Brief: TAG Oil Provides Corporate Update

TAG Oil

24/10/2019 14:13

Oct 24 (Reuters) - TAG Oil Ltd  TAO.TO :
    * TAG OIL PROVIDES CORPORATE UPDATE
    * TAG OIL LTD - PROVIDES UPDATE FOLLOWING CLOSING OF SALE OF
ITS
NEW ZEALAND ASSETS
    * TAG OIL LTD - HAS RECEIVED AN INITIAL PAYMENT OF US$0.77
MILLION
FOR ROYALTY, WHICH ACCRUED FROM OCTOBER 1, 2018 TO TRANSACTION
CLOSING
    * TAG OIL LTD - ANTICIPATING THAT FURTHER EVENT SPECIFIC
PAYMENTS
MILESTONES MAY BE ACHIEVED NEXT YEAR
    * TAG OIL - POST CLOSING, CO HAS BEEN REPOSITIONED WITH CASH
BALANCE OF ABOUT C$41 MILLION
    * TAG OIL - HAS BEEN REPOSITIONED WITH ONGOING CASHFLOW FROM
2.5%
GROSS OVERIDDING ROYALTY ON ALL FUTURE PRODUCTION FROM NEW
ZEALAND ASSETS SOLD
    * TAG OIL - HAS BEEN REPOSITIONED WITH UP TO $4.5 MILLION IN
FUTURE EVENT SPECIFIC PAYMENTS PAYABLE ON TAMARIND RESOURCES
ACHIEVING CERTAIN MILESTONES
    * TAG OIL LTD - HAS RECEIVED PROPOSALS FOR PREFERRED USE OF
PROCEEDS FROM SALE OF ITS NEW ZEALAND ASSETS
    * TAG OIL LTD - EXPECTS REVIEW OF CURRENT OPPORTUNITIES FOR
USE OF
PROCEEDS TO CONCLUDE WITHIN NEXT THREE MONTHS

Source text for Eikon:  ID:nPn85F4r6a 
Further company coverage:  TAO.TO 

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