TAG Extends Footprint in NZ Canterbury, East Coast Basin
TAG Oil Ltd. has entered into an agreement with Rawson Taranaki Limited and Zeanco (NZ) Ltd. to acquire three New Zealand exploration permits; 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.
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. The Canterbury Basin is an emerging frontier play area where large international energy companies are planning to test major offshore oil and gas prospects.
Under the terms of the agreement, TAG will undertake all future exploration work program commitments and pay Cdn$2,300,000 for 100 percent interest in the permits. Closing of this transaction is subject to the consent of the Minister of Energy and Resources in New Zealand.
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