TAOIF TAG Oil Ltd New (QX)

U.S. oil company Apache Corp. (APA) is pulling out of its search with Tag Oil Ltd. (TAOIF, TAO.T) for oil and gas in New Zealand's East Coast Basin of the coast of New Zealand's North Island, Fairfax-owned news website Stuff reported Wednesday, citing Apache's manager of public affairs John Roper.

It reports Apache has withdrawn from the project but will still spend 120 million New Zealand dollars (US$101 million) to fund Tag Oil's drilling of four exploratory wells.

Newspaper website: http://www.stuff.co.nz

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