TAG Oil Blog

A quick update on Cardiff's deep gas/condensate well

Posted by Denise della Santina on Dec 10, 2013 10:12:00 AM

To wrap up our excitement on drilling our first deep gas well...

Drilling of Cardiff-3, targeting the high-impact Kapuni formation is nearing completion. As reported, the early signs are positive and we'll be likely carrying out a full testing program over the next few months. We didn't want you to think that no news was anything but good news, it's just that photos from the lab and office are a little less exciting than photos from the field. 

The consent process for the Heatseeker well is now underway: By the end of this year we'll have drilled 13 production and exploratory wells, all adding to our future reserve potential and success.

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Topics: Taranaki, Kapuni gas/condensate, Cardiff Deep Gas

Exchange approval for continued share buyback

Posted by Denise della Santina on Dec 9, 2013 9:26:00 AM

Via press release on Friday (and here for those of you who missed it) TAG announced its intention to acquire up to 6,073,339 of its common shares for cancelation through the Toronto Stock Exchange, subject to TSX acceptance. 

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TAG's share buyback program is based on our belief that the market price of the Company's shares don't reflect their underlying value. Purchasing and cancelling shares will increase the proportionate interest of remaining shares, which is to the advantage of shareholders. To follow the progress please click here: http://canadianinsider.com/node/7?menu_tickersearch=tao

The common shares that may be repurchased over a twelve-month period represent approximately 10% of TAG's 60,733,391 outstanding common shares in the public float. There have been 867,000 common shares purchased and cancelled under a normal course issuer bid by TAG within the past 12 months at an average weighted purchase price of $3.83 per common share. Now back to drilling for oil and gas!

Topics: Financials, Announcements, TAG shareholders

Ngati Ruanui kaumatua Ngapari Nui and TAG Oil sow the seeds of respect

Posted by Denise della Santina on Dec 6, 2013 12:28:00 PM

In early October we were delighted to sign a formal partnership agreement with Ngati Ruanui, whose traditional tribal lands extend from Hawera to Stratford, in the Taranaki. This was a high priority for TAG, and we worked diligently to get here, as it forms the foundation for a long, strong and mutually beneficial relationship for years to come.

Garth Johnson

The agreement is based on a number of critical guiding principles that recognize the aspirations of both TAG and Ngati Ruanui. As CEO Garth Johnson has said, “We

want many of the same things: to be economically successful but never to the detriment of high environmental standards.” One practical example is Ngati Ruanui’s environmental team having archaeological oversight and monitoring rights for any earthworks TAG carries out in the region.

Again, Garth Johnson: “This agreement is based on mutual trust, respect, and quality of life. To me, it means we have each others’ backs.”

Topics: Taranaki, Announcements