One-Page Deal Sheet
TAG Oil, Apache Conclude Taranaki Farmout Deal
Apache Corp TAG Oil Ltd.
Announced Date
February 01,2013
Close Date
January 31,2013
Transaction Type
Farm-In/Farm Out
Asset/Basin:
{"East Coast Basin"}
TargetZones:
{Waipawa,Whangai}
Transaction Details: Subscribe to see
TAG Oil Ltd. 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…