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TAG Oil Reports Q3 2017 Results and Updates Recent Activities
TAG Oil Reports Q3 2017 Results and Updates Recent Activities Canada NewsWire VA...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n\nTAG Oil Reports Q3 2017 Results and Updates Recent Activities\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, Feb. 13, 2017\n\n\n\nVANCOUVER, Feb. 13, 2017 /CNW/ - Oil and gas exploration and production company, TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to report third quarter results for the fiscal year ending March 31, 2017, in which oil and gas production, revenue from sales, and operating netbacks increased. Production over the month of February to date is above guidance with a current net daily average rate of 1,293 BOE/d (79% oil). \n\nTAG remains disciplined and focused on optimizing and exploiting opportunities within the Company's core producing operations, which has demonstrated substantial upside potential for near-term production and reserve building, and completing additional acquisition opportunities in New Zealand and Australia. TAG is also set to resume drilling on March 1, 2017, and enter its next phase of reserve and production growth through exploration, exploitation, and commercializing the deep Cardiff gas/condensate discovery, one of TAG's premier deep gas assets in New Zealand.\n\nTAG Oil CEO Toby Pierce commented \"I am very pleased to report another successful quarter for TAG with stable production base and higher oil prices leading to improved revenues and netbacks. TAG's operations continued to remain active with workovers at our core Cheal and Sidewinder fields delivering incremental production, while successful well tests at both Supplejack and Cardiff have demonstrated near term development opportunities. Further, preliminary results from the Cheal B waterflood are encouraging and we will be further expanding the waterflood to Cheal A and Cheal E in the upcoming months. Finally, going forward we expect to shift back towards a more growth oriented trajectory focusing on drilling and exploiting our exceptional higher impact exploration inventory.\"\n\nQ3 2017 FINANCIAL AND OPERATING HIGHLIGHTS \n\n\nAt December 31, 2016, TAG had $10.0 million (March 31, 2016: $16.8 million; December 31, 2015: $15...