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1 14 December 2011 The Company Announcements Platform Australian Securities Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000 Tap Oil Limited ABN Level 1, 47 Colin Street West Perth WA 6005 Australia T: F: E: info@tapoil.com.au INVESTOR PRESENTATION UPDATE 14 DECEMBER 2011 Please find attached a copy of a presentation providing investors and analysts with an update on Tap Oil Limited s activities. A copy of this presentation is available at the ASX and can be viewed on the Company s website under the heading Investor Centre. Enquiries to: David Rich Chief Financial Officer Telephone: info@tapoil.com.au Website: _1.DOCX Page 1 of 1 + Attachment

2 Investor Update 1. Year in review 2. Exciting start to December au This presentation contains some references to forward looking assumptions, representations, estimates, budgets, and outcomes. These are uncertain by the nature of the business and no assurance can be given by Tap Oil Limited that its expectations, estimates, budgets and forecast outcomes will be achieved. Actual results may vary materially from those expressed herein. 1

3 Disclaimers Certain statements contained in this presentation, including information as to the future financial or operating performance of Tap Oil Limited and its projects, are forward looking statements. Such forward looking statements: are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Tap Oil Limited, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. Tap Oil Limited disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise. The words believe, expect, anticipate, indicate, contemplate, target, plan, intends, continue, budget, estimate, may, will, schedule, potential, opportunity and similar expressions identify forward looking statements. All forward looking statements t t made in this presentation ti are qualified by the foregoing cautionary statements. t t Investors are cautioned thatt forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. No representation or warranty is or will be made by any person (including Tap Oil and its officers, directors, employees, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated presentation, information or material (collectively, the Information), or the accuracy, likelihood of achievement or reasonableness of any projections, prospects p or returns contained in, or implied by, the Information or any part of it. The Information includes information derived from third party sources that has not necessarily been independently verified. Subject to any obligations under applicable laws, regulations or securities exchange listing rules, Tap Oil disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any change in expectations or assumptions. Nothing contained in the Information constitutes investment, legal, tax or other advice. The Information does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, each recipient of the Information should make its own assessment and take independent professional advice in relation to the Information and any action taken on the basis of the Information. Person compiling information about hydrocarbons The reserve and resource information in this report is based on information compiled by Mr Denis Bouclin B.A.Sc (Hons), M.A.Sc (Engineering), P.Eng., who has more than 25 years relevant experience in the petroleum industry. Mr Bouclin is a full-time employee of the Company, and has consented to the inclusion of such information in this report in the form and context in which it appears. 1. 2

4 Corporate Profile Tap Oil Profile Tap Oil (ASX: TAP) is an independent oil and gas exploration and production company, headquartered in Perth, Western Australia The asset portfolio includes three production based assets and several high h impact exploration, appraisal and development projects Significant 2P reserves uplift in 2011 Board of Directors Neale Taylor Chairman (Non-Executive) Troy Hayden Managing Director/CEO Doug Bailey Non-Executive Director Peter Lane Non-Executive Director Michael Sandy Non-Executive Director Executive Team David Rich Chief Financial Officer Tap Price / Volume Chart 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Market Data Milton Schmedje Exploration Manager Anna Sudlow Current Share Price A$0.63 Commercial Manager Blaine Ulmer Engineering & Development Manager Shares On Issue Options (Unlisted) 240,995, million Melanie Williams 3-month Average Daily Turnover 0.4 million General Counsel/Company Secretary Market Capitalisation A$154 million Andrew Patterson BD Advisor Cash at 30 September 2011 A$67 million Debt NIL 1. 3

5 2011 Achievements; Promising Start to 2012 Delivered on projects in 2011 $15 million profit plus a carry on Tallaganda-1 from WA-351-P transaction Two significant exploration discoveries in Western Australia - Zola-1 and Finucane South-1 Sale of Block M, Brunei Identified significant prospectivity p in Ghana concession - unrisked prospective p resource potential of greater than 3 billion barrels Independent report identified 346 Bcf of Contingent resources and 2.3 Tcf of prospective resources at Zola Booked 6.1 mmbbls of 2P reserves at Manora in Thailand more than three times existing reserves and increased expected ultimate recovery at Manora by 33% to 31 mmbbl gross Implemented cultural change Exciting start t to 2012 Tallaganda-1 well to be drilled in the highly prospective WA-351-P permit in the Carnarvon Basin, Western Australia. Tap is carried on this well up to $10 million FID and booking of 2P reserves for the Finucane/Fletcher oil fields in WA-191-P P(1.1 1 mmbbl net to Tap) Ghana farm down and prospectivity update 14 December

6 Balanced Asset Portfolio Exploration Broad Portfolio WA Gas & Oil Thailand Oil Ghana Oil Thailand Oil Appraisal / Development Manora oil field (6.1 mmbbl 2P reserves mmbbl 2C resources) FID mid 2012, First oil Q Zola-1 Discovery 346 Bcf of 2C resources 2.3 Tcf of prospective resources Production / Sales WA Oil & Gas Harriet JV Woollybutt JV Third Party Gas Finucane/Fletcher Oil Development FID and book 2P reserves early 2012 (1.1 mmbbl net to Tap) First oil in mid

