TAG Oil Reports Q2 2018 Results

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[{"type":"text","content":"\n\n\n\nTAG Oil Reports Q2 2018 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, Nov. 14, 2017\n\n\n\nVANCOUVER, Nov. 14, 2017 /CNW/ - TAG Oil Ltd. (the \"Company\" or \"TAG Oil\") (TSX: TAO and OTCQX: TAOIF) reports its second quarter results for the interim period ending September 30, 2017, highlighted by an 11% increase in revenues and a 34% increase in operating netbacks from the previous quarter. TAG Oil also added 809 gross acres to its petroleum mining permit portfolio with PMP 60291, which has been sectioned off from its existing Cheal East permit (PEP 54877).\n\nToby Pierce, TAG Oil's CEO, commented \"The Company had a busy fiscal quarter in which we continued to lay the ground work for growth with the recovery in oil prices. We are eagerly awaiting results from our 3D seismic acquisition at PL17 and increased production from our ongoing waterflood program. Assuming a continued improvement in Brent oil prices, we expect that our revenue operating cashflow and netbacks will continue to grow into calendar 2018. Finally, our focus for the remainder of the year will be on increasing our production and continuing to prepare for drilling opportunities.\" \n\nQ2 2018 FINANCIAL AND OPERATING HIGHLIGHTS\n\n\nAt September 30, 2017, the Company had $2.7 million (June 30, 2017: $12.2 million) in cash and cash equivalents and $8.7 million (June 30, 2017: $15.2 million) in working capital.\nAverage net daily production decreased by 2% for the quarter ended September 30, 2017 to 1,151 boe/d (78% oil) from 1,169 boe/d (77% oil) for the quarter ended June 30, 2017. A breakdown of net production is as follows:\n\nAverage net daily oil production increased by less than 1% to 897 bbl/d compared with 895 bbl/d for the quarter ended June 30, 2017, which is primarily a result of the inclusion of PL17 oil production, Cheal-B1 staying online for the entire quarter, and increased plant uptime after the planned full shutdown at the Cheal production facility for eight days in the prior quarter for statutory inspection purposes. This was partly offset by...

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