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TAG Oil Names New COO; Extends NZ Cheal Permit
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TAG Oil Ltd. reported that Mr. Henrik Lundin is commencing his position as TAG Oil's Chief Operating Officer on June 27, 2016 , and will be based in the Company's operations' office in New Plymouth, New Zealand .
Toby Pierce , CEO commented, "We are very excited to welcome Henrik to TAG as our new COO, and are looking forward to Henrik hitting the ground running. He will provide a strong foundation and the requisite guidance to the technical and operations team in New Zealand . Moving across the world from Norway to take on a new position shows a high level of dedication, and a substantial commitment to the growth and success of TAG. With the imminent commencement of the water-flood program along with the recent acquisition of a 70% working interest and operatorship of the PEP 51153 (Puka) onshore permit in the Taranaki Basin, the addition of Henrik's technical experience and management capabilities will help to strengthen our vision of growth and leadership in the industry."
TAG is also pleased to announce that on June 15, 2016 , New Zealand Petroleum and Minerals accepted TAG Oil's application to extend the duration of the Cheal petroleum mining permit (PMP 38156) for a period of eleven years, which will now expire on July 25, 2027 . The mining permit was originally granted on July 26, 2006 , covering both the shallow and deep areas of the Cheal permit, for an initial term of ten years with a right to extend the term following delineation of reserves. Operations on the permit are located on three sites (Cheal A-Site, Cheal B-Site and Cheal C-Site), which includes the Cheal production facility that has advanced oil processing and gas-liquids extraction capabilities, and a 11 km pipeline to New Zealand's primary gas transmission pipeline. During fiscal 2016, the Cheal permit produced an average of 745 bbl of oil and 600 Mcf of natural gas per day (839 BOE/d).
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