Tag Oil Announces Closing of Sale of Australian Assets and Operations

Source: www.gulfoilandgas.com 10/30/2020, Location: Not categorized

TAG Oil Ltd. it has closed its previously announced sale of its Australian subsidiary, Cypress Petroleum Pty Ltd., which holds the Company’s 100% working interests in PL 17, ATP 2037, and ATP 2038 (collectively, the “Permits”) located in the Surat Basin of Queensland, Australia to Luco Energy Pty. Ltd., a company owned by Ilwella Pty. Ltd. and AJ Lucas Services (the “Transaction”).

Following closing of the Transaction, TAG Oil has ~C$17 million in cash and will continue to have exposure to the potential upside from a 3.0% gross overriding royalty on future production from all liquids produced from the Permits.

Toby Pierce, CEO of TAG Oil said, “We are pleased to close this transaction with Luco Energy and to deliver value to our shareholders. TAG Oil is well positioned strategically to pursue oil and gas exploration and development opportunities in the initial focus area of the Middle East and North Africa and we will keep our shareholders apprised of any developments as they arise.”


Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...
South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...

United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...
United States >>  8/3/2022 - Enterprise Products Partners L.P. (EPD) announced three organic growth projects to expand its footprint in the Permian Basin to support ongoing produc...

Nigeria >>  8/1/2022 - Panoro Energy ASA is pleased to announce the declaration of its first dividend (the "Dividend") following recent completion of the transaction to dive...
Russia >>  8/1/2022 - Baker Hughes (BKR) has signed an agreement to sell its Oilfield Services business in Russia (“OFS Russia”) to its local management team. The agreement...




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