Tag Oil awarded acreage in New Zealand's Taranaki onshore block
VANCOUVER -- Tag Oil announced that New Zealand Petroleum and Minerals has awarded Tag Oil four onshore exploration blocks offered in New Zealand's 2012 Block Offer.The permits awarded have been assigned the Petroleum Exploration Permit (PEP) numbers 54873, 54876, 54877, 54879 and are all located in the Taranaki basin, New Zealand.
Tag CEO Garth Johnson commented, "We are very pleased that New Zealand Petroleum & Minerals has awarded Tag this additional acreage that is complimentary to our current Taranaki operations. Our new oil and gas production facility expansion and associated pipelines in this area unencumber all production, transportation and marketing of Tag's oil and gas, including any new discoveries from these newly awarded lands. We are also pleased to have established a joint venture with East West Petroleum according to a joint-bidding agreement entered into by our companies prior to making application in the 2012 Block Offer."