TAG Oil Ltd. (“TAG Oil” or the “Company”, TSXV: TAO and OTCQX: TAOIF) is pleased to announce that it has now formally entered into the previously announced petroleum services agreement (the “PSA”) with Badr Petroleum Company (“BPCO”) to commence development operations at the unconventional Abu Roash “F” reservoir in the Badr Oil Field (“BED-1”), a 107 km2 (26,000 acres) concession located in the Western Desert of Egypt.
The official PSA signing took place at the Egyptian General Petroleum Corporation (“EGPC”) offices in Cairo, Egypt, between Eng. Ibrahim Massoud, Chairman of BPCO, and Abby Badwi, Executive Chairman of TAG Oil, and present for the signing was Eng. Mohamed Baydoon, Vice President Production of EGPC.
Abdel Fattah (“Abby”) Badwi, Executive Chairman of TAG Oil said, “With the recently announced upsized C$22 million underwritten public offering and current working capital, the Company is well positioned to initiate development operations at the BED-1 Field and execute a significant capital program starting this year and continuing into 2023 to unlock the potential of this significant oil resource.”
Further details of the project are included in a presentation available on the Company’s website.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa.
For further information:
Toby Pierce, Chief Executive Officer
Phone: 1 604 609 3355
Chris Beltgens, Vice President, Corporate Development
Phone: 1 604 682 6496
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements and Disclaimer
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the future operations of the Company, the Company’s capital programs and the significance and potential of the BED-1.
Statements contained in this 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 statements that describe the Company’s plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company’s management, and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, 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. TAG Oil disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding TAG Oil’s business contained in TAG Oil’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on TAG Oil and the risks and challenges of its business, investors should review TAG Oil’s filings that are available at www.sedar.com.
TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company’s future success in exploiting and increasing its current reserve base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company’s future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas.