Tag buys NZ permits

Score: Tag will fund all future exploraiton on the permits.

Canada’s Tag Oil will buy three New Zealand exploration permits for NZ $2.8 million (US$2.1 million) from Australia-listed Rawson Resources and Zeanco.

The sale price will cover permits PEP 52589, PEP 52676 and PEP 53674, in New Zealand’s Canterbury and East Coast basins, and geochemical, gravity and seismic reprocessing work already done on the project. 

TAG will carry out all future exploration work programme commitments on the permits, Rawson said in an announcement to the Australian Securities Exchange.

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