TAG Oil Ltd. (TAO.TO), a Canadian-based production and exploration company with extensive operations in New Zealand, announced its year-end March 31, 2011 Operating Highlights.
- Production revenue for 2011 increased to $13,088,423 compared to $6,527,585 in 2010.
- TAG produced 150,742 net barrels of light oil in fiscal 2011, sold at an average price of $86 per barrel with production costs reduced to less than $20 per barrel.
- Significant gas discovery with the Sidewinder-1 well was followed by three additional Sidewinder discoveries.
- Behind-pipe production capability of more than 5,000 barrels of oil equivalent per day is ready to come on production.
- The Cheal-B4ST well discovered light oil in the Urenui Formation (~1400m), and a second producing formation is now under development at the Cheal field.
- TAG acquired a 100% interest in the Cardiff condensate-rich deep gas discovery.
- Light oil was discovered in three shallow wells during recent drilling in the East Coast Basin, confirming the underlying shale formations as the source of the oil.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
