Canada's Tag Oil Updates on Tamarind NZ Deal

Canada-listed Tag Oil September 6 said the closing date of the transaction for the sale and transfer of operatorship of its New Zealand assets to Tamarind Resources has been extended.

“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,” it said.

Tag Oil received the final approval from New Zealand Petroleum and Minerals for the sale and transfer last month. In January this year, Tag got shareholders' approval to sell its oil and gas assets in the Taranaki Basin in New Zealand to Malaysia-based Tamarind Resources for US$30mn.  

By exiting New Zealand, Tag will be in a better position to pursue its exploration prospects covering over 275,000 net acres in Australia, including the producing 25,000-acre petroleum mining license in the Surat Basin, it said in November when the deal was first announced.

In New Zealand, Tag’s operations include production from the Cheal and Sidewinder oil and gas fields with the Puka, Supplejack and Cardiff new pool discoveries under development. The company owns and operates three production facilities in the Taranaki Basin, which are linked directly to Taranaki’s main gas distribution pipeline.