VANCOUVER, April 12 /CNW/ - Independent Canadian oil and gas company TAG
Oil (TSX-V: TAO / OTCBB: TAGOF) announced today that is has released a
corporate update that is posted on the company's website.
Included in the update is an interview with TAG Oil President and CEO
Drew Cadenhead, where he provides status on overall operations, including a
construction update of the Cheal Production Facility (TAG: 30.5%),
highlighting recent development challenges and proposed changes to the Cheal
development plan by the operator of the permit.
Specifically, the operator has put forward significant changes with a
goal to increase long-term field productivity, increase oil lift efficiency,
and reduce production costs. TAG expects to receive a revised budget and
supporting economics from the operator as a result of these changes shortly,
but the Company expects the cost to complete the development plan to be
materially higher than the previously approved budget of NZ$25 million. The
suggested facility changes and difficulties in accessing oil storage at the
Port of New Plymouth will also delay full commissioning of the production
facilities by at least six months.
The full Update is available online at the TAG Oil website,
www.tagoil.com, by linking on TAG Q&A in the upper right corner.
About TAG Oil:
TAG Oil Ltd. is an independent Canadian oil and gas exploration and
production company with a well-balanced portfolio of assets totaling
1,713,993 gross acres (net 1,071,812) in and around the Canterbury, Taranaki
and East Coast basins of New Zealand.
TAG Oil trades on the TSX Venture Exchange (TSX-V) with the ticker symbol
TAO, and on the OTCBB with the symbol TAGOF. More information is available on
the Company's website at: www.tagoil.com.
Forward Looking Statements:
Statements contained in this news release that are not historical facts
are forward-looking statements that involve various risks and uncertainty
affecting the business of TAG Oil. Actual results may vary materially from the
information provided in this release. As a result there is no representation
by TAG Oil that actual results realized in the future will be the same in
whole or in part as those presented herein. Actual results may differ
materially from the results predicted, and reported results should not be
considered as an indication of future performance. Factors that could cause
actual results to differ from those contained in the forward-looking
statements are set forth in filings that the Company has made, including the
Company's most recent reports in Canada under National Instrument 51-102 and
in the United States under Forms 20-F and 6K.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Drew Cadenhead, firstname.lastname@example.org,
64-6-769-6065; Garth Johnson, email@example.com, (604) 609-3350