Tag购得PL 17区块

The Australian subsidiary of Canadian company Tag Oil has entered into an agreement to gain a 100% interest in PL 17 in the onshore Surat basin. Tag revealed its Cypress Petroleum subsidiary had entered into a sale and purchase agreement with Southern Cross Petroleum & Exploration which will see it buy the licence and all related assets for A$2.5 million (US$1.9 million). Under the agreement, Tag will pay an initial A$750,000 once the deal closes, with a further A$500,000 to be paid in cash on 20 July next year. Tag said a work programme was being designed to enhance the understanding of the Permian formation’s reservoir properties.