Interesting listening to the TAG presentation of 1 November...

Interesting listening to the TAG presentation of 1 November 2006. TAG said $10M -$15M of cash flow and they have not come anywhere near that amount, as reflected by their share price and financial results.

As for the prospectivity of these oil tenaments, below is a summary of the TAG results.

NOTE: They gave up on the Kate "200M barrell" field easily and were happy to accept compensation (probably around $500K).

Good luck.

GGX Listed April 2005
115M shares Market cap $10M
Cash $2.7M Debt nil. Losses $2.6M



06/29/04
TAG Oil Ltd. Announces Honeysuckle-1 Results and New Zealand Royalty Changes
Calgary, Alberta – June 29, 2004 -- /PRNewswire/-- TAG Oil Ltd. (OTCBB: TAGOF), announced today that the Honeysuckle-1 well in Taranaki New Zealand has been plugged and abandoned. TAG Oil President and CEO Drew Cadenhead commented “Although we’re not satisfied with the results, Honeysuckle-1 has provided the joint venture team with data which will prove vital in our 2004 oil drilling campaign. We encountered 3 separate oil zones, including the primary P-1 zone, proving again that the Mt. Messenger formation is oil and gas prone. TAG’s technical team is already pouring over the data and has drawn important conclusions that we’ll put to use in our next well, MiroMiro-1.”

12/20/04
TAG Oil Ltd. Miromiro-1 Oil Exploration Well Results
Calgary, Alberta – December 20, 2004 -- /PRNewswire/-- TAG Oil Ltd. (OTCBB: TAGOF), advises that the Miromiro-1 exploration well (TAG Interest: 10%) has been drilled to a total depth of 1884m. The well did not encounter commercial hydrocarbons and will be plugged and abandoned.

01/11/05
TAG Oil Announces Hursthouse-1 Oil Drilling Results
Calgary, Alberta – January 11, 2005 -- /PRNewswire/-- TAG Oil Ltd. (OTCBB: TAGOF), announced today that Hursthouse-1 (TAG Interest 12.5%), has been directionally drilled onshore Taranaki Basin, New Zealand, to a total depth of 1,818 meters measured depth. The well was drilled with partners Bridge Petroleum Limited (12.5%), Tap Oil (New Zealand) Pty Ltd (25%), and Westech Energy New Zealand Limited (50%). Reservoir quality sandstones with minor oil shows were intersected within both the Mt.Messenger Formation and Moki Formation, but electric logs have confirmed these sands to be water bearing. Consequently the oil well has been plugged and abandoned as a dry hole.

26/05/05
TAG Oil Expands its Canterbury Holdings
Calgary, Alberta – May 26, 2005 --/PRNewswire/-- TAG Oil Ltd., (TAGOF: OTCBB) announced today the signing of a Letter of Agreement with New Zealand-based Green Gate Limited, under which TAG can earn up to a 70% Working Interest in the 600,000-acre onshore portion of Petroleum Exploration Permit 38260, located in the Canterbury Basin, New Zealand.

09/08/05
TAG Oil – Supplejack-1 Update
Calgary, Alberta – September 8, 2005 --/PRNewswire/-- TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF), announces that initial short term flow testing of Supplejack-1 at the lower Mt. Messenger level (1,946 – 1,950m) has produced gas at a maximum rate of approximately 640,000 cubic feet per day with associated intermittent condensates and no observed formation water. The Joint Venture is presently incorporating the short term flow testing results into the Kaimata 3-D seismic data and is considering its options to maximize the development potential of this discovery. A second well from the same surface location site to intersect the trap at a more optimal location is presently under review.

01/09/06
TAG Begins Drilling Arakamu-1 Oil Well in New Zealand’s Taranaki Basin


01/23/06
Calgary, Alberta – January 23, 2006 – TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) Drew Cadenhead, CEO announced today that TAG Oil reached target depth in the Arakamu-1 (formerly known as the Eltham-1) well, with the Ensign Rig # 19 in New Zealand’s Taranaki Basin on the North Island. “Although good quality oil and gas shows were recorded in the wellbore, no significant reservoir zones were encountered. The well, therefore, has been plugged and abandoned” said Mr. Cadenhead. “We are encouraged by the high quality oil shows while drilling, we know we're in a good hydrocarbon area and believe that thicker sandstones in this area will prove successful.”

07/26/06
TAG Flows First Oil; Files 2006 Year-End Disclosure Documents
Vancouver, British Columbia – July 26th, 2006 – Independent Canadian oil and gas exploration company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announced today that the Ministry of Economic Development has granted Petroleum Mining Permit 38156 (“PMP 38156”), covering 30 square kilometers that includes both the Cheal Oil Field (“Cheal”) and the Cardiff Deep Gas Prospect (“Cardiff”), replacing PEP 38738-S (Cheal) and PEP 38738-D (Cardiff) and production has now been initiated from the Cheal-4 well (TAG 30.5%), onshore Taranaki, New Zealand. The well is currently averaging 350 bbls (TAG net: 105 bbls) of sweet crude oil per day as well as 150mcf/d of natural gas.

09/25/06
TAG Oil Provides Radnor-1a Update and Annual and Special Meeting Results
Vancouver, British Columbia – Sept 25, 2006 – Independent Canadian oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announces that the Radnor-1a well has been perforated over the McKee Sandstone interval from 4625 – 4286m measured depth, with no water inflowing into the well bore from the under bearing sands of the Kapuni Formation. Initial inflow rates of gas are considered sub-economic at this time and the Parker Rig 188 has been released.

02/14/07
TAG Oil Announces Ratanui-1 Results, Updates Operations
Vancouver, British Columbia – February 14, 2007 – Independent Canadian oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announced that the Ratanui-1 exploration well in PEP 38741 (TAG 45%) in onshore Taranaki, New Zealand, has reached a Total Depth of 2,120m (6,955’). After evaluation of wireline and drilling data, the Joint Venture (Austral Pacific 55%, TAG 45%) has agreed to plug and abandon the well.

Kate:
On February 8th 2007, TAG announced the cancellation of the Kate-1 well in the Canterbury Basin, South Island New Zealand. TAG reiterates the company has at all times been prepared to honor its obligations under an Agreement with Green Gate Limited to explore the onshore portion of PEP 38260. TAG had already completed all necessary seismic work and arranged drilling contracts and pre-drilling construction work in anticipation of spudding Kate-1. President Drew Cadenhead says, “This was a difficult decision for TAG to make, but we felt it was inappropriate to continue on with the well when there was uncertainty relating to working interests in the permit. Drilling in these circumstances would have meant putting significant TAG shareholders' funds at risk." TAG is continuing to take legal advice.

http://www.tagoil.com/pdfs/TAG_AR_2007.pdf
The Company’s joint venture partner in PEP 38260 purported to cancel its agreement with the Company and revoke the Company’s right to explore in the permit area, claiming the Company is in default of its obligations. The Company strongly denies the claims made by the partner in the permit and is taking legal advice; however, as a result of the uncertainty related to the permit, the Company has chosen to write-off the costs associated with PEP 38260. The Company reached an out of court settlement with respect to PEP 38260.