Plummeting oil prices has Tag Oil reviewing its East Coast exploration programme, says CEO Garth Johnson.
"We are keen as ever about New Zealand, however as you can expect, low commodity prices and the uncertainty around how long prices will stay low has made TAG, and I'm sure most companies in the industry worldwide, review its work programme," he said.
Expenditure would be reduced to adapt to the lower prices "allowing TAG to step back a bit in the short-term but maintaining long term goals".
Another exploration partner may be on the cards.
"We continue to review our programme and investment criteria throughout New Zealand and we intend to continue to focus on our core areas and, where needed, we may look to partner with credible companies, postpone certain capital investments and/or, if needed, we may choose to relinquish permits that exceed our comfort levels in terms of risk and capital required."