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TAG Oil Q1 2019 revenues increased 53%

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Staff Writer | August 15, 2018
TAG Oil
TAG Oil   Operating netbacks increased by 67%

TAG Oil reported its 2019 first quarter results for the interim period ending June 30, 2018.

Revenues generated from oil and gas sales increased by 53% for the quarter ended June 30, 2018 to $9.1 million from $5.9 million for the quarter ended March 31, 2018.

Operating netbacks increased by 67% for the quarter ended June 30, 2018 to $44.16 per boe compared with $26.42 per boe for the quarter ended March 31, 2018.

Capital expenditures totaled $1.1 million for the quarter ended June 30, 2018, compared to $6.3 million for the quarter ended March 31, 2018.

On April 19, 2018 the Company announced that it had secured a revolving credit facility of up to $10,000,000 with a large New Zealand based lender, which is secured against TAG Oil's producing Taranaki Basin assets and has been put into place for an initial period of 12 months.

As part of the credit facility, TAG Oil agreed to hedge approximately 400 bbl/d of oil production for the 12-month period using a collar with a $60/bbl floor and a $75/bbl cap.


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