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Tag Oil - Primed for Future Reserves & Production Growth

TAG Oil Ltd (TSE:TAO) is a Canada-based oil and gas production and exploration company publicly listed in Toronto and with extensive operations and production infrastructure in the Taranaki Basin of New Zealand, as well as in Australia’s Surat Basin. We believe that development and exploration opportunities, in proven discovery fairways within the current portfolio, position TAG Oil Ltd (TSE:TAO) for future reserves and production growth. As a low cost/high netback oil and gas producer, TAG Oil Ltd (TSE:TAO) is debt free and has the reinvestment capacity to fully pursue these growth opportunities. We estimate a value of C$0.46 per share for TAG, based on EV multiples derived from a peer group of similar companies, whilst our DCF-based valuation indicates a core value of C$0.66 and risked value of C$0.82. We believe that our core value estimate of C$0.66, based on 2P reserves only, provides a strong support to current share price and represents a material upside.
Tag Oil - Primed for Future Reserves & Production Growth

2002/03: TAG Oil born and embarks on strategic initiative to acquire projects in New Zealand. Continues to build-up permit stakes in the Taranaki Basin and make plans for exploration drilling. More start-up capital raised from private investors.

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