Egypt

TAG Oil to Rejig Egypt’s Operations, Sold Royalty Interests


Published: Tuesday June 10, 2025
By: Oilfield Africa Review

TAG Oil has closed the sale of its Australian royalty interests (3.0% gross overriding royalty on future potential of production revenue from exploration permits PL 17, ATP 2037 and ATP 2038) to Cypress Petroleum Pty Ltd., a subsidiary of Omega Oil and Gas Limited (the “Transaction”).

Under the terms of the definitive agreement dated June 6, 2025, the Company received a cash payment of US$1,000,000. The Transaction is arm’s length and there was no finder fee payable.

Abby Badwi, TAG Oil’s Executive Chairman and CEO, commented, “The divestment of the Australian royalty interests is a strategic move to continue to enhance our financial flexibility and bolster our balance sheet. This transaction enables us to allocate additional capital toward our core business operations in Egypt.”

Sponsored Partners

Discover our premium partners and explore their innovative solutions in the industry

Uncategorized
Saturday July 5, 2025
Offshore Vessels
Wärtsilä Signs a Five-Year Lifecycle Agreement with the Greek
Thursday July 3, 2025
Upstream
Shelf Drilling Secures Three-Year Contract with ONGC
Thursday July 3, 2025
Gas & Power
Serica Energy Resumes Production Operations at Triton FPSO
Wednesday July 2, 2025
Gas & Power
LNG Canada Exports First Cargo to Asia
Wednesday July 2, 2025
Continental News
Press Release-NCDMB to Champion Nigerian First policy
Tuesday July 1, 2025