TAG Oil Ltd. (the “Company” or “TAG Oil”) (TSX: TAO and OTCQX: TAOIF) reports its second quarter results for the interim period ending September 30, 2017, highlighted by an 11% increase in revenues and a 34% increase in operating netbacks from the previous quarter. TAG Oil also added 809 gross acres to its petroleum mining permit portfolio with PMP 60291, which has been sectioned off from its existing Cheal East permit (PEP 54877).
As quoted in the press release:
Toby Pierce, TAG Oil’s CEO, commented “The Company had a busy fiscal quarter in which we continued to lay the ground work for growth with the recovery in oil prices. We are eagerly awaiting results from our 3D seismic acquisition at PL17 and increased production from our ongoing waterflood program. Assuming a continued improvement in Brent oil prices, we expect that our revenue operating cashflow and netbacks will continue to grow into calendar 2018. Finally, our focus for the remainder of the year will be on increasing our production and continuing to prepare for drilling opportunities.”