TAG Oil Provides Corporate Update

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

TAG Oil Ltd. is pleased to report that its current gross daily rate of production is over 1,700 boe/d (80% oil) following the recent successful workover campaign, and to provide the following corporate update on its operations in Australia and New Zealand.

Transaction with Tamarind
TAG is currently waiting for final approval from New Zealand Petroleum and Minerals (“NZP&M”) for thesale and transfer of operatorship to Tamarind Resources Pte. Ltd (“Tamarind”) of its New Zealand operations. TAG and Tamarind remain committed to closing the transaction within two weeks of receiving approval from NZP&M.
Additional information about the transaction can be found in the management information circular dated November 30, 2018, which is filed under TAG’s SEDAR profile at www.sedar.com.

Australia Farm-out Process
Ocean Reach Advisory (“Ocean Reach”) has been appointed as financial advisor to TAG with a mandate to secure a farm-in partner for TAG’s Australian assets. Marketing materials are currently being prepared with the virtual data room scheduled to open on May 1, 2019. TAG is looking to reduce its capital and risk exposure on its ~1,150 km2of 100% owned acreage in the Surat Basin as it prepares for the next phase of the upcoming exploration program.

Ocean Reach’s mandate also extends to the sale of the coal seam gas (“CSG”) rights associated with PL-17. TAG’s PL-17 block is located nearby several major CSG developments which feed the Queensland LNG market. Following interpretation of the ~70 km2of 3D seismic acquired over PL-17 last year, extensive coal measures extending into the block have been identified. It is TAG’s intention to retain the conventional oil and gas rights to PL-17.

Warrants
TAG reports that the 11,535,000 share purchase warrants with a $0.90 strike price that were issued as part of the March 2017 financing have expired.


Australia >>  7/4/2022 - Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at...
United Kingdom >>  7/4/2022 - IOG plc, the Net Zero UK gas and infrastructure operator focused on high return projects, has released an updated Investor Presentation incorporating ...

Kuwait >>  6/30/2022 - Dr. Muhammad Abdul Latif Al-Fares, His Excellency the Deputy Prime Minister, Minister of Oil, and Minister of State for Council Affairs, led the State...
Kuwait >>  6/30/2022 - Today, Thursday, the members of the (OPEC +) coalition decided to increase output by 648,000 barrels per day in August. Following the 30th ministerial...

Norway >>  6/30/2022 - The authorities have granted consent to start production from the Nova field in the North Sea. Nova will be developed with two seabed templates, one f...
United Kingdom >>  6/30/2022 - Serica Energy plc, announces that at the Annual General Meeting today, presentations will be made by both the Chairman, Tony Craven Walker, and the Ch...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.