TAG Oil is pleased has announced that certain of its New Zealand subsidiaries have entered into a definitive asset sale and purchase agreement dated April 7, 2025 (the “Agreement”), for the sale of its New Zealand royalty interests to an arm’s length party (the “Transaction”).
Under the terms of the Agreement, the Company will receive up to US$2,500,000, comprising a cash payment of US$2,200,000 at closing, which sum includes a non-refundable deposit of US$50,000, and up to an additional US$300,000 in milestone payments on or before December 31, 2027. The Transaction remains subject to various terms and conditions, including, but not limited to, the approval of the TSX Venture Exchange, with closing anticipated on or before April 30, 2025.
Abby Badwi, TAG’s Executive Chairman and CEO, commented, “The sale of our New Zealand royalty interests marks another important step in streamlining our portfolio and unlocking value for shareholders. This transaction will strengthen our balance sheet and provide further funding for the 2025 capital program. We continue to make solid progress across our broader corporate initiatives to secure a strategic partner at the BED-1 concession and expanding the Company’s acreage holdings in Egypt with a new acquisition.”
Corporate Update
The Company also announces that it has entered into amendments to the employment agreements of its Chief Financial Officer, Barry MacNeil, and its General Counsel & Corporate Secretary, Giuseppe (Pino) Perone. The amendments provide that both individuals will continue in their current roles until December 31, 2025, subject to extension by mutual agreement, and for certain retention bonuses to be payable provide
