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Australia-based independent Tap Oil said Friday it has started a strategic review to identify potential asset sale opportunities in response to “recent change in market conditions.”

The strategic review will consider a number of divestment options for its assets, including the company’s flagship Manora Oil Development as well as its non-core Australian portfolio.

Further details about the assets Tap may divest from have not been disclosed yet.

Any profits from the divestment would be used to reduce the company’s debt and also potentially pay fully franked dividends to shareholders.

The strategic review will also consider any potential whole of company proposals that may emerge “should they provide compelling value for Tap shareholders.”

Tap has appointed Miro Advisers to lead its Australian portfolio review and Corrs Chambers Westgarth to assist with the strategic review process.

The company said the review was partially prompted by a proposal from Thai entrepreneur and Tap shareholder Chatchai Yenbamroong to replace three of the company’s directors with his own nominees.

Tap said that if Yenbamroong’s proposal is successful it would “result in a change in control of the company without Tap shareholders being offered any control premium.”