VANCOUVER, BC, July 29, 2021 /CNW/ - TAG Oil Ltd. ("TAG Oil" or
the "Company"), (TSXV: TAO) and (OTCQX: TAOIF) is pleased to report
the filing of its annual and fourth quarter results for the fiscal
year ending March 31, 2021. A copy of
TAG Oil's financial statements and management discussion and
analysis for its most recently completed financial year are
available on SEDAR (www.sedar.com) and on the Company's website
(https://tagoil.com/investors/financial-reports/).
Highlights over the period include:
- At March 31, 2021, the Company
had C$15.9 (December 31, 2020: C$16.3
million) in cash and cash equivalents and C$17.0 million (December
31, 2020: C$18.8 million) in
working capital. The Company also has no debt.
- Capital expenditures totaled C$0.2
million for the year ended March 31,
2021 (March 31, 2020:
C$3.6 million), which primarily
relates to the divestment of the Company's Australian assets and
operations.
- On April 14, 2020 (payment date)
a return of capital in the amount of C$0.30 per common share (approximately
C$25.6 million in cash) was paid to
all shareholders who were shareholders of record of the common
shares of TAG Oil on March 27, 2020
(record date).
TAG Oil continues to manage its costs and allocate the necessary
resources towards its business development efforts to maximize
value for its shareholders. The Company is continuing to pursue
several acquisition projects in Egypt and explore other strategic
opportunities in the Middle East
and North Africa. Further
information on these efforts will be provided by TAG Oil in due
course.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
Certain of the statements made and information contained
herein is considered "forward-looking information" within the
meaning of applicable Canadian securities laws, including
statements with regard to the Company's operations and potential
strategic opportunities. These statements address future events and
conditions and are reliant on assumptions made by the Company's
management, and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. As a result of these risks and
uncertainties, and the assumptions underlying the forward-looking
information, actual results could differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement, except as required by applicable
law.
Website: http://www.tagoil.com/
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SOURCE TAG Oil Ltd.