TAG Oil Reports FY2018 Results

About this update from Tag Oil Ltd

[{"type":"text","content":"\n\n\n\nTAG Oil Reports FY2018 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 29, 2018\n\n\n\nVANCOUVER, June 29, 2018 /CNW/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to report the annual and fourth quarter results for the fiscal year ending March 31, 2018. Most notably, the Company was successful in increasing its revenue to $23.7 million along with a 23% increase in operating netbacks to $30.66 per boe for FY2018.\n\nToby Pierce, TAG Oil's CEO, commented \"During fiscal 2018 we focused on our waterflood program, exploration drilling and ensuring we maintained our production assets. Despite an average Brent Oil price of $57.52 over the year, we still achieved operating cash flow of $8.7 million. In fiscal 2019, given the continued strength in Brent Oil pricing, our main focus will be on low-risk production growth, our waterflood program and adding to our exploration portfolio in New Zealand and Australia. I believe that we are in a better position to grow again after managing our way through this prolonged period of low oil prices and significant commitments. I am looking forward to FY2019, which I anticipate will be significantly better in terms of Brent Oil pricing, production and growth than the previous two fiscal years.\"\n\nFY2018 FINANCIAL AND OPERATING HIGHLIGHTS \n\n\nAt March 31, 2018, the Company had $1.8 million (March 31, 2017: $21.6 million) in cash and cash equivalents and $3.4 million (March 31, 2017: $25.9 million) in working capital and no debt.\nTotal gross proven plus probable reserves as at March 31, 2018 reflecting the Company's 100% interest in PMP 38156 (Cheal), 70% interest in PMP 60291 (Cheal East) and 100% interest in PMP 53803 (Sidewinder), are estimated at 4.079 MMboe (94% oil) compared with 4.143 MMboe (92% oil) at March 31, 2017. The approximate 1.5% reserves reduction is due to:\n\nAn annual reserves revision of 287,000 boe (accounting for an approximate 7% increase in reserves).\nProduction of the 351,000 boe that the Company produced over FY2018 (accounting for an approximate 8% de...

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