11:04 AM EDT, 04/08/2025 (MT Newswires) -- TAG Oil ( TAOIF ) (TAO,V) on Tuesday said it is selling its New Zealand royalty interests for US$2.5 million.

The company will receive US$2.2 million in cash at closing, as well as up to US$300,000 in milestone payments by Dec. 31, 2027.

"This transaction will strengthen our balance sheet and provide further funding for the 2025 capital program," said Chief Executive Abby Badwi. "We continue to make solid progress across our broader corporate initiatives to secure a strategic partner at the BED-1 concession and expanding the company's acreage holdings in Egypt with a new acquisition."

TAG Oil ( TAOIF ) also announced that Chief Financial Officer Barry MacNeil, and General Counsel & Corporate Secretary, Giuseppe Perone, will continue in their current roles until Dec. 31, subject to extension by mutual agreement, and for certain retention bonuses.

The company's shares were last seen up $0.005 to $0.085 on the TSX Venture Exchange.

Price: 0.09, Change: +0.01, Percent Change: +6.25