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Tag Oil says fiscal 3Q revenue up double-digits compared with previous quarter

The Australasia-focused firm said revenue came in at $8.8 million compared with $7.9 million for the previous quarter to September 30

Oil barrel tops
Tag said revenues were up versus the second quarter

Tag Oil Ltd (TSE:TAO) told investors that revenues from oil and gas sales increased by 12% in its third quarter ending in December.

In a statement covering the three month period, the Vancouver-based Australasia-focused firm said revenue came in at $8.8 million compared to $7.9 million for the previous quarter (to September 30).

READ: TAG Oil reports increased revenue and operating netbacks in fiscal 2018

In addition, average net daily production rose by 1% for the quarter to 1,211 boe/d (barrel of oil equivalent per day), at 80% oil, compared to 1,195 boe/d, also at 80% in the previous quarter.

Other highlights of the period included the second phase of the planned workover program at the Cheal asset began in October 2018, while in the same month an application to extend the duration of the Puka licence to September 22, 2022, was approved by New Zealand Petroleum and Minerals.

Capital expenditure totaled $3.8 million for the quarter versus $3 million for the previous quarter to end September.

On January 4, the oiler said its shareholders had approved the earlier announced sale of its Taranaki basin assets and operations in New Zealand to Malaysia-based Tamarind Resources Pte Ltd.

Under the deal, TAG will receive a cash payment of US$30-million at closing. In addition, TAG will draw a 2.5% gross overriding royalty on future production from wells and as much as US$5 million payable when various milestones are reached.

Contact Giles at [email protected]

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