TAG Oil Reports Fiscal Q1 2024 Results

Rhea-AI Summary

TAG Oil (TSXV: TAO, OTCQX: TAOIF, FSE: T0P) reported its fiscal Q1 2024 financial results for the period ending March 31, 2024. The company had C$12.7 million in cash and cash equivalents and C$9.4 million in working capital, with no debt. TAG Oil focused on operations in Egypt's Western Desert, specifically the development of the Abu Roash 'F' (ARF) reservoir in the Badr Oil Field (BED-1).

The company successfully completed the drilling phase for the BED4-T100 horizontal well and pumped all 12 planned stages of its hydraulic frac. TAG Oil plans to announce the productivity potential of the T100 well following a 10-day production test later in June. Additionally, TAG Oil is pursuing acquisition opportunities in Egypt and the broader Middle East and North Africa region.

Positive

• TAG Oil reported C$12.7 million in cash and cash equivalents.
• The company has C$9.4 million in working capital.
• TAG Oil has no debt as of March 31, 2024.
• Successful completion of drilling for the BED4-T100 horizontal well.
• Company pumped all 12 planned stages of hydraulic fracturing for T100 well.
• TAG Oil is preparing for long-term production operations in the BED-1 field.
• Pursuing acquisition opportunities in Egypt and the broader MENA region.

Negative

• Decrease in cash and cash equivalents from C$16.4 million to C$12.7 million.
• Working capital decreased from C$12.2 million to C$9.4 million.
• Pending actual productivity results for the T100 well, creating uncertainty.

VANCOUVER, BC, May 30, 2024 /PRNewswire/ - 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.

FAQ

What were TAG Oil's cash and cash equivalents for Q1 2024?

TAG Oil had C$12.7 million in cash and cash equivalents for Q1 2024.

What is TAG Oil's working capital for Q1 2024?

TAG Oil reported C$9.4 million in working capital for Q1 2024.

Does TAG Oil have any debt as of March 31, 2024?

No, TAG Oil had no debt as of March 31, 2024.

What significant milestone did TAG Oil achieve in BED-1 field?

TAG Oil completed the drilling phase for the BED4-T100 horizontal well in the ARF reservoir.

What are TAG Oil's plans for the T100 well?

TAG Oil plans to announce the productivity potential of the T100 well after a 10-day production test in late June.

Is TAG Oil pursuing any acquisition opportunities?

Yes, TAG Oil is pursuing acquisition opportunities in Egypt and the broader Middle East and North Africa region.