TAG Oil Ltd. (TAO.TO) has lost a third of its value as it
announced that Apache New Zealand Corporation LDC has informed the
company that it will elect not to undertake the Phase 2 program
under the Farmout Agreement dated September 1, 2011, between
Eastern Petroleum (NZ) Limited, Orient Petroleum (NZ) Limited and
ANZ relating to drilling in the East Coast Basin of New Zealand.
Eastern and Orient are indirect wholly-owned subsidiaries of
TAG intends to continue and complete the Phase 1 program. Under
the Farmout Agreement, ANZ is obligated to pay all costs and
expenses actually incurred or committed in respect of the Phase 1
TAG CEO Garth Johnson stated "We look forward to executing our
long-term goal for the East Coast; to drill and hopefully prove the
concept of unconventional oil potential in this frontier
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