Field news and more

One of the few to present at SEAPEX Conference

TAG Oil COO Henrik Lundin and TAG Senior Geologist Nick Cozens recently presented at the SEAPEX conference held in Singapore, April 26 to 28. The South East Asia Petroleum Exploration Society is a non-profit, voluntary organization established in 1973 with more than 1,600 active members worldwide. SEAPEX exists to advance the science of geology and related earth sciences for petroleum and gas exploration, development and production in Southeast Asia. Only a handful of companies were selected to present, and TAG’s high-impact assets were the reason that Nick was able to…

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OPEC watch is back on

Anticipation is growing as the upcoming OPEC meeting on May 25th draws closer.  OPEC members will be meeting to determine whether they will extend production cuts beyond the originally agreed-upon six months. Although the output cut didn’t get the results OPEC was looking for, as oil prices barely budged, it is probable that if they start producing back at pump-at-will-policies, another price drop may occur. The cuts are getting stronger monthly: production stats for March showed that OPEC members cut even more than the amount originally agreed to, with ten…

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An on-site tour with analysts and investors

TAG Oil recently hosted a two-day site visit for analysts and investors at its offices and operations in New Zealand. Fortunately the weather cooperated and the TAG team was able to give its guests a day-long tour of TAG’s properties, followed by an in-depth presentation covering TAG’s operations and opportunities in New Zealand and Australia. The first stop on the asset tour was the main Cheal facility, where there was a hive of activity preparing for a planned 10-day shut down for maintenance and recertification. Following a tour of the…

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Break-even oil prices

Fitch Ratings, a global leader in financial information services, has offered up their per barrel of oil, break-even statistics on some of the major oil-producing nations in the Middle East, Africa and North Asia. To estimate the break-even price to attain a balanced budget, Fitch used an oil forecast of $52.50 a barrel, on average. A few of the countries’ break-even numbers are astonishing—especially Nigeria—which is the worst off with an estimated oil price of $139 a barrel. Kuwait is in the best position, needing only a $45 oil price…

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Bullish or Bearish, TAG Oil continues to thrive

Despite the millions of barrels of oil sitting in storage and the increase in U.S. shale output, many in the industry are still making a bullish case for crude. Bullish factors include: The possibility of OPEC extending their output cut past June Falling U.S. gasoline inventories Production halts in the North Sea and Canada have helped bolster prices The possibility of another sudden outage in Libya, which lost 250,000 bpd, leaving it unclear if Libya (which as of now has a production of 500,000 bpd) will be able to hit…

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Another glowing Festival of Lights

One of New Zealand’s favorite events of the summer scene is the TSB Festivals of Lights held in Pukekura Park. During the Festival, the Park—which is one of New Zealand’s premier botanical gardens—is transformed into an illuminated wonderland.  The event attracts more than 100,000 visitors each year, with daytime events for children and families, and evening events such as movies in the park and live entertainment of both national and international stature.  TAG Oil was pleased to sponsor the daytime activities geared towards children and families, which included more than…

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Coming in 2017…

The lengthy oil price slump was positive for TAG Oil in certain ways, such as pushing us to lower production costs and increase reserve and production growth through work overs and acquisitions. We remained conservative, but as oil sentiment shifts into high gear, we’re more than ready to get back to exploring.  To fund the plans that we feel will maximize shareholder value, TAG has completed a financing of $14,095,770.  Our upcoming plans for the funds in 2017 are as follows: Invest in an exploration opportunity either by drilling a…

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Taranaki operations update

In case you missed our recent press release, here’s what’s happening on the operations’ front with TAG Oil’s Taranaki Basin operations. We’re planning several upcoming interventions to improve and stabilize flow rates out of the Cardiff-3 well, to correct formation damage incurred during drilling in 2013. Recent production rates from the Cheal-B show that the wells are beginning to experience a positive production rate impact from the waterflood program. We expect these effects to increase over coming months. We’ll shut down the Cheal processing facility for ten days of routine…

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Gravity: It’s heady stuff!

TAG Oil’s Gravity Survey of the Puka permit has been completed.  The purpose of this testing is to measure small variations in the earth’s gravitational field, as little as 0.01%, which the TAG team uses as a tool to interpret the subsurface geology. Here’s how the gravity survey procedure works: The base plate is pressed into the ground Gravity Meter is placed on the base plate and levelled using the adjustable feet. Once levelled the user lines up a light beam within the cross hairs of the lens. This is…

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The Great Waiting Game

The Sprott Energy Fund is a long-term capital growth fund which invests primarily in equity and equity related securities of companies involved in exploration, development, production and distribution of oil, gas, coal, or uranium, and other related activities in the energy and resource sector. Each month The Sprott Energy Fund releases a monthly commentary.  For their February 2017 Commentary, portfolio Manager Eric Nuttal digs into why oil stocks are falling, asks the question of whether it will turn to a bull market for oil, and basically addresses all things oil.…

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