TAG Oil Reports Q1 2023 Results

Rhea-AI Summary

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.

Positive

• Cash and cash equivalents remain stable at C$13.1 million.
• Working capital is C$15.4 million with no debt.
• Ongoing business development efforts in Egypt and the Middle East.

Negative

• None.

VANCOUVER, BC, Aug. 29, 2022 /PRNewswire/ - TAG Oil Ltd. ("TAG Oil" or the "Company") (TSXV: TAO) (OTCQX: TAOIF) is pleased to report the filing of its financial results for the interim period ending June 30, 2022. A copy of TAG Oil's financial statements and management discussion and analysis for the interim period ending June 30, 2022 are available on SEDAR (www.sedar.com) and on the Company's website (https://tagoil.com/investors/financial-reports/).

Highlights over the period include that the Company had C$13.1 million (March 31, 2022: C$13.3 million) in cash and cash equivalents and C$15.4 million (March 31, 2022: C$15.4 million) in working capital and has no debt. TAG Oil continues to manage its costs and allocate the necessary resources towards its business development efforts in Egypt and other areas in the Middle East and North Africa region.

TAG Oil is continuing to make significant progress on a few key strategic opportunities in Egypt, as previously announced. TAG Oil expects to have an update on the status of one or more of these transactions in due course.

About TAG Oil Ltd.

TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa.

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

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including statements with regard to the Company's operations and potential strategic opportunities. 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 differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/tag-oil-reports-q1-2023-results-301613448.html

SOURCE TAG Oil Ltd.

FAQ

What were TAG Oil's cash reserves as of June 30, 2022?

TAG Oil reported cash reserves of C$13.1 million as of June 30, 2022.

What is TAG Oil's working capital as of June 30, 2022?

TAG Oil's working capital stood at C$15.4 million as of June 30, 2022.

Does TAG Oil have any debt?

TAG Oil has no debt as of the latest financial results.

What regions is TAG Oil focusing on for business development?

TAG Oil is focusing on business development efforts in Egypt and the Middle East.

Where can I find TAG Oil's financial reports?

TAG Oil's financial statements and management discussion can be found on SEDAR and the company's website.