer, and Chris Newton and Tom Soulsby as non-executive directors.