TAG Oil Reports Q2 2023 Results

Rhea-AI Summary

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.

Positive

• TAG Oil has C$9.2 million in cash and C$11.5 million in working capital.
• The company has no debt.
• Successful completion of a C$25.3 million public offering.

Negative

• Decline in cash from C$13.1 million to C$9.2 million since June 30, 2022.
• Decrease in working capital from C$15.4 million to C$11.5 million since June 30, 2022.

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

Highlights over the period include that the Company had C$9.2 million (June 30, 2022: C$13.1 million) in cash and cash equivalents and C$11.5 million (June 30, 2022: C$15.4 million) in working capital and has no debt. During the quarter ended September 30, 2022, TAG Oil paid a signature bonus of US$3 million (C$4.0 million) to Badr Petroleum Company ("BPCO") as a condition to entering into the petroleum services agreement (the "PSA") for the development of the unconventional Abu Roash "F" ("ARF") reservoir in the Badr Oil Field ("BED-1"), Western Desert, Egypt.

As previously announced, subsequent to the quarter ended September 30, 2022 TAG Oil completed an upsized underwritten public offering for aggregate gross proceeds of C$25.3 million, including the full exercise of the over-allotment option.

The Company continues to manage its costs and allocate the necessary resources towards its Egypt operations under the PSA in the ARF reservoir in BED-1, and business development efforts in other areas in the 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.

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-q2-2023-results-301688909.html

SOURCE TAG Oil Ltd.

FAQ

What are TAG Oil's financial results for Q2 2023?

TAG Oil reported C$9.2 million in cash and C$11.5 million in working capital for the quarter ending September 30, 2022.

How much was the signature bonus paid by TAG Oil to Badr Petroleum Company?

TAG Oil paid a US$3 million signature bonus to Badr Petroleum Company.

What was the amount raised in TAG Oil's recent public offering?

TAG Oil completed a public offering raising gross proceeds of C$25.3 million.

Is TAG Oil in debt?

No, TAG Oil has no debt.

What caused the change in TAG Oil's cash position from June 30, 2022?

TAG Oil's cash decreased from C$13.1 million to C$9.2 million due to operational expenditures and financial activities.