Tamarind Resources Limited has completed the acquisition of Tag Oil Limited’s New Zealand onshore oil and gas assets.
The transaction comprises production from the Cheal and Sidewinder oil and gas fields; new discoveries under development at Puka, Supplejack and Cardiff; the three production facilities in the Taranaki Basin and significant exploration opportunities.
Tamarind Managing Director Ian Angell said the company is pleased with its NZ onshore acquisition despite following on from the disappointing results of the Tui redevelopment campaign and the suspension of that well program.
“The closure of the transaction enables Tamarind to develop a path forward in relation to the resolution of matters associated with the suspended Tui well program,” said Mr Angell.
“We are also very pleased with the progress the Tag and Tamarind teams are making on the core producing assets as well as the exciting Supplejack gas project over the past year.”
The following permits have been acquired in the transaction: 54877, 60291, 38156, 53803, 57065, and 51135.
Tamarind has also assumed the operating, technical and administrative team from Tag to assure continued safe and reliable operations.
For more information visit the Tamarind website.
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