TAG Oil Reports Q3 2021 Results

Source: www.gulfoilandgas.com 2/16/2021, Location: Not categorized

TAG Oil Ltd. is pleased to report the filing of its third quarter results for the interim period ending December 31, 2020. Highlights over the period include:

- At December 31, 2020, the Company had C$16.3 million (September 30, 2020: C$15.1 million) in cash and cash equivalents and C$18.8 million (September 30, 2020: C$17.6 million) in working capital. The Company also has no debt.
- Capital expenditures totaled C$78,000 for the quarter ended December 31, 2020, compared to C$50,000 for the quarter ended September 30, 2020. Most of the capital expenditures relates to the sale of TAG Oil's Australian subsidiary in early Q3 2021.
- On October 30, 2020, the Company completed a share and asset purchase agreement to divest its Australian assets and operations located in the Surat Basin of Queensland, Australia for a cash payment of A$2,500,000 (CAD$2,308,240) at closing and a 3.0% gross overriding royalty on future production from all liquids produced from the permits (PL 17, ATP 2037, and ATP 2038).
- TAG Oil continues to manage its costs and allocate the necessary resources towards its business development efforts to maximize value for its shareholders. The sale of TAG Oil's Australian assets and operations is part of a strategic realignment of the Company's oil and gas exploration and development activities, which is now focused on opportunities in the Middle East and North Africa. Further information on these efforts will be provided by TAG Oil in due course.

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