April 24 (Reuters) - Tap Oil Ltd TAP.AX :
* ALL COSTS & DISCRETIONARY CAPITAL INVESTMENTS ARE BEING REVIEWED
* 1H 2020 OIL SALES WERE PARTLY PROTECTED BY HEDGING
* LACK OF FIRM 2H 2020 OFFTAKE SCHEDULE IMPACTS ABILITY TO EFFECTIVELY HEDGE & MAY IMPACT PRODUCTION
* HEDGING WILL BE REVISITED ONCE 2H 2020 OFFTAKE PROFILE HAS BEEN FINALIZED
* OIL PRICE DECLINE, IF MAINTAINED, EXPECTED TO HAVE SIGNIFICANT IMPACT ON CO'S REVENUE IN NEAR TERM
* LACK OF FIRM 2H 2020 OFFTAKE SCHEDULE IMPACTS ABILITY TO EFFECTIVELY HEDGE AND MAY IMPACT PRODUCTION
* CAPEX COSTS (BROWNFIELDS) DEFERRED UNTIL 2021
* OPEX COSTS REDUCED AND WORKOVER PLAN CANCELLED
* 1H 2020 HEDGES HAVE NOW ROLLED OFF & THERE IS NO PROTECTION FOR FUTURE SALES
* 2020 MANORA WORK PROGRAM AND BUDGET HAS BEEN REDUCED BY US$14M
* AS AT 31 MARCH, CO HAD CASH AT BANK OF US$28.945 MILLION
* EXPLORATION WELL CANCELLED RESULTING IN US$1.2M NET SAVING