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TAG IDs Slim Budget for Fiscal 2017; Focused on Exploration
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TAG Oil Ltd. reported the results for the fiscal year ending March 31, 2016 , in which the Company has successfully implemented and adjusted its growth strategy in light of low oil pricing. TAG has preserved capital, reduced costs, substantially strengthened its technical and operating capability, while also maintaining consistent revenue and stable production with a focus on low cost field optimizations.
Key Points: TAG's capital budget for FY2017 is CDN$7.6 million Shallow Miocene Exploration: TAG is preparing to drill one exploration well at Sidewinder North (PEP 57065) in FQ4/17 targeting oil-prone prospects in the Miocene-aged, Mt. Messenger formation to a depth of approximately 2,000 meters.Capital expenditures for FY2016 were cut back significantly as TAG Oil focused on its core…
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