TAG Oil News

2019 News

TAG Oil Provides Update on Transaction with Tamarind

TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to provide the following update on the sale of its New Zealand assets to Tamarind Resources Pte. Ltd. (“Tamarind”). TAG and Tamarind have mutually agreed to extend the closing date of the transaction under the share and asset purchase agreement. All necessary approvals have been granted and TAG and Tamarind are working on the final items necessary to close the transaction. Both TAG and Tamarind are committed to completing the sale and are continuing to work diligently to close the…

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TAG Oil Reports Q1 2020 Results

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…

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TAG Oil Announces New Zealand Petroleum and Minerals Approval

TAG Oil Ltd. is pleased to announce that final approval has been received from New Zealand Petroleum and Minerals for the sale and transfer of TAG’s operatorship to Tamarind Resources Pte. Ltd (“Tamarind”) of its New Zealand operations. TAG and Tamarind are working diligently to close the transaction within approximately the next 30 days. 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. (http://www.tagoil.com/) is an…

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TAG Oil Provides Corporate Update

TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to provide this corporate update on its operations in New Zealand. Transaction with Tamarind TAG and Tamarind Resources Pte. Ltd (“Tamarind”)are working diligently to close the transaction in a timely manner and have mutually agreed to extend the closing date of the transaction under the share and asset purchase agreement to on or around August 1, 2019.  Final approval from New Zealand Petroleum and Minerals for thesale and transfer of TAG’s operatorship to Tamarind of its New Zealand operations is…

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TAG Oil Reports FY2019 Results

TAG Oil Ltd.  is pleased to report the annual and fourth quarter results for the fiscal year ending March 31, 2019. Notably, the Company was successful in increasing its revenue by 40% to $33.2 million along with a 33% increase in operating netbacks to $40.90 per boe for FY2019. FY2019 Financial and Operating Highlights At March 31, 2018, the Company had $1.9 million (March 31, 2018: $1.8 million) in cash and cash equivalents and $0.06 million (March 31, 2018: $3.4 million) in working capital. Total gross proven plus probable reserves…

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TAG Oil Announces FY2019 Independent Reserves Results

TAG Oil Ltd. confirms that ERC Equipoise Ltd. (“ERCE”), a qualified reserves evaluator in accordance with National Instrument 51-101 (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook, has completed its independent reserves assessment on the Company’s producing oil and gas assets within the Cheal (PMP 38156), Cheal East (PMP 60291) and Sidewinder (PMP 53803) permits in New Zealand. This report is dated and is effective as at March 31, 2019. ERCE has assigned a pre-tax net present value of $98.7 million (FY2018: $97 million), using a 10% discount…

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TAG Oil Provides Corporate Update and Increase in Production

Vancouver, B.C. – May 28, 2019 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to provide this corporate update on its operations in New Zealand and Australia and report that its current gross daily rate of production has increased to over 1,800 boe/d (80% oil) following the recent successful workover campaign. Transaction with Tamarind TAG and Tamarind Resources Pte. Ltd (“Tamarind”)have mutually agreed to extend the closing date of the transaction under the share and asset purchase agreement to July 15, 2019. TAG and Tamarind are working…

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TAG Oil Provides Corporate Update

Vancouver, B.C. – April 3, 2019 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to report that its current gross daily rate of production is over 1,700 boe/d (80% oil) following the recent successful workover campaign, and to provide the following 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 thesale and transfer of operatorship to Tamarind Resources Pte. Ltd (“Tamarind”) of its New Zealand operations. TAG and…

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TAG Oil Announces Overseas Investment Office Approval

Vancouver, B.C. – March 5, 2019 – International oil and gas explorer, TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to announce that Tamarind Resources Pte. Ltd. (“Tamarind”) has received approval from the New Zealand Overseas Investment Office in relation to the purchase of TAG’s New Zealand assets. More specifically, consent has been granted under New Zealand’s Overseas Investment Act 2005 for the transfer of ownership of TAG’s Taranaki Basin assets to Tamarind NZ Onshore Limited, a wholly-owned subsidiary of Tamarind. Closing of the transaction is subject to…

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TAG Oil Reports Q3 2019 Results

Vancouver, B.C. – February 14, 2019 – International oil and gas explorer, TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to report its third quarter results for the interim period ending December 31, 2018. Of notefor the quarter, revenues generated from oil and gas sales increased by 12% along with a 1% increase in net daily production. Q3 2019 HIGHLIGHTS   At December 31, 2018, the Company had $2.8 million (September 30, 2018: $3.2 million) in cash and cash equivalents and $3.1 million (September 30, 2018: $2.4 million)…

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