TAG Oil confirms that Sproule has completed its independent reserves assessment on the Company’s interests within the Cheal oil and gas producing permits, dated March 31, 2016. Sproule International Limited has assigned a pre-tax net present value of $45.9 million (FY2015: $114.7 million), using a 10% discount rate to net working-interest proven + probable (“2P”) reserves.
Vancouver, B.C. – June 6, 2016 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to announce it has acquired a 70% working interest and operatorship of the PEP 51153 (“Puka”) onshore permit in the Taranaki Basin of New Zealand. TAG’s joint venture partner in the Puka permit is MEO Australia Limited (30%). The Puka permit covers an area of approximately 85 square km (21,000 acres) and is located to the east of TAG’s producing Cheal field. Three wells have been drilled since the Puka oil field was discovered in 2012, with the Puka-1 and Puka-2 wells producing
Vancouver, B.C. – April 14, 2016 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) announces that its capital budget for the Company’s 2017 fiscal year (April 1, 2016 to March 31, 2017) will be approximately $7.6 million, which will be funded entirely by forecasted cash flow and working capital on hand. A further $4.6 million of incremental capital expenditures are contingent on oil prices improving significantly. While oil prices appear to be strengthening since hitting 12-year lows earlier this year, TAG’s primary goal is to conservatively manage its balance sheet with plans to end its fiscal 2017 with at
Vancouver, B.C. – March 22, 2016 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) announces that the operator of the offshore Kaheru permit (New Zealand Oil & Gas) has submitted an application to the regulator to surrender the permit on behalf of the PEP 52181 joint venture, upon which TAG holds…
Vancouver, B.C. – March 3, 2016 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to announce that Mr. Henrik Lundin accepted the appointment as Chief Operating Officer, commencing on or about June 27, 2016, and will be based in the Company’s operations’ office in New Plymouth, New Zealand. Mr. Lundin is an experienced oil and gas engineer who holds a BSc in Petroleum Engineering from the Colorado School of Mines in Colorado, United States. Mr. Lundin’s career as a reservoir engineer has developed through his experience in onshore fields located in Syria and France, as well as
Vancouver, B.C. – February 16, 2016 – TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report the third quarter results for the fiscal year ending March 31, 2016, in which the Company was able to increase its average net daily oil production by 2% to 945 bbl/d from the previous quarter. This increase is primarily due to the Cheal-A1, B5 and B1 wells returning to production during the quarter following the completion of the workover program. Oil and gas production remains relatively stable following the quarter with average daily gross production having reached as high as 1,811