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TAG Oil says New Zealand asset sale to Malaysia company receives approval

Consent has been granted under New Zealand's Overseas Investment Act 2005 for the transfer of ownership, according to TAG Oil

Map of New Zealand
Closing is subject to final approval from New Zealand Petroleum and Minerals

Tag Oil Ltd (TSE:TAO) (OTCMKTS:TAOIF) said Tuesday that a Malaysian company has received approval from the New Zealand Overseas Investment Office regarding its purchase of TAG's New Zealand assets.

The oil and gas explorer said in a statement that consent has been granted under New Zealand's Overseas Investment Act 2005 for the transfer of ownership of TAG's Taranaki Basin assets to Tamarind NZ Onshore Ltd, a wholly owned subsidiary of Kuala Lumpur-based Tamarind Resources Pte Ltd.

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

Closing of the transaction is subject to final approval from New Zealand Petroleum and Minerals for the transfer of operatorship to Tamarind, according to Vancouver-based Tag Oil. The New Zealand agency manages the government’s petroleum and minerals portfolio.

Shares of TAG Oil traded at C$0.34 in Tuesday’s Canadian trading. They fetched US$0.26 on the OTC Markets.

Last month, Tag Oil reported that revenue from oil and gas sales increased 12% during the third quarter ended in December compared with the prior quarter.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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