International oil and gas explorer, TAG Oil has announced that it will move ahead with the sale of its assets in New Zealand.
International oil and gas explorer, TAG Oil (TSX:TAO, TCQX:TAOIF) has announced that it will move ahead with the sale of its assets in New Zealand.
As quoted from the press release:
Tamarind Resources has received approval from the New Zealand Overseas Investment Office in relation to the purchase of TAG’s New Zealand assets.
More specifically, consent has been granted under New Zealand’s Overseas Investment Act 2005 for the transfer of ownership of TAG’s Taranaki Basin assets to Tamarind NZ Onshore Limited, a wholly-owned subsidiary of Tamarind.
Closing of the transaction is subject to the final pending approval from New Zealand Petroleum and Minerals for the transfer of operatorship to Tamarind. Additional information about the transaction can be found in the management information circular dated November 30, 2018, which is filed under TAG’s SEDAR profile.