TAG Oil Announces Closing of Sale of Australian Assets and Operations
TAG Oil Ltd. (TSXV: TAO and OTCQX: TAOIF) announces that 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