Last C$2.39 CAD
Change Today +0.05 / 2.14%
Volume 112.0K
As of 3:59 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

tag oil ltd (TAO) Snapshot

Open
C$2.36
Previous Close
C$2.34
Day High
C$2.43
Day Low
C$2.32
52 Week High
10/18/13 - C$5.15
52 Week Low
08/25/14 - C$2.31
Market Cap
152.7M
Average Volume 10 Days
94.5K
EPS TTM
C$0.15
Shares Outstanding
63.9M
EX-Date
--
P/E TM
16.3x
Dividend
--
Dividend Yield
--
Current Stock Chart for TAG OIL LTD (TAO)

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tag oil ltd (TAO) Details

TAG Oil Ltd., together with its subsidiaries, is engaged in the exploration, development, and production of oil and gas properties in New Zealand. The company owns interests in the Taranaki Basin covering an area of approximately 30,816 net acres located on the North Island of New Zealand; and the Canterbury Basin that covers an area of approximately 1.17 million acres of conventional and unconventional targets located on the South Island of New Zealand. It also holds a 100% working interest in three exploration permits covering an area of approximately 1.42 million acres; and a 60% working interest in one joint ventured exploration permit totaling 106,111 acres in the East Coast Basin of New Zealand. The company was formerly known as Durum Cons. Energy Corp. and changed its name to TAG Oil Ltd. in June 2002. TAG Oil Ltd. was founded in 1990 and is headquartered in Vancouver, Canada.

Founded in 1990

tag oil ltd (TAO) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$240.0K
Founder and Chairman
Total Annual Compensation: C$241.7K
Chief Operating Officer
Total Annual Compensation: C$267.9K
Vice President of Business Development
Total Annual Compensation: C$156.5K
Compensation as of Fiscal Year 2013.

tag oil ltd (TAO) Key Developments

Tag Oil Ltd. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended June 30, 2014; Provides Production Guidance for the Year 2015; Plans to Drill Two More Appraisal Wells at Cheal

TAG Oil Ltd. announced unaudited consolidated earnings and production results for the first quarter ended June 30, 2014. For the quarter, the company reported total revenue increased by 11% for the quarter ended June 30, 2014 to CAD 15.6 million from CAD 14 million for the quarter ended March 31, 2014, and increased by 6% from CAD 14.7 million for the same period last year. Net income before tax was CAD 3,690,000 against CAD 3,521,000 a year ago. Diluted income per share was CAD 0.06 against CAD 0.06 a year ago. Cash flow provided from operating activities increased by 329% to CAD 7.2 million from CAD 1.7 million for the quarter ended March 31, 2014. Cash flow per basic share provided from operating activities increased by 266% to CAD 0.11 from CAD 0.03 for the quarter ended March 31, 2014. Capital expenditures totaled CAD 11.4 million compared to CAD 22.8 million for the quarter ended March 31, 2014. For the quarter, the company produced daily production volumes oil of 1,296 bbls/d against 1,072 bbls/s a year ago. Natural gas production was 454 boe/d against 414 boe/d a year ago. Combined production was 1,750 boed/d against 1,486 boed/d a year ago. Current net production at the beginning of August was 1,977 barrels of oil equivalent per day (81% oil). The company announced that annual average production forecast of 2,000 boe/d for fiscal year 2015. For the remainder of the 2015 fiscal year, the compan's continued focus on drilling within the established oil-prone exploration fairways of Taranaki seek to achieve the goal of adding new oil reserves within its permits. The company will drill two more appraisal wells at Cheal, combined with two new step-out wells at TAG's Sidewinder oil and gas area providing a lower-risk growth opportunity with a 100% interest in each permit. In addition, one new development well will be drilled in the Greater Cheal area where TAG owns a 70% interest and is operator of the permit. Additional potential new reserves targeted during the year will include perforation of additional un-tested zones in wells already drilled in the Greater Cheal area where TAG owns a 70% interest, one wildcat well will be drilled within PEP 52589 (TAG 100%) located in the Canterbury basin of New Zealand's South Island, and unconventional wells, the Waitangi Valley-1 and Boar Hill-1 in the East Coast Basin that if successful provide an opportunity to add significant new reserve areas to TAG's reserve base.

TAG Oil Ltd. Updates Production and Development Drilling Program

TAG Oil Ltd. announced that the shallow development drilling program and production operations in the Taranaki Basin, New Zealand, remains in line with estimates for oil and gas production averaging approximately 2,000 barrels of oil equivalent per day (80% oil), and cash flow from operations of approximately $40 million for the 2015 fiscal year. This production guidance factors only existing production and wells from TAG's shallow development drilling in the Taranaki Basin. The average net production for the last seven days ending August 4, 2014 was 1,959 BOE/d (80% oil), an increase of 248-BOE/d from June 2014's monthly average production, due to some flush production from recent testing of new wells drilled at TAG's 100%-owned Cheal oil and gas field. Almost all of the current production comes from the lightly explored Cheal and Greater Cheal oil and gas field. The Company has in its portfolio, another fifty shallow drill ready prospects identified, and expects that detailed seismic mapping will continue to provide further drilling prospects on this oil-prone trend for many years to come. Daily production rates for the last three quarters have been stable and growing, with 78% of the daily production coming from high-net back oil production, resulting in strong revenues being generated for June 30, 2014. TAG's most recently drilled shallow oil wells, Cheal-B9 and B10 (TAG 100%) have now been placed on production. Cheal-B9 is presently shut in for a pressure build-up test after an initial 15-day flow test and Cheal-B10 has completed a 10-day test within a secondary Mt. Messenger zone with encouraging oil production results to date. To date Cheal-B9 and B10 have produced an average of 351 BOE per day (88% oil) during testing. At the Cheal E site (TAG 70%), TAG's newest oil discovery area, production for the most recent week averaged 825 BOE/d (577 BOE/d net) with 78% being oil; Cheal-E1 and E4 are flowing naturally, E5 is artificially lifted using a jet-pump. To date, the Cheal E site has produced approximately gross 176,000 BOE (81% oil) since production started in mid-November, 2013.

Tag Oil Begins Drilling Waitangi Valley-1 Unconventional Exploration Well

TAG Oil Ltd. announced commencement of drilling operations at the company's 100%-controlled Waitangi Valley-1 exploration well in Petroleum Exploration Permit 38348, located in New Zealand's East Coast Basin. The Waitangi Valley-1 well spudded on July 23, 2014 and will be drilled to a total depth of approximately 3,600 meters (11,800 feet). Waitangi Valley-1 is situated 250 kilometers north of TAG's Ngapaeruru-1 unconventional well, and is the Company's second high impact exploration well targeting the Waipawa Black Shale and Whangai Formation source rocks. Waitangi Valley-1 is interpreted with proprietary seismic data to potentially intersect stacked, repeated sections of these naturally fractured, over-pressured oil-and-gas-rich source rocks as well as conventional oil and gas bearing sands in the Miocene section at depths between 250 to 2,000 meters. Independent assessments on TAG's acreage have estimated, on a mid-range (P50) basis, an undiscovered resource potential of approximately 14 billion barrels of oil initially in place within less than 20% of the company's East Coast Basin acreage. These resource estimates were prepared by Sproule International Limited with an effective date of September 30, 2007, and by AJM Petroleum Consultants with an effective date of September 1, 2008. Each is a qualified reserves evaluator in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook.

 

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