Mr. Murray will replace Mr. Randy Toone who has resigned to return to Canada for personal reasons and to focus on mid-stream business opportunities in North America.
Mr. Murray's thirty years of operational and proven executive leadership in the oil and gas industry, and in particular his thorough understanding of the New Zealand oil and gas landscape, is a strong fit for TAG as the Company evolves from a junior explorer into one of the busiest integrated explorers and producers of oil and gas in New Zealand.
Over the past six years with Origin Energy, Mr. Murray has achieved consistent progression of executive growth; his most recent position as Manager Production Upstream E&P and Senior in Country Manager for New Zealand saw him accountable for the safe and efficient operation of all Origin producing assets across Australia and New Zealand. With an annual Origin operating budget of more than AUS$300 million, revenues of $600 million and capital expenditure of AUS$130 million, Mr. Murray has a proven track record of successful leadership. Prior to Origin, Mr. Murray has held senior positions with Swift Energy New Zealand, Ras Laffan Liquefied Natural Gas Co. Ltd., and Methanex New Zealand.
Mr. Murray will be accountable for all TAG's New Zealand based operations and executing the Company's annual, three and five year business plans, as well as identifying new opportunities to accelerate business growth. Mr. Murray has extensive experience ensuring operations are consistently performed safely and to a high standard, and vital to TAG, underpinned by the Company's core values. His background in Health, Safety and Environmental best practice is evidenced by Mr. Murray's appointment to the Worksafe New Zealand advisory panel.
TAG Oil CEO Garth Johnson commented,"I would like to thank Randy for his efforts wish him all the best in his future endeavours and, including the implementation of newly adapted best practice management systems, significantly improving the Company's effectiveness. We are also very happy to welcome Max to the TAG team. With a $60 million capital investment program already underway for fiscal 2015, Max's leadership will enable TAG to continue to grow safely yet at a very quick pace."
The Company also announces that it will grant a total of 200,000 incentive stock options to Mr. Murray when he begins his employment with TAG on September 1, 2014 at market price the day prior to his start, exercisable for a period of five years, subject to certain vesting provisions.
About TAG Oil Ltd
TAG Oil Ltd (tagoil.com) is a Canadian-based production and exploration company with operations focused exclusively in New Zealand. With 100% ownership over all its core assets, including extensive oil and gas production infrastructure, TAG is enjoying significant organic value creation through exploration success and ongoing development and appraisal drilling of several light oil and gas discoveries. As New Zealand's leading explorer, TAG actively drills high-impact conventional and unconventional exploration prospects identified in the Taranaki, East Coast and Canterbury Basins that covers 2.8 million net acres of land, prospective for major discovery in New Zealand.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG. Such statements can generally, but not always, identified by words such as "expects","plans","anticipates","intends","estimates","forecasts","schedules","prepares","potential" and similar expressions, or that events or conditions "will","would","may","could" or "should" occur. All estimates and statements that describe the Company's objectives, goals, or future plans are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG that the actual results realized in the future will be the same in whole or in part as those presented herein.
Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAG and its independent evaluator have made, including TAG's most recently filed reports in Canada under National Instrument 51-101, which can be found under TAG's SEDAR profile at sedar.com. TAG undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.