TAG Oil Announces Operation to Commence Long Term Production at BED4-T100 Horizontal Well
TAG Oil (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) has completed the initial flow-back operation at the BED4-T100 horizontal well. The company mobilized a workover rig to the T100 well to replace the 4 ½" frac tubing with 3 ½" production tubing, install a jet pump for artificial lift, and start long-term production immediately. A 10-day initial production average is expected to be announced in June to assess the productivity potential of the well. CEO Toby Pierce highlighted the importance of this step in achieving efficient and cost-effective oil production.
- Completion of initial flow-back operation at BED4-T100 well.
- Mobilization of workover rig and installation of 3 ½" production tubing and jet pump for artificial lift.
- Immediate commencement of long-term production.
- Anticipated announcement of a 10-day initial production average in June.
- Potential for achieving higher sustained production rates.
- Efficient and cost-effective oil lifting process.
- No specific production figures or initial flow-back data disclosed.
- Dependence on future 10-day production average to confirm well's productivity potential.
The Company anticipates announcing a 10-day initial production average in the second half of June, which will indicate actual productivity potential for the T100 well.
Mr. Toby Pierce, TAG Oil's Chief Executive Officer, commented "This is an important step in bringing on long term production from our T100 well. The workover will help us lift oil more efficiently and cost effectively, and potentially achieve higher sustained rates going forward."
Also, a replay of the Company's conference call held on May 17, 2024, is available on demand at http://www.tagoil.com/.
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
Website: http://www.tagoil.com/
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Statements contained in this press 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 press release include crude oil and field condensate.
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SOURCE TAG Oil Ltd.
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