TAG Oil, a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa, has provided an update on its ongoing corporate initiatives.
New Zealand Royalty Sale
TAG Oil has received expressions of interest from multiple parties to acquire its New Zealand royalty interests. Interested parties are in the final stages of due diligence and are expected to submit binding offers on or before March 31, 2025, addressing all commercial terms for a definitive sale and purchase agreement.
BED-1 Concession
Several strategic international industry partners have signed non-disclosure agreements with TAG Oil, providing them with access to confidential data related to the BED-1 concession and the Company’s new acquisition. Management presentations are currently underway, and interested parties are expected to submit indicative offers in calendar Q2.
New Concession Acquisition Progress
TAG Oil received a no objection letter on March 4, 2025, from the concession holder to the Company’s revised February 9, 2025, proposal to acquire a significant interest in the large 2,000 km2 concession in the Western Desert. Negotiations to conclude the definitive agreements are currently underway.
Abby Badwi, TAG’s Executive Chairman and CEO, commented, 'Cost reduction initiatives completed earlier this year and the potential sale of the New Zealand Royalty, will supplement our cash balances and funding of the 2025 capital program. Securing a partner at the BED-1 concession and expanding the Company’s acreage holdings with the new acquisition will have a significant impact on the scale of activities and accelerating the development of our assets in Egypt.'
About TAG Oil
TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.
Source: TAG Oil
