Tag Oil Eyes Three New Zealand Permits

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
2MM
Description

To buy three permits, PEP 52589, PEP 52676 & PEP 53674 comprising 2 million acres in East Coast Basin & Canterbury Basin in New Zealand.

Tag Oil Ltd., Vancouver, (Toronto: TAO) plans to acquire three New Zealand exploration permits from New Zealand-based Rawson Taranaki Ltd. and Zeanco (NZ) Ltd. for C$2.3 million.

The assets consider of Petroleum Exploration Permit 52589, Petroleum Exploration Permit 52676 and Petroleum Exploration Permit 53674. These permits comprise of approximately two million acres and are situated in favorable geological areas offering high-impact exploration opportunities in the East Coast Basin and in the Canterbury Basin. Tag will undertake all future exploration work program commitments.

This acquisition is complementary to TAG's existing East Coast Basin exploration portfolio, expanding its current play area to the southern extents of the basin. The acquisition also positions TAG with more than one million acres in the lightly-explored Canterbury Basin.