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 diligently to close the transaction in a timely manner.
Final approval from New Zealand Petroleum and Minerals for thesale and transfer of TAG’s operatorship to Tamarind of its New Zealand operations is still pending.
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.
Australia Farm-out Process
TAG is attending the Australian Petroleum Production & Exploration Association (APPEA) 2019 Conference and Exhibition in Brisbane, Australia from May 27-30 along with Ocean Reach Advisory who has been appointed as financial advisor to TAG with a mandate to secure a farm-in partner for TAG’s Australian assets.
About TAG Oil Ltd.
TAG Oil Ltd. (http://www.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 85,282,252 shares outstanding.
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Cautionary Note Regarding Forward-Looking Statements and Disclaimer
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG. Such statements can generally, but not always, be identified by words such as “expects”, “plans”, “anticipates”, “intends”, “estimates”, “forecasts”, “schedules”, “prepares”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All estimates and statements that describe the Company’s plans relating to operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG that the actual results realized in the future will be the same in whole or in part as those presented herein.
Also included in this new release are forward-looking statements regarding TAG’s expectations regarding the ability to complete, and the anticipated results of, the transaction. In making the forward-looking statements in this release, TAG has applied certain factors and assumptions that are based on information currently available to TAG as well as TAG’s current beliefs and assumptions made by TAG, including that TAG will be able to complete the transaction on the timelines expected, or at all.
Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAGand its independent evaluator have made, including TAG’s most recently filed reports in Canada under National Instrument 51-101, and the information circular that TAG will file in connection with the Meeting, which can be found under TAG’s SEDAR profile at www.sedar.com. TAGundertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors change.