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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.

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