Mr. Toby Pierce reports

TAG OIL ANNOUNCES CLOSING OF $11.7 MILLION BOUGHT-DEAL PUBLIC OFFERING

TAG Oil Ltd. has closed its bought deal public offering of 20,240,542 common shares of the company at a price of 58 cents per common share for aggregate gross proceeds to the company of approximately $11,739,514, including the partial exercise of the overallotment option. The offering was completed pursuant to an underwriting agreement dated effective July 31, 2023, entered into among the company and a syndicate of underwriters led by Research Capital Corp. as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Echelon Wealth Partners Inc., Canaccord Genuity Corp. and Haywood Securities Inc.

The net proceeds of the offering will be used to accelerate the drilling program of the Abu Roash F reservoir in the Badr oil field, located in the Western Desert of Egypt (TAG Oil commenced drilling the first horizontal well, BED4-T100, in August, 2023); to pursue potential strategic acquisition opportunities in Egypt and the broader Middle East and North Africa region; and for general working capital purposes.

The company filed a final short form prospectus in all provinces of Canada, except Quebec, pursuant to National Instrument 44-101, Short Form Prospectus Distributions, to qualify for distribution the common shares offered pursuant to the offering. Copies of the prospectus and documents incorporated by reference therein are available electronically on SEDAR+.

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.

We seek Safe Harbor.