Oil and gas producer and explorer, TAG Oil, advises that the Company has secured operatorship of Petroleum Exploration Permit ("PEP") PEP 38748 (TAG: 33.33%) and PEP 38746 (TAG: 16.65%) onshore Taranaki Basin, New Zealand.
Garth Johnson, TAG Oil CEO, commented, "We are excited to now have the opportunity to operate these high grade exploration permits. The financial challenges that our joint venture partner, Austral Pacific Energy Ltd. faces have left us to operate within timing challenges related to expenditure commitments, however we are confident we can address these problems with the New Zealand government and that TAG can pursue the full potential of these attractive permits."
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