Business
TAG Oil Closes the Sale of its New Zealand Royalty Interests
TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) and (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that it has closed the sale of its 2.5% gross overriding royalty on production from PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), and PMP 60291 (Cheal East) (the "Permits") to Kiwi Royalty Limited (the "Transaction"), which was previously announced on April 8, 2025.
About this update from Tag Oil Ltd
[{"type":"text","content":"VANCOUVER, BC, April 22, 2025 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) and (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that it has closed the sale of its 2.5% gross overriding royalty on production from PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), and PMP 60291 (Cheal East) (the "Permits") to Kiwi Royalty Limited (the "Transaction"), which was previously announced on April 8, 2025.","length":507,"tagName":"p"},{"type":"image","alt":"TAG Oil Ltd. Logo (CNW Group/TAG Oil Ltd.)","displaySize":"","headline":null,"caption":"TAG Oil Ltd. Logo (CNW Group/TAG Oil Ltd.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":391,"height":102,"url":"https://media.zenfs.com/en/cnwgroup.com/1bdda645f148f510746ecd3d2a326671"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/57QRLhoeLkBNOB1UX56QhA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE4NDtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/1bdda645f148f510746ecd3d2a326671","width":391,"height":102}},"href":"https://mma.prnewswire.com/media/2669252/TAG_Oil_Ltd__TAG_Oil_Closes_the_Sale_of_its_New_Zealand_Royalty.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Under the terms of the definitive asset sale and purchase agreement dated April 7, 2025, the Company received a cash payment of US$2,200,000, which sum included a non-refundable deposit of US$50,000, and the Company may receive up to an additional US$300,000 in milestone payments on or before December 31, 2027, for total consideration of up to US$2,500,000 (the "Purchase Price"). The balance of the Purchase Price will be payable subject to and contingent upon the achievement of the milestones if:","length":511,"tagName":"p"},{"type":"text","content":"a) at any time from April 1, 2025, to December 31, 2026, cumulative production from the Permits exceeds 1,000,000 BOE, then the Company will receive an additional payment of US$150,000; and","length":195,"tagName":"p","attribs":{}},{"type":"text","content":"b) at any time from April 1, 2025, to December 31, 2027, cumulative production from the Permits exceeds 2,000,000 BOE (including the production referred to above), then the Company will receive an additional payment of US$150,000.","length":236,"tagName":"p","a...