Brief: TAG Oil reports a reduction in forward guidance and reduced capital spending

TAG Oil

14/10/2015 14:00

Oct 14 (Reuters) - TAG Oil Ltd  TAO.TO : 
 * Reports a reduction in forward guidance and reduced capital spending 
 * Says reducing its 2016 average production guidance down from 1,900 boe/d to 
   1,400 boe/d 
 * Says expects to exit its fiscal 2016 year-end at approximately 1,400 boe/d 
 * Reducing its 2016 forecast capital expenditures down from $23 million to 
   approximately $13 million with $6 million already spent 
 * Says expects to end fiscal 2016 with at least $15 million in cash 
 * Says full year 2016 operating cash flow is expected to be approximately $13 
   million 
 * Says workover program commenced on July 17, 2015 to return the cheal-a1 rod 
   pump well to production 
 * Says a12 well is expected back online within the next 10 days and is forecast 
   to resume producing 70 boe/d 
 
 * Source text for Eikon  ID:nPn5VjfVR  
 
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