TAG's Nov '18 sale of its NZ ops for USD 30 MM to Tamarind was completed 25 Sep '19. The deal involves the USD 30 MM cash, up to USD 5 MM in event specific payments, and 5% orri on any future production from the assets, which comprise TAGâs wholly-owned Taranaki PMP 38156 (Cheal + Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), PEP 57065 (Waitoriki) + a 70% interest in PMP 60291 (Cheal East) & PEP 54877 (Cheal East).
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.