Tamarind has recently completed the purchase of a 33.3% interest in the Corowa oil discovery in block WA-41-R. We are looking forward to taking an innovative approach using mobile operating and production units as part of a wider strategy.
Read the full article below or on Upstream Online.
An excerpt from coverage of the Board of Inquiry hearing we had last week related to our EPA applications for marine consent and marine discharge consent:
Tamarind would like to announce that it has entered into a share and asset purchase agreement with TAG Oil Ltd. to acquire their Taranaki Basin assets. The sale will include TAG’s 100% working interests in: PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), PEP 57065 (Waitoriki) and TAG’s 70% interest in PMP 60291 (Cheal East) and PEP 54877 (Cheal East).
We are pleased to be adding to our existing New Zealand portfolio, which is currently focused offshore. Acquiring these onshore assets will provide an opportunity to further leverage our existing capabilities in NZ. The TAG assets currently produce approximately 1,370 boe/d gross with 2P reserves of 4.2MMboe and 3P reserves of 7.9MMboe. We will continue to build on our capabilities in production optimization to further develop the field.
We expect the transaction to close in the first quarter of 2019, depending on the required regulatory and corporate approvals.
Tamarind is pleased to announce that we recently acquired Nido's GPC and NPG entities and now have 55.88% equity and operatorship of the Galoc field, offshore Philippines. We're adding to our growing portfolio and we are keen to delve into the opportunities this field holds.
With this acquisition, we welcome a dedicated Manila-based team to our organization and their expertise will be valuable as they have been with the asset for many years. Their knowledge and experience will complement Tamarind's existing skill set to maintain the field's excellent operational performance and to advance Galoc into a new phase of development.
The Galoc Oil Field has 4 producing wells that flow into FPSO Rubicon Intrepid which has a 450,000 bbl storage capacity. We look forward to extending the life of this asset with a range of optimization and development opportunities.
Check out the full August issue on the Waterford Press website.