TAG Oil Expands Canterbury Holdings

TAG Oil has inked a deal with New Zealand-based Green Gate Limited, under which TAG can earn up to a 70% Working Interest in the 600,000-acre onshore portion of Petroleum Exploration Permit 38260, located in the Canterbury Basin, New Zealand.

Under the terms of the agreement TAG will earn a 30% Working Interest and assume operatorship onshore in PEP 38260 by acquiring a 2-D seismic program at a cost of US$400,000 over the Kate Anticline Prospect identified within the Permit. TAG has the option to earn an additional 40% (total 70%) Working Interest by drilling one exploration well based on the seismic data acquired over the 15 sq. km Kate Anticline.


Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours