VANCOUVER, BC, May 30, 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 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.
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 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.
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SOURCE TAG Oil Ltd.