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TAG Oil Ltd. (TSX:TAO, OTCQX: TAOIF) is an Australasian-focused oil and gas production and exploration company with operations in New Zealand and Australia. The company is debt-free and reinvests its cash flow in development opportunities and exploration drilling.
With production infrastructure in the Taranaki Basin region of New Zealand and Australia's Surat Basin, TAG Oil is well-positioned for reserve-based growth. The company is a leading operator in New Zealand and has multiple fields under development, along with high-impact exploration prospects in nine permits.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its financial results for the interim period ending December 31, 2022, highlighting a significant cash increase to C$21.4 million from C$9.2 million in September 2022. Working capital also grew to C$24.0 million, up from C$11.5 million, with no debt reported. The company completed an upsized public offering generating C$25.3 million. Operationally, TAG Oil has initiated re-completion activities on well BED 1-7 in Egypt's Badr Oil Field, with initial production expected in March 2023 and plans for further horizontal wells scheduled for May/June.
TAG Oil Ltd. (TSXV: TAO; OTCQX: TAOIF) has been recognized on the 2023 TSX Venture 50 list, ranking #6 in the energy sector. This annual list highlights the top 10 performing companies across various sectors on the TSX Venture Exchange, based on market capitalization growth, share price appreciation, and trading volume. CEO Toby Pierce emphasized the company's significant progress over the past year and outlined plans for continued growth, including drilling its first horizontal well in Egypt's BED-1 oil field in Q2 2023.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) has announced that its Phase 1 re-completion operations for the BED 1-7 vertical well are on schedule, with hydraulic fracture stimulation expected by the end of February 2023. Flow results from these operations are anticipated in March 2023. The company also granted 3.6 million stock options to directors and senior officers, exercisable at C$0.70 each for five years. TAG Oil is focused on oil and gas exploration in the Middle East and North Africa.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) has initiated re-completion and evaluation activities on the BED 1-7 vertical well as part of its Phase 1 development program for the Abu Roash 'F' reservoir in Egypt's Badr Oil Field. The BED 1-7 well previously produced 20,000 barrels at a rate of 418 barrels per day before being suspended. Current efforts involve conditioning the well and performing a Diagnostic Fracture Injection Test (DFIT) to assess reservoir characteristics. Results are expected in March 2023, aiding future horizontal drilling forecasts. Additionally, TAG Oil ranked 17th on the 2023 OTCQX Best 50 list for top performing companies.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced an operations update on December 15, 2022, focusing on the Abu Roash 'F' reservoir in the Badr Oil Field. The company plans to re-complete the BED 1-7 well, which previously produced 20,000 barrels of oil. Operations are set to begin in mid-January 2023, with results expected in March 2023. Additionally, TAG Oil has submitted permits for its first horizontal well, anticipated to be drilled in May/June 2023. The company also granted 1,150,000 stock options at C$0.70 per share.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced the results from its 2022 annual general meeting held in Vancouver, BC. Shareholders voted in favor of all six nominees for the board of directors, with votes ranging from 99.62% to 99.88%. Deloitte LLP was appointed as the company's auditor for the upcoming year, and the incentive stock option plan received 74.22% approval. TAG Oil focuses on oil and gas exploration in the Middle East and North Africa.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its financial results for the interim period ending September 30, 2022. The company reported C$9.2 million in cash and C$11.5 million in working capital, noting a decline from C$13.1 million and C$15.4 million respectively as of June 30, 2022. TAG Oil paid a US$3 million signature bonus to Badr Petroleum Company for a petroleum services agreement in Egypt's Abu Roash reservoir. Furthermore, the company completed a C$25.3 million public offering after the quarter.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced an independent resource evaluation for the Abu Roash "F" formation in Egypt, estimating oil-initially-in-place (OIIP) P50 volumes at 531.5 million barrels. The Field Development Plan (FDP) involves drilling 20 horizontal wells, with a capital investment of US$104 million projected. Additionally, the company reported Proved Reserves of 14 thousand barrels and Proven plus Probable Reserves of 53 thousand barrels in New Zealand. The net present value is estimated at CDN$4.96 million.
TAG Oil Ltd. (OTCQX: TAOIF) announced the formal award of a petroleum services agreement (PSA) on September 11, 2022, by Badr Petroleum Company to develop the unconventional Abu Roash "F" reservoir in Egypt's Badr Oil Field. The PSA involves three phases: an evaluation pilot phase, followed by commercial production if successful. TAG Oil has conducted a technical analysis indicating a high probability of successful development using advanced techniques. The company will receive a service fee based on gross revenues and plans to engage independent engineering services for resource evaluation.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) reported its financial results for the interim period ending June 30, 2022. The company maintained C$13.1 million in cash and equivalents and C$15.4 million in working capital, showing stability with no debt. TAG Oil is actively pursuing opportunities in Egypt and other regions of North Africa and the Middle East. Future updates are expected on key strategic transactions. Financial statements and management analysis are available on SEDAR and the company's website.
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