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.
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.
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