TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF, and FSE: T0P) (“TAG Oil” or the “Company”) is pleased to provide an update on its ongoing corporate initiatives.
New Zealand Royalty Sale
TAG Oil has received expressions of interest from multiple parties to acquire its New Zealand royalty interests. Interested parties are in the final stages of due diligence and are expected to submit binding offers on or before March 31, 2025, addressing all commercial terms for a definitive sale and purchase agreement.
BED-1 Concession
Several strategic international industry partners have signed non-disclosure agreements with TAG Oil, providing them with access to confidential data related to the BED-1 concession and the Company’s new acquisition. Management presentations are currently underway, and interested parties are expected to submit indicative offers in calendar Q2.
New Concession Acquisition Progress
TAG Oil received a no objection letter on March 4, 2025, from the concession holder to the Company’s revised February 9, 2025, proposal to acquire a significant interest in the large 2,000 km2 concession in the Western Desert. Negotiations to conclude the definitive agreements are currently underway.
Abby Badwi, TAG’s Executive Chairman and CEO, commented, “Cost reduction initiatives completed earlier this year and the potential sale of the New Zealand Royalty, will supplement our cash balances and funding of the 2025 capital program. Securing a partner at the BED-1 concession and expanding the Company’s acreage holdings with the new acquisition will have a significant impact on the scale of activities and accelerating the development of our assets in Egypt.”
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.
For further information:
Abdel (Abby) Badwi, Executive Chairman and CEO
Email: [email protected]
Website: http://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
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
This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this 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 Company’s corporate and operational progress on various initiatives.
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 completing definitive agreements for the new concession, the sale of the New Zealand royalty, and potential strategic partnership opportunities to accelerate operations at the BED-1 concession 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.sedarplus.ca.
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.