TAG Oil Reports Q3 2018 Results

About this update from Tag Oil Ltd

[{"type":"text","content":"\n\n\n\nTAG Oil Reports Q3 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, Feb. 14, 2018\n\n\n\nVANCOUVER, Feb. 14, 2018 /CNW/ - TAG Oil Ltd. (the \"Company\" or \"TAG Oil\") (TSX: TAO and OTCQX: TAOIF) reports its third quarter results for the interim period ending December 31, 2017, highlighted by a 6% increase in revenues and a 40% increase in operating netbacks from the previous quarter. \n\nToby Pierce, TAG Oil's CEO, commented \"I am very pleased with both the increase in operating netbacks and the revenues quarter-over-quarter despite the modest declines in production. With temporary production issues experienced in Q3, which are being addressed, we anticipate increased production in the next quarter. Furthermore, with stronger netbacks TAG Oil is fully capable of self-funding itself both on our existing as well as our future operations. Finally, the waterflood program continues to progress at Cheal with increased production volumes likely expected in calendar H2/18.\" \n\nQ3 2018 FINANCIAL AND OPERATING HIGHLIGHTS \n\n\nAt December 31, 2017, the Company had $3.3 million (September 30, 2017: $2.7 million) in cash and cash equivalents and $9.8 million (September 30, 2017: $8.7 million) in working capital.\nAverage net daily production decreased by 9% for the quarter ended December 31, 2017, to 1,043 boe/d (79% oil) from 1,151 boe/d (78% oil) for the quarter ended September 30, 2017.\nRevenues generated from oil and gas sales increased by 6% for the quarter ended December 31, 2017, to $6.4 million from $6.0 million for the quarter ended September 30, 2017. \nOperating netbacks increased by 40% for the quarter ended December 31, 2017, to $43.21 per boe compared with $30.95 per boe for the quarter ended September 30, 2017.\nCapital expenditures totalled $1.3 million for the quarter ended December 31, 2017, compared to $6.8 million for the quarter ended September 30, 2017.\nOn November 27, 2017, New Zealand Petroleum and Minerals approved the application to extend the duration of exploration for the Company's 70% working ...

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