
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.”