Read initial coverage from Argonaut highlighting Tamarind's TAG NZ acquisition and possible IPO below.

Check out their full Morning Note below:

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.

​Transaction Highlights

• Cash payment to TAG of US$30 million at closing.
• TAG to receive a 2.5% gross overriding royalty on future production from all NZ Assets.
• Up to US$5 million in event specific payments payable on achieving various milestones (first milestone, grant of PMP 60454 (Supplejack) conversion, has already been achieved triggering payment of US$500,000 at closing).
• The Transaction will be funded from Tamarind’s available financial resources.

 
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.

Tamarind is pleased to announce that it has entered into a contract with COSL Drilling Europe AS for the semi-submersible rig, Hai Yang Shi You 982 (“HYSY 982”). The contract consists of three (3) firm wells, and options to extend the contract terms for up to one (1) optional side-track development well and up to one (1) optional exploration well, all to be drilled within the Tui permit. The drilling program is due to commence in Q2/Q3 2019.

Tamarind is very pleased to be using this new, sixth generation unit, that will bring a new level of sophistication in the drilling of offshore wells in New Zealand. Tamarind is excited by the potential that this campaign brings and to be undertaking this program with COSL, who will provide a rig that meets the highest health, safety, environmental and performance standards.

Each summer the TSB Festival of Lights transforms Pukekura Park (one of New Zealand's premier botanical gardens) into a magical, illuminated wonderland of multi-coloured lights gleaming amongst the trees. Our New Plymouth staff are lucky to be able to attend the festival - along with at least 100,000 others each year.

It runs for seven weeks and there are events for everyone in the family. It's a great excuse to grab a picnic and meet with friends to catch some live music on those lovely summer nights.

That's why we're excited to announce that Tamarind will be sponsoring the Fred Parker Lawn Stage this year! It's a great chance to get behind an incredible local event put on by the New Plymouth District Council and we're pleased to have the opportunity to support it. We'll be helping to showcase emerging and established artists with more intimate performances, in a beautiful outdoor setting. The stage will also include some outside of the box ideas (more on this to come).

The Festival of Lights is a staple in New Plymouth's summertime events calendar and includes:

• free live entertainment from national and international performers
• stunning lighting features
• a fantastic mix of daytime activities for children and families
• twilight movies in the park, and
• pop-up performance features.

Check out their website for more details of this year's event as they become available.