TAG Oil Ltd. is pleased to report its first quarter results for the interim period ending June 30, 2019, which includes a 32% increase in revenues generated from oil and gas sales along with a 16% increase in net daily production.
Q1 2020 HIGHLIGHTS
- At June 30, 2019, the Company had $7.2 million (March 31, 2019: $1.9 million) in cash and cash equivalents and $6.4 million (March 31, 2019: $0.06 million) in working capital.
- Average net daily production increased by 16% for the quarter ended June 30, 2019, to 1,413 boe/d (79% oil) from 1,218 boe/d (80% oil) for the quarter ended March 31, 2019.
- Revenues generated from oil and gas sales increased by 32% for the quarter ended June 30, 2019, to $9.8 million from $7.4 million for the quarter ended March 31, 2019.
- Operating netbacks increased by 52% for the quarter ended June 30, 2019, to $44.48 per boe compared with $29.18 per boe for the quarter ended March 31, 2019.
- Capital expenditures totaled $1.0 million for the quarter ended June 30, 2019, compared to $1.4 million for the quarter ended March 31, 2019.
- Further information can be found in the Company’s financial statements and management’s discussion and analysis for the quarter ended June 30, 2019, which is filed under TAG’s SEDAR profile at sedar.com.
SALE OF NEW ZEALAND ASSETS
On August 1, 2019, TAG and Tamarind Resources Pte. Ltd. (“Tamarind”) received final approval from New Zealand Petroleum and Minerals for the sale and transfer of TAG’s operatorship to Tamarind of its New Zealand operations. TAG and Tamarind are working diligently to close the transaction on or around the end of August.
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.
About TAG Oil Ltd.
TAG Oil Ltd. (https://tagoil.com/) is an international oil and gas explorer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia. TAG Oil currently has 85,239,252 shares outstanding.
For further information:
Chris Beltgens, Vice President, Corporate Development
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements and Disclaimer