TAG Oil: Strong Production Revenue Growth, Profitable Q2, Extensive Drilling & Testing Operations Underway

About this update from Tag Oil Ltd

[{"type":"text","content":"\n\n\nVANCOUVER, Nov. 14, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX:\n TAOIF), reports that the Company has filed its financial results with\n the Canadian Securities Administrators for the Company's September 30,\n 2013 second quarter fiscal 2014 year. Copies of these documents can be\n obtained electronically at http://www.sedar.com, or for additional information please visit TAG Oil's website at http://www.tagoil.com/.\n\n\nTAG Oil Quarterly Highlights \n\n\n\nAt September 30, 2013, the Company had cash of $61.2 million, working\n capital of $62.9 million and no debt prior to closing a $25 million\n bought deal financing.\n\n\n\n\nProduction revenue increased to $30.58 million for six months and $15.89\n million for the quarter.\n\n\n\n\nNet income of $7.43 million was generated for six months and $2.97\n million for the quarter, before the deduction of non-cash share-based\n compensation.\n\n\n\n\nDaily average production for six months increased to 2,227 boe per day\n (51% oil) and 2,100 boe per day (58% oil) while realizing $113.30 per\n barrel of oil and $5.18 per mcf of gas for the quarter.\n\n\n\n\nContinued step out drilling success in the Mt. Messenger/Urenui\n formations with the Cheal-E1, E2 and E3 wells substantially extending\n the known oil-saturated area of Cheal. Production testing is underway\n on Cheal-E1 and with E-2 and E3 ready to test. Cheal-E4 is currently\n drilling ahead at approximately 750m with a projected total depth of\n 2234m.\n\n\n\n\nCardiff-3 deep well has encountered strong mudlog shows of up to 85%\n total gas readings in the top sections of the Kapuni Formation.\n Currently drilling ahead at approximately 4,300 meters with the\n thickest target, the K3E zone expected at approximately 4700m.\n\n\n\n\nUnconventional specialists from North America join TAG to initiate a\n widespread East Coast Basin drilling campaign, and to establish New\n Zealand's first unconventional oil and gas production directly from the\n source rock.\n\n\n\nFinancial and Production \n\n\n\n\n \n\n\nQ2 2014\n\n\nQ2 2013\n\n\n\n\nProduction revenue\n\n\n$\n\n\n          15,884,584\n\n\n$\n\n\n          9,616,276\n\n\n\n\nNet income prior to share-based compensation\n\n \n\n2,970,435\n\n \n\n1,801,250\n\n\n\n\nN...

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