Exploration & Production | Deals - Acquisition, Mergers, Divestitures
TAG Oil, Apache Terminate Taranaki Farmout Deal
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TAG Oil Ltd. has reported that the Company's 100% owned New Zealand subsidiaries have concluded an agreement with Apache New Zealand Corporation LDC, which results in an early termination of the Farmout Agreement dated September 1, 2011.
This agreement relates to exploration in Petroleum Exploration Permits 38348, 38349 and 50940 located in the East Coast Basin of New Zealand.
Main Highlights of the Agreement: Apache has paid TAG Oil a lump sum payment to satisfy its obligations related to funding Phase 1 operations under the Farmout Agreement. TAG Oil will retain all assets developed under the Agreement, including all seismic and technical work completed by the Joint Venture. TAG retains its 100% interest in the subject East Coast Basin permits, including the Waitangi Hill shallow oil…Finish this article — free account or subscription
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