TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF, and FSE: TOP) (“TAG Oil” or the “Company”) is pleased to report the filing of its financial results for the interim period ending March 31, 2024. A copy of TAG Oil’s financial statements and management discussion and analysis for the interim period ending March 31, 2024, are available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (http://www.tagoil.com/).
Highlights over the period include that the Company had C$12.7 million (December 31, 2023: C$16.4 million) in cash and cash equivalents and C$9.4 million (December 31, 2023: C$12.2 million) in working capital and has no debt. TAG Oil continued to manage its costs and allocate the necessary resources towards its operations in the Western Desert of Egypt for the development of the unconventional Abu Roash “F” (“ARF”) reservoir in the Badr Oil Field (“BED-1”).
During the period, TAG Oil also achieved a significant milestone in its operations within the BED-1 field with the successful completion of the drilling phase for the BED4-T100 (“T100”) horizontal well in the ARF. Since then, the Company successfully pumped all 12 planned stages of its multistage hydraulic frac on its T100 well location and is now in the process of commencing long term production operations. The Company anticipates announcing the actual productivity potential for the T100 well following a 10-day initial production average test in the later part of June.
The Company also continues to progress various business development efforts to unlock acquisition opportunities in Egypt and the broader Middle East and North Africa region.
For further information:
Toby Pierce, Chief Executive Officer
Phone: 1 604 609 3355
Email: [email protected]
Website: http://www.tagoil.com/
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. References to “oil” in this press release include crude oil and field condensate.