TAG Oil Sells Australian Royalty Interests to Focus on Egyptian Operations

The latest update is out from TAG Oil ( (TSE:TAO) ).

TAG Oil Ltd. has successfully completed the sale of its Australian royalty interests to Cypress Petroleum Pty Ltd., a subsidiary of Omega Oil and Gas Limited, for US$1,000,000. This strategic divestment aims to enhance TAG Oil’s financial flexibility and strengthen its balance sheet, allowing the company to allocate more capital towards its core business operations in Egypt.

Spark’s Take on TSE:TAO Stock

According to Spark, TipRanks’ AI Analyst, TSE:TAO is a Underperform.

TAG Oil’s overall stock score is low, primarily due to significant financial challenges, including negative profitability and cash flow issues. While technical indicators offer some neutral signals, the negative valuation metrics further weigh down the score, reflecting a cautious outlook for investors.

To see Spark’s full report on TSE:TAO stock, click here.

More about TAG Oil

TAG Oil is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

Average Trading Volume: 333,758

Technical Sentiment Signal: Sell

Current Market Cap: C$27.18M

See more data about TAO stock on TipRanks’ Stock Analysis page.