NEW ZEALAND

TAG completes Cheal buyout

CANADIAN junior TAG Oil has completed its buyout of bankrupt former Cheal oil field operator Austral Pacific Energy for $US2 million (about $A2.18 million), plus ongoing royalty revenues for the life of the onshore Taranaki, New Zealand field.

Vancouver-headquartered TAG, which already held a 30.5% stake in the field, announced the finalisation of the buyout yesterday afternoon, saying it now officially held a 100% interest in the Cheal mining...

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