VANCOUVER, BC, Dec. 17,
2024 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) (FSE: T0P) ("TAG Oil" or the "Company")
announced today the following organizational changes of the
Company's leadership. Namely, Mr. Abdel
(Abby) Badwi has been appointed as Executive Chairman and
CEO of the Company. Mr. Toby Pierce
is stepping down as CEO, effective immediately, to pursue other
business opportunities.
Mr. Badwi relocated to Cairo,
Egypt, last May, where he focused on evaluating the
Company's performance strategies and assembling a skilled team of
Egyptian professionals to oversee its operations in the country.
This initiative has now been successfully accomplished with the
recruitment of a talented technical and operating team consisting
of experienced Egyptian nationals.
Mr. Badwi will continue to oversee the Company's business from
Cairo and together with TAG Oil 's
V.P. and COO, Mr. Suneel Gupta, they
will monitor corporate and operational progress and drive the
expansion of the Company.
Following the recently announced $6.8
million capital infusion from the offering and the
relocation of the Canadian leadership team to Cairo, the Company will be eliminating several
Canada based positions. This will
significantly reduce general and administrative costs and enable
the Company to prudently apply its financial resources towards its
capital spending programs.
Mr. Badwi commented: "On behalf of the Company's board of
directors, we would like to extend our best wishes to Toby in his
future ventures and express our sincere gratitude for his many
years of service with TAG Oil. Toby's leadership at TAG Oil has
been significant in helping the Company monetize its legacy
New Zealand assets and position
the Company to build its asset base in Egypt. Looking ahead and reflecting on the
huge potential of the Egyptian assets, as well as the lessons from
our recent drilling campaign, it became clear that a permanent
Canadian leadership presence in Cairo and involving experienced Egyptian
nationals in managing our operations in Egypt was necessary. TAG Oil's management will
continue to leverage Canadian and U.S. unconventional horizontal
drilling and hydraulic fracturing expertise to support and advise
our team in the specialized development of the Company's large
Abu Roash "F" resource play in
Egypt's Western Desert".
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
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 Mr. Badwi and Mr. Gupta's
continued roles in monitoring the corporate and operational
progress and driving the expansion of the Company; the Company's
intention to eliminate several Canada based positions and the elimination of
such positions significantly reducing general and administrative
costs and enabling the Company to prudently apply its financial
resources towards its capital spending programs; and management
continuing to leverage Canadian and U.S. unconventional horizontal
drilling and hydraulic fracturing expertise to support and advise
the TAG Oil team in the specialized development of the Company's
large Abou Roash "F" resource play
in Egypt's Western Desert.
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 operations and potential strategic
opportunities 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.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current reserve 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.
SOURCE TAG Oil Ltd.