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

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.

Halliburton and Aker BP have completed the first umbilical-less tubing hanger installation on the Norwegian continental shelf, paving the way for digitised offshore operations with reduced infrastructure.
The US group has finalised operations at the Begonia field, marking its first offshore deepwater intervention in Angola’s Block 17/06, located 150 kilometres off the coast.
Prolonged attacks on fuel convoys have depleted stocks, destabilised power generation and disrupted economic activity in Bamako and surrounding regions.
Nigerian group Dangote has reduced crude supply to its refinery, citing a strategic adjustment to high oil prices and denying any technical failure.
Reliance Industries reported a 9.67% increase in net profit in the second quarter of fiscal year 2025–2026, driven by recovering petrochemical margins and continued growth in its retail and telecom operations.
An operational fire was contained at the largest refinery in the US Midwest, causing a temporary shutdown of several processing units, according to industry data.
The European Commission imposes new rules requiring proof of refined crude origin and excludes the use of mass-balancing to circumvent the Russian oil ban.
The Dutch Supreme Court has rejected Russia's final appeal, confirming a record $50bn compensation to former Yukos shareholders, ending two decades of legal battle.
A ruling by Namibia's High Court upheld the media regulator’s decision that the state broadcaster NBC failed to ensure balance in its coverage of ReconAfrica’s oil operations.
The Canadian oilfield services provider announced a $75mn private placement of 6.875% senior unsecured notes to refinance bank debt and support operations.
Commercial crude reserves in the United States posted an unexpected increase, reaching their highest level in over a month due to a marked slowdown in refinery activity.
Beijing calls Donald Trump's request to stop importing Russian crude interference, denouncing economic coercion and defending what it calls legitimate trade with Moscow.
India faces mounting pressure from the United States over its purchases of Russian oil, as Donald Trump claims Prime Minister Narendra Modi pledged to halt them.
Three Crown Petroleum has started production from its Irvine 1NH well and plans two new wells in Wyoming, marking a notable acceleration of its deployment programme in the Powder River Basin through 2026.
The International Monetary Fund expects oil prices to weaken due to sluggish global demand growth and the impact of US trade policies.
With lawsuits multiplying against oil majors, Republican lawmakers are seeking to establish federal immunity to block legal actions tied to environmental damage.
The United Kingdom targets two Russian oil majors, Asian ports and dozens of vessels in a new wave of sanctions aimed at disrupting Moscow's hydrocarbon exports.
Major global oil traders anticipate a continued decline in Brent prices, citing the fading geopolitical premium and rising supply, particularly from non-OPEC producers.
Canadian company Petro-Victory Energy Corp. has secured a $300,000 unsecured loan at a 14% annual rate, including 600,000 warrants granted to a lender connected to its board of directors.
Cenovus Energy has purchased over 21.7 million common shares of MEG Energy, representing 8.5% of its capital, as part of its ongoing acquisition strategy in Canada.

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

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.