An anonymous director reports

TAG OIL COMMENCES DRILLING THE HORIZONTAL LEG OF ITS BED4-T100 WELL AFTER SUCCESSFULLY LOGGING THE VERTICAL PILOT HOLE

TAG Oil Ltd. has commenced drilling the horizontal portion of the BED4-T100 well in the Badr oil field (BED-1) in the Western Desert of Egypt. TAG Oil successfully drilled the vertical pilot hole to a depth of 3,290 metres. The company recently performed open-hole logging, formation imaging and pressure measurement, followed by cement plugback of the lower vertical pilot hole. TAG Oil immediately proceeded into whip-stock drilling of build and lateral horizontal sections in the Abu Roash F (ARF) reservoir.

The open-hole logs showed very similar results to those completed over nearby offset wellbores in BED-1. The ARF section was approximately 50 metres in thickness and was very close to the structural elevation anticipated. The horizontal portion of the T100 well will target oil in the ARF unconventional tight, carbonate reservoir. The lateral section of the horizontal well is expected to take approximately three weeks to drill and extend over 1,000 metres. TAG Oil will then move to complete the T100 well and remains on track to be completed and begin flowback testing during November, 2023. TAG Oil will provide detailed drilling and completion updates in due course.

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.

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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