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TAG Oil's Shareholders Approve Sale of Taranaki Basin assets to Tamarind Resources

Source: www.gulfoilandgas.com 1/4/2019, Location: Not categorized

TAG Oil reports that at the special meeting of TAG’s shareholders held Jan 3, TAG’s shareholders approved the proposed special resolution regarding the arm’s length sale of substantially all of TAG’s Taranaki Basin assets and operations in New Zealand to Malaysian-based Tamarind Resources and certain of its subsidiaries. A total of 46.74% of TAG’s 85,282,252 outstanding shares were voted by TAG’s shareholders, of which 38,853,531 shares (97.47%) were voted 'for' the Transaction.

The terms of the Transaction consist of the following:
• Cash payment to TAG of US$30 million at closing.
• TAG to receive a 2.5% gross overriding royalty on future production from PMP 38156(Cheal and Cardiff), PMP 53803(Sidewinder), PMP 60454(Supplejack), PEP 51153(Puka), PEP 57065 (Waitoriki) and TAG’s 70% interest in PMP 60291 (Cheal East) and PEP 54877 (Cheal East).
• Up to US$5 million in event specific payments payable on achieving various milestones (the first milestone, grant of PMP 60454 (Supplejack), has already been achieved triggering a payment of US$500,000 at closing).
• The Transaction will be funded from Tamarind’s available financial resources.
• An effective date of October 1, 2018 with an anticipated closing date of March 31, 2019.

The completion of the Transaction remains subject to the satisfaction of several conditions, including regulatory approvals.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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