Tag Oil Gets Final Okay for NZ Asset Sale

Canada-listed Tag Oil has received final approval from New Zealand Petroleum and Minerals for the sale and transfer of operatorship of its New Zealand assets to Tamarind Resources, it said August 1.

“Tag and Tamarind are working diligently to close the transaction within approximately the next 30 days,” it said.

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.