TAG Oil remains committed to East Coast permits

TAG Oil remains committed to East Coast permits

Media Statement 14 January 2013

TAG Oil said it would continue with the exploration programme underway in its East Coast permits following the decision by Apache to not proceed with its involvement in the permits.

Apache has advised TAG Oil that it won’t proceed to Phase 2 of the exploration programme. However, Apache has committed to pay all costs and expenses actually incurred or committed in respect of the Phase 1 program. Phase 1 includes drilling four exploratory wells on the east coast.

TAG CEO Garth Johnson said: “Whether we like it or not, this is the nature of the oil and gas exploration business around the world and we will treat it as an opportunity and move on.”

“We will continue with the work programme on the East Coast in the same careful, methodical and safe way that we have carried out our work programmes in Taranaki.

“We will also continue to work openly and constructively with local and central Government and with other key stakeholders on the East Coast,” Mr Johnson said.

Ends.

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