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TAG Oil Seeking Farm-in Partner for Australian Assets

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

TAG Oil reports that its current gross daily rate of production is over 1,700 boe/d (80% oil) following the recent successful workover campaign, and has provided a 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 the sale and transfer of operatorship to Tamarind Resources 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 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 km2 of 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.

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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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