Tap Oil Limited announced production and sales results since 1 July 2018. Production from Manora during July 2018 averaged 7,200 bopd gross (2,160 bopd net to Tap). Since 1 July 2018, the Operator of Manora has completed two oil liftings on 3 July 2018 and 8 August 2018 for a total of 523,000 bbls gross (157,000 bbls net to Tap). Production from new development wells MNA-20 and MNA-21 yielded 2,000 bopd gross (60 bopd net to Tap) during July, despite well MNA-21 experiencing an unexpected early water breakthrough in July. Production from Manora is expected to continue in line with the current 2P production profile for the remainder of 2018.

Revenue generated from these two liftings is $10.5 million (net to Tap, with the August lifting payable at the end of August), after hedging losses. Operator advises the current oil inventory as at 12 August 2018 aboard the FSO is 230,000 bbls gross (69,000 bbls net to Tap).

The company expects its financial position to continue to strengthen during the remainder of the year 2018.