TAMARIND COMPLETES PURCHASE OF ONSHORE TARANAKI BUSINESS

Tamarind Resources Limited is pleased to announce that it has completed its acquisition of the New Zealand Onshore Oil and Gas assets from Tag Oil Limited.

As announced by Tag on 6th November 2018 and including the most recent update of 6th September, Tamarind and Tag have been working closely to complete the transaction which comprises production from the Cheal and Sidewinder oil and gas fields, new discoveries under development at Puka, Supplejack and Cardiff, and significant exploration opportunities. The transaction includes the three production facilities in the Taranaki Basin, which are linked directly to Taranaki’s main gas distribution pipeline for easy distribution and local consumption. 

​Tamarind has also assumed the operating, technical and administrative team from Tag, assuring continued safe and reliable operations.

Ian Angell, Managing Director, commented:

“I’m delighted to have completed the NZ Onshore acquisition and am deeply appreciative of the patience of the Tag Directors and Shareholders since the announced transaction late last year.  We are also very pleased with the progress the Tag and Tamarind teams are making on the core producing assets as well as the exciting Supplejack gas project over the past year.”

“We are mindful that this transaction comes immediately following the disappointing results on the Tui redevelopment campaign and the suspension of that well program.  The closure of the transaction enables Tamarind to develop a path forward in relation to the resolution of matters associated with the suspended Tui well program.” 

Tamarind acquired the following permits in this transaction: 54877, 60291, 38156, 53803, 57065, and 51135.