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TAG Oil revenue cut in half to $24.8 million

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Staff writer ▼ | June 30, 2016
TAG Oil
TAG Oil   Weaker commodity prices

TAG Oil reported the results for the fiscal year ending March 31, 2016. Revenue decreased by 50% to $24.8 million compared with $49.4 million in fiscal year 2015 as a result of a combination of lower production and weaker commodity prices.

Capital expenditures for fiscal 2016 totalled $11.8 million compared to $49.6 million for fiscal year 2015.

At March 31, 2016, the Company had $16.8 million (March 31, 2015: $27.1 million) in cash and cash equivalents and $22.1 million (March 31, 2015: $27.8 million) in working capital, no debt, and 62,212,252 common shares outstanding.

Total 2P reserves at March 31, 2016 reflecting the Company’s 100% interest in PMP 38156 and 70% interest in PEP 54877, are estimated at 3.6 mmboe (93% oil) compared with 5.2 mmboe (90% oil) at March 31, 2015.

Average net daily production over fiscal 2016 decreased by 25% to 1,386 BOE/d compared with 1,856 BOE/d in fiscal 2015.


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