Vancouver, B.C. – September 5, 2018 – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is pleased to announce the results from its 2018 annual general meeting of shareholders (the “Meeting”) held in Vancouver, B.C. on September 4, 2018. All six of the nominees listed in TAG Oil’s management information circular dated August 1, 2018 that were proposed by management for election to the board of directors at the Meeting were duly elected. The directors will remain in office until the next annual meeting of the Company’s shareholders or until their successors are elected or appointed.
The results of the vote on the election of the directors at the Meeting are as follows:
Production over the month of August to date is above guidance with a current gross daily average rate of 1,311 boe/d (80% oil).
The first phase of the planned workover program at Cheal is now complete. Namely, the workovers at the Cheal-A11 and B6 wells were recently completed and the wells are now back on production and producing from the Urenui formation.
The second phase of the planned workover program is scheduled to commence in late October 2018. The Cheal-A7 well will be converted to a water injector in the Cheal A pool, which will target the Urenui and Mt. Messenger intervals. As part of this campaign, perforations will be added to the Urenui formation in the Cheal-B7 and B10 wells that are currently producing from the Mt. Messenger formation, and the Cheal-B5 well will be reinstated as a producer with artificial lift to produce from both formations.
Currently, a rig is being mobilized onto the Cheal-E2 well to install an artificial lift system in order to provide continuous flow from the well, and the rig will then be demobilized after completion. There has been a positive response from the Cheal E waterflood program, with both production and pressure increases having been observed. The Cheal E waterflood program has been expanded to include the conversion of the Cheal-E4 well to a water injector in two Mt. Messenger formation intervals, which is anticipated to sweep oil towards the Cheal-E1 producer well from the southern area of the field.
About TAG Oil Ltd.
TAG Oil (https://tagoil.com/) is an international oil and gas explorer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia. TAG Oil is poised for significant reserve and production growth with several oil and gas fields under development and high-impact exploration in proven oil and gas fairways. TAG Oil currently has 85,282,252 shares outstanding.
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Cautionary Note Regarding Forward-Looking Statements and Disclaimer
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 Oil. Such statements can generally, but not always, be 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 plans relating to operations 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 Oil 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 Oiland its independent evaluator have made, including TAG Oil’s most recently filed reports in Canada under National Instrument 51-101, which can be found under TAG Oil’s SEDAR profile at www.sedar.com. TAG Oilundertakes 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.
Disclosure provided herein in respect of boe (barrels of oil equivalent) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.