Business
TAG Oil Reports Q2 2019 Results
TAG Oil Reports Q2 2019 Results Canada NewsWire VANCOUVER, Nov. 14, 2018 V...

About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n\nTAG Oil Reports Q2 2019 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.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 14, 2018\n\n\n\nVANCOUVER, Nov. 14, 2018 /CNW/ - International oil and gas explorer, TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to report its second quarter results for the interim period ending September 30, 2018. TAG Oil saw an increase in its net daily production by 14% along with a 7% increase in operating netbacks to $47.08 per boe for the quarter. \nToby Pierce, TAG Oil's CEO, commented \"TAG Oil had another successful operating quarter with production up from last quarter and supported by strong commodity prices with Brent Oil averaging over US$75/bbl. The most important news, however, is TAG's recent announcement regarding the proposed sale of our New Zealand operations to Tamarind Resources. We believe that this transaction provides shareholders with a substantial cash premium above TAG's current value. Furthermore, this transaction places TAG in a better position to pursue and focus its attention on other attractive opportunities within its Australian portfolio.\"\nQ2 2019 HIGHLIGHTS  \nAt September 30, 2018 the Company had $3.2 million (June 30, 2018: $4.8 million) in cash and cash equivalents and $2.4 million (June 30, 2018: $5.8 million) in working capital. Average net daily production increased by 14% for the quarter ended September 30, 2018 to 1,195 boe/d (80% oil) from 1,048 boe/d (79% oil) for the quarter ended June 30, 2018. Revenues generated from oil and gas sales decreased by 13% for the quarter ended September 30, 2018 to $7.9 million from $9.1 million for the quarter ended June 30, 2018. The 13% decrease is due to a 10% decrease in total sales volumes due to utilisation of high oil inventory levels in the prior quarter resulting in additional volumes l...