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TAG Oil Haemorrhaging
16 January 2012
TAG Oil Haemorrhaging
Canadian oil company TAG Oil has lost 30% of its value in the two days since the announcement it had lost East Coast exploration partner Apache Corporation.
"That seems to be around $70 million dollars a day" said Manu Caddie, a Gisborne District Councillor who has raised concerns about the risks of drilling in the East Coast region.
"So they are in free-fall and still putting on a brave face that they can carry on in the East Coast Basin without the $100 million Apache contributed, without the exploration experience and expertise Apache offered and if this haemorrhaging continues for another couple of days, it will be without any company value whatsoever."
ENDS
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