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TAG Oil Focused on Workovers Over New Wells
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TAG Oil Ltd. is cutting its forward guidance and planned capital expenditures for the remainder of fiscal 2016 in response to the low commodity price environment, and due to a slower than expected ramp up of our workover program in the Taranaki Basin of New Zealand.
TAG will focus on preserving capital, continuing with a reduced workover program and reducing costs.
Guidance and Outlook TAG is reducing its 2016 average production guidance down from 1,900 BOE/d to 1,400 BOE/d and expects to exit its fiscal 2016 year-end at approximately 1,400 BOE/d. TAG is reducing its 2016 forecast capital expenditures down from $23 million to approximately $13 million with $6 million already spent. Full year 2016 operating cash flow is expected to be approximately $13 million versus the $22 million…- ✓ Full news archive — U.S., Canada & international coverage
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