TAG Oil Reports Q2 2024 Results

Rhea-AI Summary

TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) reported its financial results for the interim period ending September 30, 2023. The company had C$23.0 million in cash, C$24.7 million in working capital, and no debt. TAG Oil also closed a C$12.3 million bought-deal public offering and is focusing on its operations and business development efforts in Egypt and the broader Middle East and North Africa region. Drilling operations at the Badr Oil Field in Egypt are progressing with the first horizontal well, BED4-T100.

Positive

• TAG Oil reported a significant increase in cash and working capital, indicating financial strength and stability.
• The company successfully closed a bought-deal public offering, providing additional capital for its operations and business development efforts.

Negative

• None.

VANCOUVER, BC, Nov. 29, 2023 /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, 2023. A copy of TAG Oil's financial statements and management discussion and analysis for the interim period ending September 30, 2023 are available on SEDAR+ (www.sedarplus.ca) and on the Company's website at www.tagoil.com.  

Highlights over the period include that the Company had C$23.0 million (June 30, 2023: C$15.5 million) in cash and cash equivalents and C$24.7 million (June 30, 2023: C$17.9 million) in working capital and has no debt. During the period, TAG Oil also closed its upsized C$12.3 million bought-deal public offering and continues to manage its costs and allocate the necessary resources towards its operations and business development efforts in Egypt and the broader Middle East and North Africa region.

Drilling operations at the Badr Oil Field in the Western Desert of Egypt of TAG Oil's first horizontal well, BED4-T100, are progressing. The Company will provide detailed drilling and completion updates 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 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

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tag-oil-reports-q2-2024-results-302001136.html

SOURCE TAG Oil Ltd.

FAQ

What are TAG Oil Ltd.'s (TAO) financial results for the interim period ending September 30, 2023?

TAG Oil reported C$23.0 million in cash, C$24.7 million in working capital, and no debt for the period.

Where can I find TAG Oil Ltd.'s (TAO) financial statements and management discussion and analysis for the interim period ending September 30, 2023?

TAG Oil's financial statements and management discussion and analysis are available on SEDAR (www.sedarplus.ca) and the Company's website (www.tagoil.com).

What are TAG Oil Ltd.'s (TAO) current operations and business development efforts focused on?

TAG Oil is focusing on its operations and business development efforts in Egypt and the broader Middle East and North Africa region.

What is the status of drilling operations at the Badr Oil Field in Egypt for TAG Oil Ltd. (TAO)?

Drilling operations at the Badr Oil Field in Egypt, specifically the first horizontal well, BED4-T100, are progressing, and the company will provide detailed updates in due course.