7 Production Harriet Joint Venture Tap % Spread of multiple fields and wells with track record of reserves replenishment Average production rates (net to Tap) for the September quarter Gas ~ 8.1 TJ/d Oil ~ 395 bopd Large scale seismic reprocessing will define targets for exploration drilling Bambra-10 development well Q Woollybutt Joint Venture Tap 15% Average production rates (net to Tap) for the September quarter of 468 bopd Woollybutt will end in early 2012 Contracted Third Party Gas Tap 100% Secured approx 31 Bcf of gas in 2005 from the John Brookes JV (JBJV) providing high margins under long term contract Contracted Third Party Gas volumes of 4.1 mmboe do not form part of Tap Oil s reported reserves Sales of $30 million per annum until 2016 The forward value of these contracts t to Tap Oil, post-tax t and discounted d at a rate of 10%, is A$64 million (as at 30 June 2011) 1. 6

8 WA-351-P: Highly Prospective Acreage (Tap 20%) Triassic potential of 2-3 Tcf (gross) in a proven province, with further upside in the Jurassic Chance of success over 50% for a number of targets Hess has recently awarded a contract for FEED studies in the adjacent WA-390-P further enhancing the potential benefits to be derived from emerging LNG infrastructure First well in WA-351-P is planned to be drilled in early 2012 at Tallaganda-1 Permit Partners Participating Interest BHP Billiton Petroleum (Northwest Shelf) Pty Ltd 80% Tap (Shelfal) Pty Ltd 20% BHP Billiton Petroleum Pty Ltd (Operator) Proximity to many large-scale liquefied natural gas (LNG) projects being developed should provide many options for commercialisation 2-3 Tcf potential with first well to be drilled in early

9 WA-351-P: Tallaganda (Tap 20%) Strong seismic amplitudes within closure and AVO support in the Tallaganda Fault Block are indicative of reservoir and gas Tallaganda high graded as attractive prospect and potential early drilling candidate Prospect straddles WA-351-P and WA-335-P Tallaganda prospective resource range of Tcf (mean to P10) within WA-351-P Tallaganda is assessed as having a possibility of success greater than 60% 8

10 WA-290-P: Zola-1 Major Gas Discovery (Tap 10%) Located on trend and immediately south of the giant Gorgon gas field, Zola-1 major gas discovery independently confirmed to contain a 2C Resource of 346 Bcf (and up to 584 Bcf) Independent confirmation of the significance of the Zola-1 discovery within the Greater Zola area resource estimated to contain a further 2.3 Tcf mean resource potential Appraisal options and multiple development options under consideration New 3D seismic acquired in June, processing to be completed in 2012 with appraisal drilling to follow Permit Partners Participating Interest Apache Northwest Pty Ltd (Operator) 30.25% OMV Australia Pty Ltd 20.00% Nippon Oil Exploration (Dampier) Pty Ltd 15.00% Tap (Shelfal) Pty Ltd 10.00% Santos Offshore Pty Ltd 24.75% 9

11 WA-191-P: Finucane/Fletcher Oil Development (Tap 8.2%) Finucane South oil field discovered in May 2011 Approx 18.5 m of excellent quality net oil pay in the Late Jurassic Angel formation When combined with the nearby Fletcher field this amounts to 1.1 mmbbl 2C Resource net to Tap Tie-back development to the Mutineer-Exeter facility being progressed (approx 14 km) by Santos Final Investment Decision and booking of 1.1 mmbbl 2P reserves net to Tap expected in Q Permit Partners Participating Interest Kufpec Australia Pty Ltd % Santos Ltd (Operator) % Nippon Oil Exploration (Dampier) )Pty Ltd 25.00% Tap (Shelfal) Pty Ltd 8.20% First production in mid

12 Thailand (Tap 30%) Prolific oil and gas province. Stable regulatory and fiscal regime Operated by experienced operator, Pearl Energy 2P reserves of 6.1 mmbbls (Tap share) booked in October 2011 Ultimate potential field size increased 30% to 31 mmbbls gross recoverable Manora development concept selected, on schedule for first production early in 2014 Development can be debt funded Significant exploration potential Concession Partners Participating Interest Pearl Oil (Amata) Limited (Operator) 40% Pearl Energy (G1) Limited 20% Northern Gulf Petroleum Pte Ltd 40% (Tap 75% owner of Northern Gulf Petroleum Pte Ltd) Manora opens a new play in the Northern Gulf of Thailand Seismic acquisition completed Inventory of drillable exploration prospects is being matured for Q drilling Discovery late 2009 Appraisal Indicative Manora Development Project Phasing Concept FEED Development Selection Current status FID expected in 2012 First production in

