Update on Tag Acquisition

As announced in November 2018, Tamarind entered into a share and asset purchase agreement with TAG Oil Ltd. to acquire their Taranaki Basin assets.

TAG shareholders voted to approve the transaction on 3rd January 2019 and Tamarind has been busy working through transition planning.

Tamarind is working on transitioning a number of TAG’s employees to the company at completion of the transaction. As an established operator in the Taranaki Basin, Tamarind has a number of similarly established roles already. Unfortunately, this means there won’t be suitable roles for a number of TAG’s employees after the transition to Tamarind as operator. Tamarind’s main priority is to ensure a seamless and safe transition during the transfer period.

Deal close is expected to be on or around 31st March 2019 and remains subject to regulatory and government approvals.