TAG Oil Reports Q3 2022 Results

Rhea-AI Summary

TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its Q3 results for the period ending December 31, 2021. The company reported C$14.1 million in cash and cash equivalents, a decrease from C$15.2 million on September 30, 2021. Working capital increased slightly to C$15.8 million from C$15.6 million. TAG Oil holds no debt and is actively pursuing acquisition projects in Egypt while exploring opportunities in the Middle East and North Africa. Financial statements are available on SEDAR and the company's website.

Positive

• Cash and cash equivalents stand at C$14.1 million.
• Working capital increased to C$15.8 million.
• The company has no debt.

Negative

• Cash reserves decreased from C$15.2 million to C$14.1 million.

VANCOUVER, BC, Feb. 28, 2022 /PRNewswire/ - TAG Oil Ltd. ("TAG Oil" or the "Company", (TSXV: TAO) and (OTCQX: TAOIF) is pleased to report the filing of its third quarter results for the interim period ending December 31, 2021. A copy of TAG Oil's financial statements and management discussion and analysis for its most recently completed interim period 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$14.1 million (September 30, 2021: C$15.2 million) in cash and cash equivalents and C$15.8 million (September 30, 2021: C$15.6 million) in working capital. The Company has no debt and continues to manage its costs and allocate the necessary resources towards its business development efforts to maximize value for its shareholders.

TAG Oil is continuing to pursue several acquisition projects in Egypt and explore other strategic opportunities in the Middle East and North Africa. Further information on these efforts will be provided by the Company 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-q3-2022-results-301490957.html

SOURCE TAG Oil Ltd.

FAQ

What are TAG Oil's Q3 2022 results for TAOIF?

TAG Oil reported C$14.1 million in cash and C$15.8 million in working capital for Q3 2022.

What is TAG Oil's cash position as of December 31, 2021?

As of December 31, 2021, TAG Oil had C$14.1 million in cash and cash equivalents.

What strategic opportunities is TAG Oil pursuing?

TAG Oil is pursuing acquisition projects in Egypt and exploring opportunities in the Middle East and North Africa.