TAG Oil, Trans-Orient Petroleum to Combine Businesses
TAG Oil and Trans-Orient Petroleum have entered into an arrangement agreement to effect a business combination pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
The proposed transaction to combine the companies, with TAG Oil Ltd. becoming the surviving entity, has been approved by the boards of directors of both TAG and Trans-Orient (with interested directors abstaining) following the recommendation of their special committees.
Benefit of the business combination between TAG and Trans-Orient:
The combination of the two companies will create a dynamic international production and exploration vehicle poised for immediate production growth and exciting high-impact exploration opportunities in New Zealand. The combined financially strong company will have no debt, $12.5 million in working capital, cash flow from the developing Cheal light-oil discovery and a lower-risk prospect inventory defined by 3D seismic in the prolific Taranaki Basin discovery fairway. This is in addition to the high-impact frontier exploration opportunities targeting widespread fractured oil shale source-rock formations in the East Coast Basin.
- TAG Oil Gets Approval to Take 70% Operating Stake in NZ's PEP51153 (Jun 06)
- NZ-Focused TAG Oil Cuts Capex for Rest of FY16 Due to Low Oil Prices (Oct 15)
- TAG Prepares for NZ's Cheal East Field Development with New Pipeline Link (May 27)
Company: Trans-Orient Petroleum more info
- TAG Oil Clinches Acquisition of Trans-Orient Petroleum (Dec 16)
- Trans-Orient Shareholders Check 'Yes' for TAG Oil's Acquisition (Dec 10)
- Trans-Orient Plans 2nd Stage of Boar Hill-1 (Dec 07)