TAG Oil Ltd. (“TAG Oil” or the “Company”, TSXV: TAO and OTCQX: TAOIF) is pleased to report the filing of its financial results for the interim period ending September 30, 2022. A copy of TAG Oil’s financial statements and management discussion and analysis for the interim period ending September 30, 2022 are available on SEDAR and on the Company’s website.
Highlights over the period include that the Company had C$9.2 million (June 30, 2022: C$13.1 million) in cash and cash equivalents and C$11.5 million (June 30, 2022: C$15.4 million) in working capital and has no debt. During the quarter ended September 30, 2022, TAG Oil paid a signature bonus of US$3 million (C$4.0 million) to Badr Petroleum Company (“BPCO”) as a condition to entering into the petroleum services agreement (the “PSA”) for the development of the unconventional Abu Roash “F” (“ARF”) reservoir in the Badr Oil Field (“BED-1”), Western Desert, Egypt.
As previously announced, subsequent to the quarter ended September 30, 2022 TAG Oil completed an upsized underwritten public offering for aggregate gross proceeds of C$25.3 million, including the full exercise of the over-allotment option.
The Company continues to manage its costs and allocate the necessary resources towards its Egypt operations under the PSA in the ARF reservoir in BED-1, and business development efforts in other areas in the Middle East and North Africa region.
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.
Certain of the statements made and information contained herein is considered “forward-looking information” within the meaning of applicable Canadian securities laws, including statements with regard to the Company’s operations and potential strategic opportunities. 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 differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.