TAG has reached an agreement with Australian Tamarind Resources for the sale of TAGâs operations in New Zealand for USD 30 MM. This includes TAGâs wholly-owned Taranaki PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), PEP 57065 (Waitoriki) and a 70% interest in PMP 60291 (Cheal East) and PEP 54877 (Cheal East). The deal is expected to close in 1Q â19 subject to necessary approvals. TAG retains a 2.5% gross orri on any production, and intends to pursue its exploration prospects in Australia.
Malaysia's Tamarind Resources has signed an agreement to acquire Tag Oil's New Zealand exploration and production assets and operations (average net daily production 1048 boe/d) for US$ 30 MM. Concerning are assets in the onshore and include the Cheal, Cardiff, Sidewinder and Supplejack fields plus the Puka, Waitoriki and Cheal East discoveries.