TAG Oil Offloads NZ Royalties for US$2.5 million

Canadian energy firm TAG Oil Ltd (TSX: TAO) has completed the sale of its non-core royalty interests in New Zealand for up to US$2.5 million (NZ$4.2 million), marking a further step in its exit from the region, which began six years ago. The transaction, finalized on April 8, involves the divestment of a 2.5% gross overriding royalty on production from several Taranaki Basin permits, including Cheal, Cardiff, Sidewinder, Supplejack, Puka, and Cheal East. The buyer is described as an "arm’s length party," and the deal was made through TAG’s New Zealand-based subsidiaries. Chief Executive Officer Toby Pierce stated the move is aligned with the company’s goal of simplifying its portfolio and focusing resources on core assets elsewhere. The proceeds will support TAG Oil’s strategic initiatives outside New Zealand.

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