Tag Oil Ltd - Positioned for progress in FY 2019
TAG Oil (TSE:TAO) recently published results for the financial year to March 31, 2018. The company reported revenues up 1.4% at C$23.67mln, and operating netback per barrel of oil equivalent (see table footer for definition) of C$30.66 versus C$24.88 in the previous year. Oil and gas production was 1,120 boe (barrels of oil equivalent), coming primarily from TAG Oil’s core producing assets in the Taranaki basin, New Zealand.
We also note that the Brent Crude oil price is currently US$20 higher than the average level over the 12 months to March 2018. This, together with the planned production increases, supports a strong revenue increase in 2019e. We believe that TAG Oil is now positioned for renewed growth not just in 2019 but over the coming years.
Quick facts: Tag Oil
Price: 0.39 CAD
Market Cap: $33.31 m
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