Business
TAG Oil Ends Year With Strong Production and Revenue
VANCOUVER , June 29, 2015 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased ...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\nVANCOUVER, June 29, 2015 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report results for the fiscal year ending March 31, 2015. The Company achieved strong revenues of $53.7 million during the year, with average daily production remaining flat at 1,856 BOE/d (77% oil), over last year however, TAG's net oil production increased by 29% for the fiscal year to 1,425 bbl/d compared with 1,107 bbl/d in fiscal year 2014.\n\nTAG's oil and gas production from its core Taranaki Basin oil field development area has been – and will continue to be – a key area of focus, and has been proving to be generating consistently solid production performance and increasing oil production for an extended period of years. In addition to the materially larger potential in the deeper Kapuni Formation (Cardiff-3), TAG's shallow Miocene oil development, which has been substantially de-risked through extensive 3-D seismic coverage and drilling, provides a solid production foundation that will help fuel TAG's significant, identified reserve growth upside.\n\nToby Pierce, TAG Oil's CEO commented, \"Despite a difficult end to the year in oil prices, TAG is in a good position financially and operationally to grow moderately in fiscal 2016. TAG will focus on its Cheal operations, production, and reserves going forward, and expects its capital expenditure program to be fully funded primarily out of forecasted cash flow.  Further, we'll continue to look at acquisitions that make sense, work at reducing costs where possible, and attempt to farm-out some of our higher risk prospective acreage.  Finally, I'd like to thank the team at TAG Oil for their hard work and dedication in 2015 despite all of the challenges; I am excited about the opportunities and growth in front of us for 2016.\" \n\nFY2015 HIGHLIGHTS\n\n\nTAG had $27.8 million in working capital at March 31, 2015 fiscal year-end, with no debt and 62,361,452 common shares outstanding. \nAnnual net production achieved in fiscal year 2015 of 605,000 BOE (77% oil) with average net oil production increasing by 29% for the fiscal year to 1,425 bbl/d compared with 1,107 bbl/d in fiscal year 2014. \nTotal revenue decreased by 7% to $53.7 million compared with $57.6 million in fiscal year 2014. \nRevenue from oil sales increased 3% to $47.4 million compared with $45.8 m...