13 Ghana: Accra Contract Area (Tap 40.5%, Operator) Permit Partners Participating Interest Effective Participating post transaction Interest post-transactiontransaction and GNPC carry Tap Oil (Ghana) Limited (Operator) 45%** 40.5% Afex Oil (Ghana) Limited 35% 31.5% Challenger Minerals (Ghana) Limited 20% 18.0% Ghana National Petroleum Company* % *Carried by the other parties in proportion to their Participating Interest. GNPC has the option of increasing its interest in the event of a commercial discovery. ** 5% is subject to GNPC approval. Financially and politically stable regime Water depths 50 m to > 2,500 m 3D seismic survey over deepwater leads completed in February 2011 Multiple large prospects in both the post rift Upper Cretaceous fan sands (the same play type as Jubilee) and in the pre-rift rift Lower Cretaceous rotated fault blocks (the same play type as the Espoir and Baobab oil fields) Several prospects and leads have been mapped with unrisked prospective resource potential of greater than 3 billion barrels Predictable operating environment with access to seismic vessel, drilling rigs and services 12

14 Reserves / Resource Outlook Reserves/Resource Size (mmboe) Timing (to 2P reserves) Proved & Probable Reserves (2P) 8.1 At 31 October 2011 Third Party Gas* 4.1 At 30 June 2011 Contingent Resources (2C) Zola / Antiope /15 Finucane /Fletcher 1.1 Q Manora development (waterflood) /15 Maitland 10.2 Tieback VI Other 12.7 WA-34-R/various Prospective Resources Zola Bcf ( Tcf gross) *As at 30 June 2011, Tap has a remaining entitlement to delivery of these volumes of gas under contract. The volumes set out constitute gas reserves attributable to the sellers under the relevant agreements and as such are not disclosed as reserves by Tap. All volumes are Tap s net share unless otherwise specified 1. 13

15 Plenty of Near Term Activity Project Tap Share Indicative Timing Q1 Q2 Q3 Q4 Australia Carnarvon Basin WA-191-P 8.2% WA-290-P 10% FID plus Reserves Booked Drilling Drilling Drilling WA-351-P 20% Drilling HJV Bambra % Drilling Thailand Manora 30%* FID Exploration 30%* Ghana 1 well 40.5% Drilling Drilling *Tap owns 75% of Northern Gulf Petroleum Pte Ltd, which holds a 40% interest in Thailand permits Active exploration and development program 1. 14

16 6 Month Outlook, Price Catalysts Tallaganda-1 well to be drilled in the highly prospective WA-351-P permit in the Carnarvon Basin, Western Australia. Tap is carried on this well up to $10 million FID and booking of 2P reserves for the Finucane/Fletcher oil fields in WA-191-P (1.11 mmbbl net to Tap) Ghana farm down and prospectivity update Manora FID mid

17 Appendix au This presentation contains some references to forward looking assumptions, representations, estimates, budgets, and outcomes. These are uncertain by the nature of the business and no assurance can be given by Tap Oil Limited that its expectations, estimates, budgets and forecast outcomes will be achieved. Actual results may vary materially from those expressed herein. 16

18 Capital Structure Top 20 Shareholders as at 12 December 2011 Name Shares % HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 53,927, NATIONAL NOMINEES LIMITED 19,470, CITICORP NOMINEES PTY LIMITED 13,407, J P MORGAN NOMINEES AUSTRALIA LIMITED 11,980, CITICORP NOMINEES PTY LIMITED 8,254, HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA 8,244, BRISPOT NOMINEES PTY LTD <HOUSE HEAD NOMINEE NO 1 A/C> 7,542, AMP LIFE LIMITED 6,035, COGENT NOMINEES PTY LIMITED 5,955, JP MORGAN NOMINEES AUSTRALIA LIMITED <CASH INCOME A/C> 4,418, ZERO NOMINEES PTY LTD 4,417, Top 20 shareholders > 65% Institutional holders approximately 55% Substantial Shareholders as at 12 December 2011 Name Shares % M&G Investment Mgt 37,514, % DFA Group 13,943, % NGP Holdings 13,407, % BOND STREET CUSTODIANS LIMITED <OFFICIUM EMERGING RES A/C> 4,333,597, 1.80 MS MARGARET PACKER 1,503, WESWOOD PTY LTD <PAUL UNDERWOOD FAMILY A/C> 1,429, PENNOCK PTY LTD 1,000, COGENT NOMINEES PTY LIMITED <SMP ACCOUNTS> 931, CITICORP NOMINEES PTY LIMITED <COLONIAL FIRST STATE INV A/C> 912, VULCAN CUSTODIAN LIMITED 908, GRANT SAMUEL TRIBECA SMALL COMPANIES FUND 801, HEDON PTY LTD 746, TOTAL TOP ,220, Tap has 2,064,181 options on issue with exercise prices ranging from $0.61 to $1.56 and expiry dates ranging from 23 January 2012 to 15 July All options are held by current or former directors and staff. Tap also has 5,779,378 share rights on issue to employees. 17