Mr. Toby Pierce reports

TAG OIL COMMENCES DRILLING OF FIRST HORIZONTAL WELL IN THE ABU-ROASH "F" DEVELOPMENT IN THE BADR OIL FIELD

TAG Oil Ltd. has commenced drilling its first horizontal well, BED4-T100, in the Badr oil field (BED-1) in the Western Desert of Egypt, and the well is currently through a depth of 600 metres. The well will target oil in the Abu-Roash F unconventional tight, carbonate reservoir at a projected depth total vertical depth of 3,300 metres. The decision to spud the T100 well is the result of careful planning and comprehensive geological and geophysical studies conducted by TAG Oil's experienced unconventional development team. The company anticipates that the T100 well will be completed by calendar Q4 2023, and detailed drilling and completion updates will be provided in due course.

Commencing the T100 drilling program marks a significant milestone in the company's operations and continuing commitment to unlocking the Abu-Roash F reservoir's potential in BED-1. The T100 well design includes a vertical pilot assessment well for potential coring, open-hole logging, formation imaging, pressure measurement and fluid sampling, followed by cement plug-back of lower vertical pilot hole and whip-stock drilling of build and lateral horizontal sections in the Abu-Roash F reservoir. Information obtained during the drilling of the T100 well, including mud logging and drill cuttings to assess the reservoir quality across the lateral section, will be used in conjunction with the work completed on the geomechanical properties and 3-D seismic interpretation in the area to design the well completion and fracture stimulation program. Performance from the T100 well will be used for planning and executing future drilling plans that the company expects to initiate by calendar Q1 2024.

The company anticipates filing its fiscal Q1 2024 financial results by Aug. 29, 2023. A copy of TAG Oil's financial statements and management discussion and analysis for its fiscal Q1 2024 period will be available on SEDAR+ and on the company's website.

About TAG Oil Ltd.

TAG Oil is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

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