Oil and gas producer and explorer, TAG Oil announced that the Company's binding offer to acquire Austral Pacific Energy's (in receivership) 66.67% interest in the 7,910 acre exploration permit PEP 38748 has been accepted by the Receivers appointed to Austral Pacific Energy Ltd. Combined with TAG's current 33.33% operated interest the permit, TAG will control 100% of this Permit.
The consideration to be paid by TAG for these assets includes:
Garth Johnson, TAG Oil CEO, commented, "We are pleased to acquire the remaining interest in this strategically located onshore acreage situated in the heart of the Taranaki discovery fairway. A number of drillable prospects have been identified by 3D seismic that indicates the potential for significant upside. This high-grade exploration asset is highly complimentary to our Cheal production permit by providing exploration opportunities with a reasonable risk profile."
The offer is subject to certain standard conditions precedent being satisfied for a transaction of this nature.
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