SUBSCRIBE
PROFILE

TAG Oil sells New Zealand royalty interests for USD 2.5 mn to fund 2025

TAG Oil has signed a definitive agreement to sell its royalty interests in New Zealand, aiming to strengthen its cash position ahead of its planned investments for 2025.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

TAG Oil Ltd., a Canadian company listed on the TSX Venture Exchange, announced it has entered into a definitive agreement to sell its oil royalty interests in New Zealand to an unrelated third party. The transaction, concluded on April 7, includes an upfront payment of USD 2.2 mn, which incorporates a non-refundable deposit of USD 50,000, and potential milestone payments of up to USD 300,000 by the end of 2027.

The total proceeds could therefore amount to USD 2.5 mn, subject to approval from the TSX Venture Exchange and the fulfilment of contractual conditions. The transaction is expected to close by April 30 at the latest. These royalties stemmed from TAG Oil’s former stakes in New Zealand oil fields, from which the company has gradually divested over recent years.

Strategic shift towards Egypt

Abdel Badwi, Executive Chairman and Chief Executive Officer of TAG Oil Ltd., stated that the sale was part of a strategy to streamline the company’s asset portfolio. Management intends to allocate the funds toward its 2025 capital programme, with a particular focus on Egypt. The company currently holds interests in the BED-1 concession in the Western Desert’s Red Sea Basin and is seeking to expand its presence through additional acquisitions.

Simultaneously, TAG Oil continues efforts to identify a strategic partner for the same Egyptian concession. No further information has been disclosed regarding the identity of the buyer for the New Zealand royalties.

Extension of key executive contracts

In a separate development, TAG Oil has amended the employment agreements of two of its executives. Barry MacNeil, Chief Financial Officer, and Giuseppe Perone, General Counsel and Corporate Secretary, will remain in their positions until 31 December 2025. The extensions include retention bonuses, contingent on both individuals remaining with the company until the specified date.

This continuity in leadership is framed as support for the company’s strategic ambitions in its core markets. The exact amount of the retention bonuses was not specified in the official release.

  • Popular on energynews.pro
Jinhong Gas invests in Spain with a strategic cryogenic unit
Envision and Statera partner on 680MW storage project in the United Kingdom
Quino Energy raises $16mn to industrialise organic electrolytes for flow batteries
Sofia secures Lukoil refinery ahead of planned state takeover
IMCC and Maridive launch One Marine to capture offshore services demand
Bulgaria passes law to take control of Lukoil refinery
Faced with US sanctions targeting Lukoil, Bulgaria adopts emergency legislation allowing direct control over the Balkans’ largest refinery to secure its energy supply.
MEG Energy shareholders approve Cenovus merger with 86% support
MEG Energy shareholders have overwhelmingly approved the acquisition by Cenovus, marking a critical milestone ahead of the expected transaction closing later in November.
Petrobras increases net profit in third quarter driven by production growth
Petrobras reported a net profit of $6 billion in the third quarter, supported by rising production and exports despite declining global oil prices.
Gunvor drops $22bn bid for Lukoil assets under US pressure
Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.
Trump to auction 80 million offshore acres and plans Alaska lease sale
The Trump administration will launch on December 10 a major oil lease sale in the Gulf of Mexico, with a second auction scheduled in Alaska from 2026 as part of its offshore hydrocarbons expansion agenda.
ConocoPhillips raises dividends despite soaring Willow project costs
The US group increased its dividend and annual production forecast, but the $1.5bn rise in costs for the Willow project in Alaska is causing concern in the markets.
Saturn Oil & Gas boosts performance through acquisitions and financial discipline
Canadian producer Saturn Oil & Gas exceeded its production forecast in the third quarter of 2025, driven by a targeted investment strategy, debt reduction and a disciplined shareholder return policy.
Aker Solutions secures five-year contract with ExxonMobil Canada for Hebron platform
Aker Solutions has secured a five-year brownfield maintenance contract extension with ExxonMobil Canada, reinforcing its presence on the East Coast and workforce in Newfoundland and Labrador.
Diamondback Energy generates $1.8bn in free cash flow in Q3 2025
With average oil production of 503,750 barrels per day, Diamondback Energy strengthens its profitability and continues its share buyback and strategic asset divestment programme.
International Petroleum accelerates Blackrod and completes USD 450mn bond refinancing
International Petroleum Corporation exceeded its operational targets in the third quarter, strengthened its financial position and brought forward production from its Blackrod project in Canada.
DNO strengthens position in Verdande through asset swap with Aker BP
Norwegian firm DNO increases its stake in the developing Verdande field by offloading non-core assets to Aker BP in a cash-free transaction.
TAG Oil secures three-year extension to evaluate BED-1 oil field in Egypt
TAG Oil extends the BED-1 evaluation period until October 2028, committing to drill two new wells before deciding on full-scale development of the Abu Roash F reservoir.
Expro deploys its ELITE Composition™ service on offshore well in Cyprus
Expro delivered its new on-site fluid analysis service for a major oil operator in Cyprus, cutting turnaround times from several months to just hours during an exploration drilling campaign in the Eastern Mediterranean.
Sinopec signs $40.9bn in deals during 2025 China International Import Expo
Sinopec finalised supply agreements worth $40.9bn with 34 foreign companies at the 2025 China International Import Expo, reinforcing its position in the global petroleum and chemical trade.
Gunvor rules out resale of Lukoil assets to Russia after acquisition
Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.
Esso France shareholders approve sale to North Atlantic and €774mn dividend
Esso France shareholders, mostly controlled by ExxonMobil, approved the sale to Canadian group North Atlantic and a €774mn special dividend set for payment on 12 November.
Marathon Petroleum Misses Its Targets Due to Increased Maintenance Costs
Marathon Petroleum missed its adjusted profit forecast for Q3 due to a significant rise in maintenance costs, despite stronger refining margins, sending its shares down more than 7% in pre-market trading.
TotalEnergies forecasts rising oil demand until 2040 despite energy transition slowdown
TotalEnergies anticipates a continued increase in global oil demand until 2040, followed by a gradual decline, due to political challenges and energy security concerns slowing efforts to cut emissions.
Western sanctions disrupt Lukoil’s international operations
Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.
Sunoco finalises the acquisition of Parkland Corporation and prepares for New York listing
Texas-based Sunoco has completed the acquisition of Canadian company Parkland Corporation, paving the way for a New York Stock Exchange listing through SunocoCorp starting November 6.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.