Due to a slower than expected ramp-up of its workover programme in the Taranaki basin of New Zealand, Tag will now focus on preserving capital and cutting back on expenses, the company said on Wednesday.
The average production guidance for 2016 has been cut from 1900 barrels of oil per day to 1400 bpd. The Vancouver-based company also reduced capex down from $23 million to approximately $13 million, with $6 million already spent.
“Tag
