Mr. Abdel Badwi reports

TAG OIL ANNOUNCES VOLUMETRIC ASSESSMENT OF ABU ROASH "F" FORMATION IN SOUTHEAST RAS QATTARA CONCESSION

TAG Oil Ltd. has released the results of an independent assessment of volumetric estimates of the Abu Roash F unconventional, tight, carbonate reservoir in the southeastern Ras Qattara concession, Western Desert, Egypt. The SERQ report was prepared by Fracture Modelling Inc., an independent technical consultant, dated Nov. 7, 2024. It provides oil initially in place estimates in the ARF formation based on available seismic, well and log data, subject to significant technical, economic and regulatory uncertainty.

With the recent approval to enter into a petroleum service agreement for the development of the ARF formation in the SERQ concession, which was announced on Oct. 31, 2025, TAG Oil will gain access to additional seismic and geological data. This will enable the company to conduct detailed geochemical and geomechanical studies to validate these volumetric estimates, assess production potential and prepare a comprehensive independent evaluation in accordance with National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities).

SERQ report highlights:

• Oil initially in place estimates for the ARF formation are 3.2 billion barrels covering an area of approximately 250 square kilometres in the SERQ concession.
• The estimates are based on seismic and well control with over 20 penetrations and associated log data. Many of the wells were targeting lower hydrocarbon zones with several tests and current production.
• Petrophysical analysis revealed porosity values in the ARF between 5 and 10 per cent, consistent thickness of 35 to 45 metres, and favourable hydrocarbon indicators.
• Maturity analysis from regional well data suggests the ARF formation spans the early to mid-mature oil window, a stage favourable for hydrocarbon generation. Reservoir characteristics are similar to the productive ARF reservoir in the Badr oil field (BED-1) although there is no certainty that results at the SERQ concession will be similar, as reservoir quality, depth, natural fracture intensity and completion techniques may differ materially.
• The planned production tests, alongside key geological and geomechanical studies, will help optimize well design and hydraulic fracture stimulation to determine the most effective recovery methods for this resource.

Abby Badwi, TAG Oil's executive chairman and chief executive officer, commented: "We are encouraged that the FracMod assessment supports our technical understanding of the Abu Roash F formation. While still at an early stage, the findings highlight the potential for unconventional development at the SERQ concession. Our next steps will focus on validating these estimates through improved seismic interpretation and production testing to determine economic viability."

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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