Tag Oil (NZ) Ltd., a wholly owned subsidiary of Tag Oil Ltd., was awarded production licence PMP 60454, located in the Taranaki Basin, on 16 October 2018.Â  The permit has been awarded for a period of nine years and is due to expire or be eligible for renewal on 16 October 2027.  The licence was applied for in May 2018 and covers the Supplejack wet gas field, discovered in 2005. The PMP 60454 area was previously covered by exploration permit PEP 57065 which has been reduced to 52 sq. km.  The agreed minimum work programme includes the installation of production facilities, the tie-in of Supplejack 1, commencement of production, and the submission of an exploration and production development plan for the permit area within 18 months. The operator is also required to re-evaluate the production potential of the Supplejack South 1A within 24 months of the permit award.  PMP 60454, which covers an area of 7.5 sq km, was awarded on 16 October 2018.Â  Tag Oil (NZ) Ltd. holds 100% operated interest in the permit.
Tag Oil (NZ) Ltd., a wholly owned subsidiary of Tag Oil Ltd., was awarded production licence PMP 60454, located in the Taranaki Basin