TAG Oil Ltd. (TSXV: TAO and OTCQX: TAOIF) (“TAG Oil” or the “Company”) would like to provide the following update on drilling progress of the BED4-T100 (“T100”) horizontal well in the Badr Oil Field (“BED-1”) in the Western Desert of Egypt.
Following the Company’s last update on January 3, 2024, the Company has since completed re-drilling from the intermediate cased section of the T100 well in BED-1, landing the casing liner in the Abu Roash “F” (“ARF”) carbonate reservoir zone, and reaching a measured depth of 3,238 meters in the ARF.
TAG Oil has now commenced drilling the T100 horizontal pay zone section, which is expected to take up to approximately three weeks to complete the drilling of the planned 1,000-meter horizontal section and run the completion technology. The drilling rig will then be moved off the wellsite and TAG Oil will immediately proceed with the hydraulic fracture stimulation of the ARF. TAG Oil will continue to provide detailed drilling and completion updates, as necessary.
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
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
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. All estimates and statements that describe the Company’s 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. TAG Oil undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors change.
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company’s future success in exploiting and increasing its current resource 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. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any resources that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such resources may be found. Adverse climatic conditions at such properties may also hinder the Company’s ability to carry on exploration or production activities continuously throughout any given year.