Deals - Acquisition, Mergers, Divestitures
Apache and TAG Oil To Jointly Develop New Zealand Shale
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TAG Oil Ltd. has entered into a farmout agreement with Apache Corporation to explore and potentially develop oil and natural gas resources in the East Coast Basin of New Zealand.
Apache has agreed to conduct a multi-phased exploration, appraisal and potential development program within TAG's East Coast Basin exploration permits PEP 38348, PEP 38349 and PEP 50940. The Permits comprise in excess of one million prospective acres of onshore oil and gas opportunities located on the southeast portion of the North Island. TAG currently holds a 100% working interest in the properties.
Apache has agreed to pay for a portion of TAG’s direct costs incurred to date, as well as providing TAG a full carry on three phases of operations to a maximum agreed cost in each phase. If the agreed cost is…
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