New Zealand: TAG gets East Coast, Canterbury tracts

TAG Oil Ltd., Vancouver, BC, will acquire exploration permits totaling more than 2 million acres in the East Coast and Canterbury basins in New Zealand from Rawson Taranaki Ltd. and Zeanco (NZ) Ltd. for $2.3 million (Can.), subject to ministerial approval.

Alan Petzet

June 5, 2012

PEP 52589, PEP 52676, and PEP 53674 are located in favorable geological areas that offer high-impact exploration opportunities in the two basins, TAG Oil said.

The acquisition is complementary to TAG’s existing East Coast basin exploration portfolio, expanding its current play area to the southern extent of the basin. The acquisition also positions TAG with more than 1 million acres in the lightly-explored Canterbury basin, an emerging frontier in which large international energy companies plan to test offshore prospects.

About the Author

Alan Petzet

Chief Editor Exploration

Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.

Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.