TAG posts loss on Cheal write-down

CANADIAN junior TAG Oil has posted a net loss of $C18.87 million ($A21 million) for the March 2009 financial year, primarily because of a $C19.27 million ($A21.45 million) write-down on the company's then 30.5% stake in the onshore Taranaki, New Zealand Cheal oil field.

TAG posts loss on Cheal write-down TAG posts loss on Cheal write-down TAG posts loss on Cheal write-down TAG posts loss on Cheal write-down TAG posts loss on Cheal write-down

The write-down was due to poor drilling results from the Cheal-A6 and A6 sidetrack appraisal wells and the use of a more conservative recovery factor in reserve estimates.

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