VANCOUVER, BC, Aug. 29,
2024 /CNW/ - TAG Oil Ltd.
(TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG
Oil" or the "Company") is pleased to report the filing
of its financial results for the interim period ending June 30, 2024. A copy of TAG Oil's financial
statements and management discussion and analysis for the interim
period ending June 30, 2024, are
available on SEDAR+ (www.sedarplus.ca) and on the Company's website
(http://www.tagoil.com/).
Financial highlights over the period include that the
Company had C$7.7 million
(March 31, 2024: C$12.7 million) in cash and cash equivalents and
C$7.3 million (March 31, 2024: C$9.4
million) in working capital and has no debt.
Operations Update: The Company made significant progress
at the BED4-T100 ("T100") horizontal well, targeting the
unconventional Abu Roash "F"
("ARF") reservoir in the Badr Oil Field ("BED-1"),
Western Desert, Egypt. Following
flow back operations in April, the T100 well was cleaned out with
coiled-tubing and a jet pumping artificial lift system was
installed to establish stable flow from the well. Intermittent oil
production continued to produce oil and unload fracture fluid and
is being shipped to nearby processing facilities. Construction of
an oil delivery station at the General Petroleum Corporation Abu
Sennan receiving facility is ongoing and should be completed in due
course. Gross field production from when the jet pump was installed
on June 21, 2024, through to the end
of July 2024 (online for ~25 days
over this period) averaged 373 b/d of
fluid (~256 b/d of oil). Total oil produced from the T100 well to
date is over 12,000 barrels. Planning of TAG Oil's next horizontal
well is in progress and will incorporate learnings and information
that were obtained in drilling, completing, and producing the T100
well. Plans are also being developed to resume production from the
BED 1-7 vertical well.
As the Company continues to manage its costs and allocate the
necessary resources toward the development of the ARF reservoir in
BED-1, progress is also being made on potential strategic
partnerships and acquisition opportunities in Egypt. These efforts aim to drive growth in
multiple zones, including the ARF reservoir, to expand TAG Oil's
footprint in the Western Desert. Additionally, the Company is
exploring other potential strategic acquisition opportunities in
the broader Middle East and
North Africa region, targeting
both conventional and unconventional oil and gas potential.
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.
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
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. 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. References to "oil" in this release include crude oil
and field condensate.
SOURCE TAG Oil Ltd.