TAG Oil Ltd. 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 the sale 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.
Source: TAG Oil Ltd.
Date: May 29, 2019